Tesla faces competition as EV productions ramps up around the world

Leading automotive and clean energy company Tesla has beaten estimates and produced over 466,140 electric vehicles (EVs) in the second quarter of 2023 (while Bloomberg projections stood at 448,350).

This comes just after the Elon Musk-owned company, also the largest EV manufacturer in the US, marked down prices to bolster sales. Despite this, and a production hike of over 83% from the same period last year, Tesla still faces renewed competition across the world.

In China, BYD far outstrips the US carmaker with over 700,000 cars built in Q2 and twice as many annually. Tesla has responded by announcing a price cut of more than 4.5% on all its premium models in China. It has also cut prices in other major markets like the US and UK, as well as announced plans to cement a presence in India, all in a bid to gain a competitive edge.

Tesla is also evolving partnerships with car manufacturers like Rivian Automotive, GM, Ford, Volvo and Polestar so that drivers can use its network of over 12,000 Superchargers across the US and Canada.

These Tesla Superchargers account for about 60% of all US fast chargers making them the rising industry standard in North America. This is especially because high installation costs prevent other carmakers from developing charging networks of their own.

Swedish EV company Polestar has also announced that from 2025, all new vehicles will be equipped with Tesla’s North American Charging Standard and adapters will be launched for existing vehicles by mid 2024.