Top Ten Competitors of Tesla Motors
Tesla is the world's largest autmobile brand and the maker of EVs with a fast expanding global footprint.
The company has experienced solid growth in its sales and profitability in the recent years. Its market capital has exceeded $1 trillion, making it one of the largest players in not just the automobile sector but the entire industry.
Tesla's growth has been driven by the company's focus on innovation and product quality. Elon Mus, Tesla CEO and the founder of SpaceX has become the richest man with a net worth of more than $270 billion.
The automobile sector faced a significant challenge during the pandemic. Supply chain disrutpion and reduced sales dealt a heavy blow to the international car makers.
Tesla is operating in a highly competitive market environment. Despite being the only major player that deals in only EVs, Tesla faces intense competition from the other major oplayers in the automobile sector.
A list of the main competitors of Tesla Motors:
|4.||Hyundai & Kia Motors|
|10.||Mercedes Benz Group|
Ford Motors is among the largest international automobile manufacturers. Founded in 1903, the company has grown into one of the largest players in the global automobile sector. The CEO of Ford Motors is James D Farley.
In the recent years, Ford has experienced a decline in its global vehicle sales and market share. The company sold around 4.2 million units in 2021 compared to 4.5 million in 2020 and 5.5 milllion in 2019.
Ford sells a large range of cars, SUVs and trucks including electric vehicles and hybrids. It has introduced a nice range of EVs to cater to the growing demand in the US and worldwide. Some of its EV models include F-150 lightning and Mustang Mach E. Ford also owns the Lincoln brand of luxury vehicles.
Toyota is also a leading player in the automobile sector. The company is headquartered in Japan and known for its focus on quality, engineering and innovation. According to its 2021 annual report, the company sold 7,646,105 units of vehicles worldwide in the latest fiscal.
Toyota has also released a nice range of EVs in the global market including its Prius and several more plugin hybrids and electric vehicles. Akio Toyoda is the president of Toyota Motors.
General Motors is also one of the largest US based automobile brands. The company was founded in 1908 and has grown into a leading international automobile brand.
In 2021, General Motors sold around 6.3 million vehicles compared to 6.83 million during the previous year. The company has also introduced a nice range of electric vehicles to the global market.
Hyundai & Kia Motors:
Hyundai Motors is a south Korean automobile brand that has expanded its footprint worldwide. Hyundai has quickly risen to become one of the leading global automobile brands. It also owns a signifcant stake in Kia Motors, another leading South Korean automobile brand that has expanded its presence worldwide.
Hyundai was founded in 1967 and sold around 3.9 million vehicle units in 2021. Hyundai has also brought a nice range of elctric vehicles and hybrids to the global market.
Nissan is also one of the leading inkternational car brands with a heavy international footprint. Founded in 1928, Nissan debuted on the Tokyo Stock exchange in 1933. It came to the US officially in 1958 as Datsun.
Nissan sold around 4.05 million vehicles in 2020 and has introduced a nice range of electric vehicles include its famous EV brand Leaf.
The volkswagen Group is the largest car manufacturer that owns a diverse portfolio including multiple brands like Audi, Volkswagen cars, Skoda and Bugatti. In 2021, the company manufactured a round 8.3 million vehicles and sold around 8.6 million vehicles. The total sales revenue of the VW group had grown to 250,200 million Euros in 2021.
The company has established a separate platform for designing and manufacturing all electric luxury vehicles. It has introduced a nice range of plugin hybrids and electric vehicles including its first all electric SUV called ID.4 that it released in 2021.
BMW is among the leading premium and luxury car brands based in Germany. It has a diverse product portfolio that also includes the RollsRoyce and Mini car brands.
Compared to 2020, BMW experienced solid increase in the sales of vehicles. The company sold more than 2.52 million vehicle units in 2021, which was 8.4% higher than the previous year.
The share of electric vehicles in its annual sales has kept increasing every year. Out of the total vehicle units that the company sold in 2021, 13% were electric vehicles compared to 8.3% in 2020. BMW has been investing in growing its portfolio of elctric vehicles and has emerged as a leading competitor of the premium and luxury EVs sold by Tesla.
Tata Motors is also a leading global autmobile brand that also owns the famous Jaguar Land Rover. It is one of the market leaders in the Indian automobile sector . Tata Motors has a diverse range of cars and SUVs in its product portfolio. The company has continued to expand its range of EVs and has brought some impressive competitively priced models to the market including Tigor and Nexon EVs. Tata motors sold 331,178 units in calendar year 2021.
Previously known as FCA, Stellantis was formed after the merger of FCA and PSA in 2021. The merger was announced in 2020 and fianlized in 2021.
Stellantis NV is now the fourth largest auto manufacturer in the world. In 2021, Stellantis sold around 6.5 million vehicle units. After the merger, Stellantis has become the operator of 14 vehicle brands. Stellantis is also investing heavily in the electrification of its product portfolio and aims to become one of the leading players in the EV market in Europe and other parts of the world.
Mercedes Benz group is among the leading manufacturers of premium and luxury cars and SUVs. Daimler AG was renamed Mercedes Benz Group AG starting February 2022.
The company has significantly increased its focus on electric vehicles and plans to improve the share of EVs in its net sales to 50% by 2025. The company aims to build an all electric product portfolio like Tesla in the coming years. In 2021, the company sold around 2.75 million vehicles worldwide.