More and more companies are starting to work on the electric cars and they are infiltrating the market. Many companies such as LeEco and Faraday Future have entered the market and they are trying to work on more of the electric car so that they can conquer the market segment. However, one of the leaders in the field, Tesla, is hardly worried about the competition.
The Vice President of the company for the Asia Pacific region, Robin Ren said that he didn’t think that Tesla was in any way worried about the competition at this point, because the electric car making firm was confident of its technology. He said that there was a lot of opportunity in the field that the company wanted to take advantage of since only 0.2 percent of the cars sold last year were actually electric. This means that there is an opportunity in the market.
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Back in August, the Chinese internet giant, LeEco, announced that they were willing to invest about 12 billion yuan in an electric car factory in the eastern part of China for the LeSee autonomous driving vehicle. LeEco is also known to have invested in the Los Angeles startup Faraday Future. The company is working on the FFZero1 concept electric car which is said to be similar to the Batman BatMobile, the car used by the popular superhero.
Ren however noted that Tesla was only barely scratching the surface of the electric car market at the moment and the electric vehicle adoption, all this even though there was fast growth in the mainland China and Hong Kong. He also added that the leading electric car manufacturers were hoping to have more electric car makers joining the market so that they could help with sifting the ideologies of the world from fuel based engines and to electricity as it is a more sustainable means of transport.
Ren said that even a city like Hong Kong, Tesla’s growth potential was still huge, adding that only a percent of the cars which were on the roads in Hong Kong were electric even though the city was seen as one of the most eco friendly cities in the world. He said that there was 1 percent market share in the state but there was growth meaning potential was essentially unlimited.
In August, there were about 6,167 electric cars in Hong Kong a number which had risen from just 100 in 2010. The number kf provate vehicles in the country is said to have reached 525,000 in March this year, which means that petrol vehicles account for 99 percent of the cars in Hong Kong. However even with such challenges, Tesla is still going to push with the launch of the Model X. The car is the second to be released in the city after the successful Model S. The prices for the car start at HK$610,200 and deliveries are expected from late this year and/ or early next year.
Ren also noted that he expected the Model X to get the same acceptance just as the Model S.