In the recent times, the sales of the electric vehicles are only limited up to 1-2 percent of the entire market demand; but studies show that in the future this demand for the electric vehicles is going to increase massively. By 2038 the sales of electric vehicles will surpass the conventional vehicles. When the time travels to the year 2047 the demand for EVs will surpass the humongous trademark of one billion.
According to the latest reports in the year 2018, in every two passenger cars that were sold, one was an electric vehicle while the other was a traditional car; in Norway, the electronic vehicles constitute half the market of automobiles. This takeover of the automobile market in Norway by Tesla’s electronic vehicles was only within 4 years of time.
According to the ARK Investors, Tesla cars are three years in advancement to the rest of its competitors in the market by three main reasons.
The first is its battery’s efficiency and manufacturing is way higher than the other electric vehicle producing companies. Estimations are that Tesla will become the largest producer of mobile batteries globally, within a few years of time. Tesla is about to ramp up its production of vehicles depending on electricity up to 500,000 cars in a year for which the entire production of lithium-ion batteries worldwide will be demanded. The underlying reason for Tesla to tie up with GigaFactory was to supply surplus batteries to back up its projected demand of the vehicles.
The second reason backing up the rumour of Tesla cars being three years ahead of its competition is the hardware chip built by Tesla. The manufacturing of the autonomous hardware chip by Elon Musk’s Tesla Company takes three years ahead to the future in comparison to any other automotive manufacturing unit.
The ARK Investors say the third reason to be that of the vast number of customer data that sum around billions of miles, while the second highest competitor lies in 10 million customer data. Tesla sets a high target for its competitors to chase in order to outshine the demand of the Tesla cars in the future.
The CEO of the electric vehicle-producing company –Tesla, Elon Musk stated that the production of the Tesla Autopilot AI gives was done three years ago, which definitely gives an advantage of 2000 percent improvement over the Nvidia system that will soon be replaced.