No one can deny that something big is happening to the automotive industry. Companies like Nissan, Ford, Honda, and Zipcar are all entering the electric automotive race to offer sustainable cars that meet consumer demands, government regulations, and stand up to the gas-powered vehicle.
Model X | Tesla
If imitation is the sincerest form of flattery, then Elon Musk should be blushing.
In addition to the increased competition from big auto manufacturers, there are also now many venture-backed startups that are now kicking tires within the electric vehicle industry. According to Tracxn, a startup intelligence platform, some of Tesla’s rivals include Faraday Future, NextEV, and Atieva.
When automobiles first debuted in the United States, they faced a classic “chicken and egg” problem. On one hand, autos were custom-made luxury items, affordable only to a niche market of affluent individuals. On the other hand, there was little incentive for most people to buy automobiles in the first place, as the system of roads in America was woefully underdeveloped.