Tesla in 2023: 'Electrified' Competition

Over its 17 years in existence, Tesla had redefined people’s view of electric cars, and in 2020, the company saw its stock rise by more than 700% to became the most valuable carmaker in the world. In December 2020, Tesla celebrated its fifth consecutive quarter of profit and joined the S&P 500. However, in 2021 competition in the electric vehicle space was rapidly heating up. In January, General Motors announced that it would phase out gas-powered vehicles to sell only vehicles with zero emissions by 2035. A week later, Ford announced that it would invest $22 billion on electric vehicles (including hybrids) and $7 billion on autonomous vehicles by 2025. Meanwhile, BMW was developing electrified versions of all its models, and the Volkswagen Group had announced a new strategic plan with the specific aim of catching up with Tesla. Tesla’s run had defied the skeptics, but with competition revving up, would Tesla be able to dominate the market in the years to come?