In an article for TIME, Navigant Research says Tesla’s competitors are growing in numbers
In pursuit of bringing its Model 3 to market, electric vehicle manufacturer Tesla reported a third-quarter loss of more than $600 million as it grappled with battery production and supplier delays. While many associate the manufacturer as a front-runner in the race to the mainstreaming of electric vehicles (EVs), a recent article in TIME indicates Elon Musk’s company has serious competition.
According to the article, traditional U.S. and European automakers are investing billions to advance EVs, and Chinese manufacturers are already producing hundreds of thousands each year.
Navigant Research agrees Tesla's competition is mounting, noting that is already moving to the background as more industry players emerge.
“The story is not just about Tesla anymore,” John Gartner, senior research director at Navigant Research, told TIME. “There’s an ecosystem.”
Currently, China has the upper hand in EV production, and according to the article, that’s not expected to change anytime soon. While Tesla struggles with basic manufacturing, China is aggressively pushing EV manufacturing and adoption through policies and incentives, while automakers are ramping up efforts to expand globally. TIME notes that China is projected to produce 4.5 million EVs annually in 2020 compared to Tesla’s one million.