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Should Tesla Motors Inc (TSLA) Be Worried About These 6 New EVs?

Tesla Inc (TSLA)

Tesla Motors Inc ‘s list of rivals is getting bigger and stronger. And, the latest development comes from the German carmaker Daimler, who may be planning to roll out at least six more electric car models. There could be nine cars as well to compete with Tesla and Volkswagen’s Audi, says a report from Reuters – citing a person familiar with the plans.

Tesla motors inc (NASDAQ:TSLA) Tesla Model 3

Electric car industry gaining momentum

At the next month’s Paris Motor Show, the maker of Mercedes-Benz cars will expectedly unveil a new electric car. In July, the Germany-based carmaker said that it had accelerated the development of premium electric cars. Citing company sources, the German trade magazine Automobilwoche earlier said that Daimler plans to launch more than six electric car models in the market between 2018 and 2024.

Electric cars segment was once neglected by the industry as customer shunned it for its limited operating range and high cost, but now there are several German firms making heavy investments in the electric cars. Also, many advancements has taken place in the battery technology that have helped increase the reach of an electric car by up to 50%. Political backlash against diesel fumes is also on rise.

All these factors have together led to a spur in major investments by Volkswagen, Daimler and also from suppliers such as Bosch and Continental. Mercedes also plans of making an SUV model with a plug-in hybrid engine that will get power from fuel cells, says Reuters’ citing a source. Its range will be up to 50km on battery power, and then would run on the hydrogen generated electricity.

Will Tesla showcase Model 3 at the Paris Motor Show?

While most established automakers present new vehicles at the events, Tesla Motors Inc has a different history as it never does that. Also, its relationships with a few of the most major trade shows is ‘on and off’ especially Detroit and Los Angeles. However, it regularly attends the Paris Motor Show also known as ‘Le Mondial de l’Automobile’.

It can be said with certainty that the automaker will attend the event this year as well from October 1-16, but it’s not known whether the Model 3 will be a part of Tesla’s presence at the show, notes a report from Electrek. It must be noted that the Paris Motor Show announced on its website that Tesla will be there at the show for displaying the Model 3.

But, when Electrek reached out to Tesla to ask if it was planning to bring “the same prototypes we have been spotting since the initial unveiling in March 2016 or the new version of the car after the ‘pencil down’ two months ago,” a Tesla spokesperson said the announcement was incorrect, and they asked the Paris Motor Show to remove it.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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