While there are many people out there who enjoy what Tesla Motors Inc (NASDAQ:TSLA) is bringing to the automotive industry, there are quite a few wondering when more competition is going to come about (catch up on TSLA and others here).
A recent article published by Quartz could potentially throw Tesla for a curve. While it goes without saying that the company is expecting more and more competition as the years go by, it may not be looking at this company to be the first to push back.
Here is what you need to know:
“Now Detroit is jumping into the game with the Cadillac ELR, a stylish plug-in electric hybrid sports coupe that goes on sale in January. General Motors has essentially taken the electric drive train that powers the more proletarian Chevrolet Volt and transplanted it into the higher-performance ELR, adding myriad high tech gizmos like adaptive cruise control, forward collision alert and LED headlights.”
There are many reasons why Tesla Motors Inc (NASDAQ:TSLA) should be concerned with this vehicle. Above all else, it is a plug-in electric meaning that it will compete head to head with vehicles such as the Model S.
Even more so, however, is this fact: the ELR is going to be a sports coupe. In other words, it may be able to compete one on one with Tesla in terms of good looks, inside and out, as well as overall performance on the road.
As noted above, Tesla Motors Inc (NASDAQ:TSLA) knows that the electric vehicle market is growing by leaps and bounds with each passing year. Whether or not the company is prepared for competition from Cadillac, for example, is the real question.
Pamela Fletcher, executive chief engineer for electrified vehicles with General Motors added the following:
“The electric drive is the ultimate luxury attribute—the absolute smoothness of the driving experience, the quietness of the driving experience, the acceleration. Some people won’t care about the green thing but will really like the driving experience. Later they’ll start to notice they’re not having to go to the gas station anymore.”
This could be a game changer for the automotive industry as a whole, as well as for Tesla Motors Inc (NASDAQ:TSLA).
For consumers, this move by Cadillac is a good thing. It gives them the chance to compare many options before making a final decision.