Where is Tesla’s EV competition?

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 Where is Tesla's EV competition?  - The financial

After a decade of being beaten by Tesla, this is supposed to be the year that traditional automakers finally fight for electric cars.

General Motors commits its biggest brands to a new line of electric models; Ford and Volkswagen are ramping up production of electric cars designed for the masses. Many predict that it is time for the automotive world order to reassert itself.

Things are not like that. Ford’s F-150 Lightning has been outsold by Rivian’s R1T, a startup that sold its first car two years ago.

GM’s line of new electric vehicles has suffered devastating battery manufacturing failures.

In July, Volkswagen CEO Thomas Schaefer succinctly summed up his own company’s electric vehicle competition: “The roof is on fire.”

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With three months to go, 2023 is less a redemption story for traditional automakers than more evidence of their quagmire.

In the United States, Tesla is expanding production almost as fast as all of its competitors.

The electric vehicle maker, based in Austin, Texas, accounts for 61 percent of all electric cars sold in the United States, making it more dominant in electric vehicles than Apple in the smartphones.

No one can keep up with Tesla’s price cuts

Tesla started the year with a dramatic salvo of price cuts that reset customer expectations across the industry.

Before the changes, the cheapest version of Tesla’s Model Y SUV cost nearly $20,000 more than the average selling price of a new car in the United States. By April, the difference was gone.

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The latest shot in Tesla’s price war came on October 1, when it introduced a new variant of the Model Y that starts at $4,000 less than the average selling price of a new car in the United States. United States.

The Model Y is on track to become the world’s best-selling car by 2023; Even after the price cuts, it makes a higher profit than most automakers on their gasoline vehicles.

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