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Tesla Motors Inc (NASDAQ:TSLA) Will Have to Outsell Fisker EVs in 2016

Elon Musk Tesla Motors Inc (TSLA) and SolarCity Corp (SCTY)

Tesla Motors Inc , the world leader in EVs, will soon be in a major fight with Fisker Automotive. The firm is leasing a large factory in the Moreno Valley. This factory will be used to build plug-in electric hybrid vehicles. The cars will be up for sale by the middle of next year, says a report from LA Times.

Elon Musk Tesla Motors Inc earnings

Fisker making a comeback

California is the biggest car market in the US, but LA has not had any major automaker since GM closed its Van Nuys facility in 1992. Fisker is a well-known name, but was hit with several issues leading it to file for bankruptcy in 2013. A year later, it was bought by Wanxiang Group, a giant Chinese auto parts maker.

The firm signed a lease deal for 11 years in the Riverside County city priced at $30m. This assembly plant will be the second major EV plant state. Tesla Motors has its factory in the Bay Area city of Fremont.

At one point in time, Fisker was the preferred brand of stars like Leonardo DiCaprio and Justin Bieber, and now it’s making a comeback. Henrik Fisker is one of the co-founders of the firm, and has won several admirers for Aston Martin and BMW designs. He graduated from the Pasadena-based Art Center College of Design.

Tesla rival poaching its employees

Apart from Frisk, another potential rival for Tesla Motors  is Faraday Future. Faraday is an electric car startup that not only want to be as successful as Tesla, but is also hiring from Tesla’s talent pool, says a report from Slashgear.

The firm was set up in 2014, and since then it has been hiring talent from rival firms including employees with experience at Tesla, says the report. Previously, the firm told Motor Trend that its talent pool includes many former Tesla Motors workers.

“We’re not Tesla,” the car maker told Motor Trend. “But we’re not Fisker, either. We’re not f*cking around.”

The firm is working very hard on its first electric car that is said to go on sale in 2017. Since Faraday is just a year old with not much known about it, the target set by it can be called an ambitious one. The car maker is optimistic on hitting its target of releasing the first car in 2017.

Tesla Motors is still far ahead of the plethora of firms that have followed it. If all goes to Elon Musk’s grand plan, the firm will have a mass-market car on the road in 2017. That’s something that Faraday can’t achieve.

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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.