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In Los Angeles, Tesla’s rivals roll out larger, cheaper electric SUVs -Breaking

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© Reuters. A Hyundai Seven Concept is shown at the 2021 LA Auto Show. Los Angeles, California. U.S. November 17th, 2021. REUTERS/Ringo Chiu

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By Hyunjoo Jin

LOS ANGELES, (Reuters) – Automakers chase Tesla, the electric vehicle leader (NASDAQ:) Inc presented new and more affordable electric utility vehicles at Los Angeles Auto Show. This was a race to become one of America’s fastest growing segments.

Kia Motors called out Tesla by name at the show, announcing that its upcoming electric crossover EV6 beat Tesla’s previous record for the shortest charging time, while driving across the United States, by more than five hours.

Kia Motor and its affiliate Hyundai Motor unveiled the large three-row, electric utility vehicles concepts EV9 and EVEN. Two people familiar with the subject said that these models will be in production by 2024.

Tesla has strong sales, and a high level of public awareness. However, not all products are for everyone. “There should always be another option,” Michael McHale from Kia, brand experience director.

Focus on electric SUVs is a reflection of American consumer preference for these SUVs. These SUVs typically have higher selling prices than similarly-sized sedans. Analysts and industry professionals agree that large SUVs are the most popular segment on the U.S. automotive market.

Brett Smith is the technology director for Center for Automotive Research. He said, “EVs are moving from econoboxes and aspirational cars to the heart market.”

ROTATING DASHBOARD SCREEN

To differentiate themselves from their competitors, Tesla challengers also rely on innovative features like a rotating dashboard screen for Fisker Ocean SUV.

Henrik Fisker is the chief executive officer of Fisker Inc. He stated that the Ocean would be the first car to have a screen which can switch between horizontal and vertical orientations.

He told Reuters that he had filed a patent for it. Foxconn Technology Co Ltd will supply the screen, which is also used to produce Fisker’s electric SUVs in America.

I think the show will be very popular with young children who want to have fun on the computer. It’s also great to charge while sitting.

Fisker, Vinfast and others used the event to promote new models and make bold claims about vehicles that will be more affordable and last longer than Tesla’s competitors.

Tesla, the world’s largest automaker has surpassed $1 trillion in market capitalization. This is because it redefined electric car market with stylish, high-tech vehicles such as Model Y which offered longer driving distances than other models.

Tesla capitalized on its technology advantage and high demand to increase the prices of its cars, especially since prices for semiconductors and raw materials have increased this year.

Rival EV manufacturers see an opportunity.

Michael Lohscheller (Vinfast Global Chief Executive), stated that the vehicles would have “reasonable prices,” which will help people make the switch from gas cars to electric.

Fisker suggested that model production could be outsourced. Magna International The company has been able to reduce development times and use long-range batteries from CATL supplier (NYSE:).

“The technology was very fresh. He said that most other car manufacturers choose their technology three years prior to the release of the new vehicle.

Smith stated that Tesla would prove difficult to challenge for startups and legacy automakers.

Smith, of Automotive Research, stated that while GM (OTC) and Nissan (OTC), have introduced electric cars, they have not been able make a significant impact on Tesla’s lead. He said that scale-up of EVs will be a challenge.

He said, “The electric car is opening up the possibility to many companies regardless of their origin.”

Tesla’s success does not mean that it is easy or impossible for others to achieve it.



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