Tesla helps itself by helping competition
In recent years, Tesla has been the leader in the electric vehicle market, however, 2023 may mark a turning point for the industry.
Despite Tesla’s dominance, the company’s shares have dropped and its brand has been affected by the actions of its CEO, Elon Musk acquiring Twitter for a whopping $43 billion.
Additionally, competition in the market is becoming increasingly fierce as other car manufacturers, such as Ford, Kia, General Motors, Audi, and Rivian, are ramping up production of their own electric vehicles.
Furthermore, in November, Tesla announced that it would make its charging connector design available to other electric car companies.
This would allow drivers of other types of electric cars to recharge their batteries at Tesla’s charging stations, which are more widely available than other charging options.
Moreover, both California and New York have set goals to ban the sales of gas-powered cars by 2035. All of these factors combined could create an opportunity for the electric car industry to become more diverse and not reliant on just one major brand in 2023.
