Tesla was founded in 2003 with the aim of building premium electric cars which use don’t use fossil fuels as a source of energy. All the electric cars existing in the market compared nowhere when it came to the performance of petrol or diesel engines, that was one of the prime reasons why even after so many years of existence, electric engine vehicles were not in demand. Amid rising concerns for global warming and depletion of resources, the founders of Tesla wanted to hasten the shift of humanity from fossil fuels to more sustainable sources of energy.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Hyundai motor company is a Korean car manufacturer company. It employs about 75000 people worldwide. It has an annual capacity of 1.6 million units.
In the year 1937, Kiichiro Toyoda founded Toyota in Toyota, Aichi, Japan as a Japanese automotive firm manufacturer. Toyota Motor Corporation products include Automobiles, Luxury Vehicles, Commercial Vehicles and Engines under five brands including the Toyota Brand, Hino, Lexus, Ranz and Daihatsu. Owing to their innovative hybrid and environmental technology, they are the leaders in the automotive industry.
Honda is one of the largest manufacturers of automobiles and motorcycles in the world. It is a Japanese multinational company which operates in North America, Asia and Europe. Honda is also known for the manufacture of aircrafts and power equipment.
Founded in 1937 in Wolfsburg, Germany by German Labour Front, Volkswagen is the largest automobile manufacturer in the world. It is the biggest company within the Volkswagen group comprising such brands Audi, Lamborghini, Bentley, Scania, MAN, Skoda and SEAT. Literally translating into ‘People’s car’ Volkswagen was started as a mass market producer of affordable cars in Germany at a time when only 1 out of every 50 Germans could afford a car.
5. Mercedes Benz:
Mercedes Benz is a German automobile manufacturer that deals in luxury cars, buses and trucks. Its headquarters is in Stuttgart, Germany. Founded in 1926 by Karl Benz and Gottlieb Daimler, Mercedes-Benz has come a long way in establishing itself as one of the top most luxury brands in the world.
Bayerische Motoren Werke AG or BMW as it is known around the world, is a German luxury automobile manufacturer. The company was established in 1916, with headquarters at Munich, Germany. The company started out as a motorcycle and heavy duty aircraft engines manufacturer, later diversifying into automobiles as well.
Audi a German brand is rooted steadfastly in the luxury car market since 1932, with a vision to become a premium brand worldwide. Over the period of time, Audi has established itself as a trustworthy and coveted brand in the automobile category. Audi automobile manufacturer from Germany focused in designing and manufacturing cars with a huge market of the luxury vehicles around the world.
To conclude, the above article highlights the various competitors which compete with Tesla. This understanding helps to evaluate the various external business factors for any company.
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