Tesla Motors Inc (NASDAQ: TSLA) is a category killer in the electric car space amidst stiff competition from other automakers. The company’s co-founder and now the CEO of Wrightspeed, Ian Wright made the remarks in an interview with TheStreet where he also affirmed that no other automaker has changed the perception of electric cars than Tesla.
Tesla Motors Inc (NASDAQ:TSLA) may be selling high-end cars not well suited for the mass markets in terms of pricing, but Wright believes the company enjoys unmatched advantage having set the pace on luxury electric cars. Nothing is out there that can match Model S in terms of offerings and capabilities according to Wright, who believes it is the apex of fun driving in the electric space.
Tesla Motors changes perceptions
“Model S is a wonderful car. Part of the original vision for Tesla Elon’s vision was to change the public perception of electric cars. [..] Now everybody wants a Model S. I think it has done fantastically well in changing the public perception and the people that are buying them because they are really nice cars, and they are fun to drive,” said Mr. Wright.
Competition concerns have always been the biggest headwind for Tesla, which has resulted in its stock being bashed in the market amidst concerns that the automaker could struggle to ship more cars going forward. However, Wright believes Tesla Motors Inc (NASDAQ:TSLA) is well-positioned to fend off some of these concerns with innovative products that should define the electric car space in the future.
Tesla Motors is a quiet competitor
The future of the electric car space looks brighter than ever. According to Wright despite concerns that people are opting for fuel guzzlers on back of low oil prices
“I think we are going to see a lot of more wheels driven by electric motors for control reasons for quietness reasons, for efficiency reasons and all kind of vehicles. I think you are going to see a lot of electric motors driving wheels, and they will take over the overall power train,” said Mr. Wright.
On self-driving cars that Tesla Motors Inc (NASDAQ:TSLA) is also pursuing, Wright believes legal hurdles could be the biggest headwind in the cars hitting the roads sooner than later especially in the U.S.