- Tesla recently hit an important production milestone for the Model 3.
- The Model 3 is essential to Tesla’s long-term ambitions and quest for profitability.
- As Tesla continues to ramp up Model 3 production, a number of other automakers have or will introduce electric cars that will compete with the Model 3.
- They include the 2018 BMW Mini E, Volkswagen I.D, and Byton K-Byte.
Tesla hit an important production milestone for the Model 3 at the end of June, making 5,031 during the final week of the month.
The company had missed that deadline, which CEO Elon Musk had previously set for the end of 2017, twice. In May 2016, Musk said he estimated the company would make 100,000 to 200,000 Model 3s during the second half of 2017. Tesla made 2,685 Model 3 vehicles in 2017.
The Model 3 is essential to Tesla’s long-term ambitions. It is the company’s first mass-market vehicle (though its least expensive version, which starts at $US35,000, is not yet available), and is designed to broaden the company’s customer base beyond the luxury segment. The Model 3 will also play a large role in determining whether Tesla can become profitable.
So far, the vehicle has put a strain on Tesla’s finances, as the company has posted significant losses in the quarters since it was launched. But Musk has said the company will become profitable in the second half of this year. During Tesla’s first-quarter earnings call in May, Musk said the Model 3 would earn around a 20% profit margin by the end of this year and a 25% margin in 2019.
As Tesla continues to ramp up Model 3 production, a number of other automakers have or will introduce electric cars that will compete with the Model 3.
Here are nine cars Tesla may have to worry about in the coming years.
1. 2018 Nissan Leaf
The 2018 Nissan Leaf starts at $US29,990.
The 2018 model has a 151-mile range.
The 2018 Leaf has 147 horsepower and a 151-mile range. It can receive 90 miles from a 30-minute charge with a 240-volt charging system.
2. 2018 Chevy Bolt
General Motors surprised many in 2015 by releasing an affordable electric vehicle, the Chevy Bolt, before Tesla. The 2018 Bolt starts at $US37,495.
The 2018 Bolt has a 238-mile range.
The Bolt offers more range than the standard version of the Model 3, which has a 220-mile range, but less than the long-range version, which has a 310-mile range.
3. BMW Mini E
BMW has said it will launch 12 electric cars by 2025, including its Mini E, which is scheduled to hit dealerships in 2019.
BMW hasn’t released many details about the car.
While the company hasn’t released specs for the car, we do know that, unlike previous models, the Mini E won’t have any chrome.
4. Subaru’s all-electric crossover
Subaru may release an all-electric crossover by 2021, but very little is known about the car at the moment. In August 2016, a Subaru spokesperson told Automotive News that if the company ends up building an electric car, it would probably build it on its Global Platform, like the 2017 Subaru Impreza, pictured above.
An “electrified” vehicle may come sooner.
Subaru told Cars.com in November 2017 that the company will have an “electrified vehicle” on the market at some point in 2018, though it may be a hybrid.
5. Volkswagen I.D. Crozz
Volkswagen will release its I.D. crossover SUV in 2020.
The vehicle will have a range of up to 300 miles
The ID Crozz will have two motors, 302 horsepower, and the ability to drive up to 300 miles per charge, the company claims.
6. Volkswagen I.D.
In addition to the Crozz, Volkswagen also plans to release an electric compact car, the I.D., in 2020.
The I.D. will have a range of up to 373 miles.
Volkswagen has said the I.D. will have 168 horsepower and a range between 249 and 373 miles.
The ID will be in the same price range as a Golf with similar specs and features. The Golf currently starts at a little over $US20,000.
7. Ford’s electric crossover
Ford has said it will release an all-electric crossover by 2020.
The crossover doesn’t have a name yet, but the company claims it will have an impressive range.
Ford’s former North American president, Raj Nair, told Business Insider in 2017 that the vehicle will have over 300 miles of range and be “affordable.”
“To get electrification volumes where we would all like them to be we have to make sure we make the affordability targets or otherwise they are going to stay as a niche item or a pure luxury item,” he said.
8. Byton K-Byte
The Chinese electric vehicle startup Byton will bring its K-Byte electric sedan to market in 2021.
Byton prioritises interior features over performance specs.
Byton president and co-founder Daniel Kirchert told Business Insider performance metrics are secondary to interior features like cabin space, touchscreens, and adjustable seats, and their ability to make a ride more comfortable.
But Kirchert said the K-Byte will have between 250-325 miles of range, depending on the trim.
9. Volvo Polestar 2
Volvo will reveal the Polestar 2 sedan in 2019, though the company has not disclosed when the vehicle will hit the market.
The Polestar 2 will have 350 miles of range.
The Polestar 2 will follow the high-end Polestar 1 coupe, pictured above, and start around $US40,000. It will have up to 405 horsepower and up to 350 miles in range.
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