There is no doubt that Tesla is the best-selling electric car manufacturer in the world. In the first half of 2021, Tesla sold around 421,000 units, which translates into 15 percent of the electric vehicle market share. But who is Tesla’s main competitor?
Tesla’s main competition is from traditional giant car manufacturers such as Ford, General Motors, Volkswagen, Honda, and new entrants that include China-based manufacturers such as NIO. Most of these companies are offering an advanced and affordable electric vehicle that should soon compete with Tesla.
Nonetheless, Tesla also has electric luxury car competitors such as Audi, BMW, Porsche, Mercedes, Jaguar, and Lucid. Even though Tesla is miles ahead, most traditional car manufacturers are improving their game and will soon catch up with Tesla.
Unlike most traditional companies that specialize in making hybrid and electric vehicles, Tesla only focuses on making EVs. That’s why it has three of the top five best-selling electric cars in the world. These include Tesla Model Y, Tesla Model 3, and Tesla Model X.
What electric car models are giving Tesla a run for their money?
The two cars giving Tesla a run for their money are the Mustang Mach-E and Chevy Bolt. The Chevy Bolt has the 3rd largest market share of any EV with 9.5%, while the Mustang Mach-E has a market share of 5.4%. Both of these cars sell better than the Tesla Model X (5.2%) and Model S (3.9%).
Regardless, Tesla still has the biggest market share of 64%, which is high. But with time, companies like Ford, GM, and NIO will catch up or even surpass Tesla as their cars are beautiful but offered at a slightly cheaper price.
What makes Mustang Mach-E and Chevy Bolt stand out from other Tesla competitors?
To understand why the Chevy Bolt and Mustang Mach-E are giving Tesla stiff competition, it is important to know their features and what makes them special from other competitors’ electric cars. Here are the features of Mustang E and Chevy Bolt:
Features of Mustang Mach E
Ford Mustang Mach E not only looks lovely but it’s packed with lots of fascinating features. Like the gasoline-powered Ford Mustang, this electric version comes with a top-notch interior with the latest technologies. Additionally, there are four models to pick from, allowing different customers to pick a car of their choice.
The four models offer an output of between 266-hp and 480-hp. As a result, they range from $42,895 to $59,900, which is more affordable than the Tesla Model Y with a base price of $54,900. But in terms of performance, this car is outstanding.
Besides, it comes with almost the same range as the Tesla Model Y, which has a range of 303 miles, while the Mustang Mach E has a range of 300 miles. So, they are at par in terms of range. Like its gasoline counterpart, Mustang Mach E looks agile and fast.
Features of Chevy Bolt
Another EV that’s giving Tesla a run for their money is the Chevrolet Bolt. Unlike Tesla and Ford Mustang Mach E, this car is way cheaper. Nevertheless, it is powerful and performs exceptionally well. The Chevy Bolt delivers a maximum of 200-hp and 266 lb-ft of torque.
This small station wagon or hatchback has a starting price of about $31,995, which is affordable. Despite being compact, the car has a range of 230 miles, which is excellent for its size. If you’re looking for value, the Chevrolet Bolt is the best car.
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FAQ
Why is Tesla the best electric car manufacturer?
One of the main reasons why Tesla is the best electric car manufacturer in the world is because of its high-powered battery technology. On top of that, Tesla incorporates one of the most advanced technologies in its cars, which attracts EV buyers.
Is NIO a threat to Tesla?
Yes, NIO is a threat to Tesla as it offers both traditional and luxurious cars. Established in 2014 and based in Shanghai, this company is growing rapidly as it already has several cars to its name. This includes its first-ever car, the EP9. It also has several models, which include ES6, ES8, and EC6.
The NIO electric car brand has also entered the luxury electric car segment with its ET7 luxury sedan. This car is ready to compete with the likes of the Tesla Model S and Porsche Taycan. Nonetheless, it is slightly costlier than the Tesla Model S.
Do Ford and GM produce electric trucks?
While Tesla has plans to produce its Cybertruck in 2022, Ford and General Motors have already started producing their electric trucks. Ford released the F-150 lightning pickup in May, while General Motors will start delivering its GMC Hummer EV later this year. GM also confirmed in April that it will release an electric Chevrolet Silverado.
So, both GMC and Chevrolet will have an electric truck, allowing customers to have a variety to select from. Both of the trucks from Ford and GM are excellent with excellent range and performance. The GMC Hummer EV has a range of 350 miles, while the F-150 lightning pickup has a range of 230 miles, but you can upgrade to 300 miles.
Are Mercedes, Audi, BMW, and Porsche Tesla’s competitors?
Yes, all the major luxury car brands mentioned above are Tesla’s competitors. This is because they have created cars that will compete or are already competing with Tesla’s high-end vehicles. For instance, Mercedes-Benz’s EQC is one of the best electric SUVs on the market, hence it’s competing with Tesla’s Model X.
When it comes to Audi, the brand offers the Audi e-Tron, which also competes closely with the Tesla Model X. Other competitors are Porsche Taycan, Jaguar I-pace, Lucid, Volvo, and Volkswagen. The Porsche Taycan competes favorably with the Tesla Model S, while the Jaguar I-Pace competes with Tesla Model Y.
Is Lucid faster than Tesla?
Yes, it is. However, this is only in terms of acceleration and not top speed. When it comes to top speed, Tesla outdoes Lucid. Lucid has a better acceleration because of an exceptional higher peak power output that is close to 39%. Lucid also comes with dual-motor and all-wheel-drive system.
Summary
The main Tesla competitors are Ford, GM, NIO, and Honda. But when it comes to luxury carmaker competitors, Lucid, Audi, Mercedes, BMW, Porsche, and Jaguar are the main competitors. Even though Tesla enjoys over 60% of the electric car market, this will change soon as many brands have entered this segment.
