- Tesla is preparing to release a critical third-quarter earnings report in November, which could hinge on delivery numbers for the Model 3 sedan.
- 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 is preparing to release a critical third-quarter earnings report in November, which could hinge on delivery numbers for the Model 3 sedan.
The Model 3 was designed to broaden Tesla’s customer base beyond the luxury segment and has generated significant demand since Tesla began taking reservations for it in March 2016. The automaker initially struggled to hit its production targets for the vehicle due in part to excessive automation at its Fremont, California, factory. 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.
But at the end of June, Tesla hit a long-delayed goal of making 5,000 Model 3 vehicles in one week and, at the beginning of this month, the automaker reported that it exceeded Wall Street expectations by delivering 55,840 Model 3 vehicles during the third quarter.
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 ten cars Tesla may have to worry about in the coming years.
1. 2018 Nissan Leaf
Nissan released a new version of the Leaf this year. It starts at $US29,990.
The 2018 model has a 151-mile range.
The 2018 Leaf has a 151-mile range, 147 horsepower, and the ability to receive 90 miles of charge in 30 minutes with a DC fast-charger.
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.
The company’s first plug-in hybrid will arrive near the end of this year.
Subaru said in May that the Crosstrek Hybrid, the company’s first plug-in hybrid vehicle, will arrive near the end of this year.
5. Volkswagen I.D. Crozz
Volkswagen will release its I.D. crossover SUV in 2020.
Volkswagen says 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, Volkswagen has said.
6. Volkswagen I.D.
In addition to the Crozz, Volkswagen also plans to release an electric compact car, the I.D., in 2020.
Volkswagen says 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 inspired by the Mustang in 2020.
The crossover doesn’t have a name yet, but the company claims it will have an impressive range.
Ford has said the vehicle will have a 300-mile range and an entry-level price under $US40,000.
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
The Polestar 2 will have 350 miles of range.
The Polestar 2 will follow the high-end Polestar 1 hybrid coupe, pictured above, and start around $US40,000. It will have up to 405 horsepower and up to 350 miles in range, Ingenlath said.
10. Hyundai Kona Electric
Hyundai will bring its Kona Electric crossover SUV to the US in the fourth quarter of this year.
The Kona Electric has impressive range.
The Kona will have 258 miles of range, according to the Environmental Protection Agency. It will also have driver-assistance features that can help avoid accidents and keep the car in its lane.
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