Tesla was the first to seriously explore the electric vehicle market, revolutionizing the automotive industry.
The company has 127,855 employees and an efficient business model built by Elon Musk. It has become one of the largest companies in the development and sale of cars and trucks and energy generation and storage systems.
By International Energy Agency estimates, the number of electric vehicles (could reach 240 million units, or 10% of the total road vehicle fleet, by 2030, offering Tesla a major commercial opportunity.
But increasing competition from other automakers is putting pressure on Tesla due to a need to develop better batteries and autopilot technologies.
Toyota recently unveiled innovations in battery development and electric vehicle design that will lead to significant cost savings. These cars will hit the market as early as 2026 and will be able to drive 600 miles — much more than a Tesla — without recharging.
In June, Tesla announced that buyers are eligible for a federal tax deduction of $7,500 on Model 3 sedans, which will help increase demand for the company’s cars.