EV Automaker Tesla Faces Fierce Competition

Elon Musk had introduced electric vehicles into the mainstream in collaboration with Tesla, which is now grappled in fierce competition and pressure, said the Former CEO of Ford Motor Mark Fields.

Mr. Musk told that Elon Musk pushed the industry toward taking EV seriously. The competition has become fierce, and some of the major shares of Tesla are under pressure in the market, he added. He claims that Tesla that sells carbon credits to supplement its profits, may create more challenges for itself.Fields said that the previous and the current year earnings of the company depended on selling CO2 credits.

He believes that once the earning created from the credits dry up, there will be a lot of pressure on the company to make profits and get margins in their sale of electric vehicles. The shares of Tesla Motors fell straight for the third session as the manufacturer faced many challenges. A California-based company San Carlos also lost some shares in the electric vehicle market. According to an economic survey of Credit Suisse, the global market share of was 11%, far less and down from 29% that in March.

The loss in the share markets was mainly in the countries like China, Europe, and the U.S. Fields mentioned that the market shares shifted to traditional vehicle makers like General Motors and Ford. These companies have announced new product launches. Fields highlighted that another competitor of EV, Volkswagen is leading the EV market in Europe.