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Will Tesla Ever Monopolize The Automotive Market?

Updated: Sep 8, 2018

Elon Musk is fast becoming one of the most influential and well-liked people in the world.

Mehul Adlakha, Business Development & Marketing at GoParkr

With ventures in electric cars, space exploration and transport tunnels, he is arguably one of the forefront runners pushing the boundaries of modern technology in mobility and intelligent transportation. Yet, despite Tesla being around for over 15 years, this flagship brand for electric cars is yet to become a household name and replace the current powerhouses of the automotive world.

Elon Musk: One of the most well-liked people in the world?

The problem behind it is twofold. First and foremost, the price range of Tesla cars are way out of budget for most Canadian citizens. With a typical Tesla model coming in at over $70,000, a lot of people, perhaps understandably, place more economically viable options over options reducing carbon dioxide emissions and saving the planet. The Model 3, however, is a lot cheaper at only $35,000. One could argue that this is still above the price that many people are willing to pay for a car. Nonetheless, it still boasts all the qualities you would expect a Tesla car to offer, with the company describing it as a “smaller, simpler and more affordable electric car”.

The hefty price tag and slow production rate compared to demand make Tesla cars a very rare sighting

The astute amongst you might note that this price burden is in fact lessened, by the government incentives available across various provinces with regards to electric cars. For example, a $7500 federal income tax credit is available to all customers, making the deal much sweeter than before, albeit still rather expensive. Therefore, the secondary reason as to why there are so little Tesla cars around is simply because production and supply are unable to keep up with demand, with official wait times ranging from a few months to even a few years in some cases. Unfortunately, it does look as if it will be a few more decades until sleek, modern electric cars like the ones Tesla manufacture become household names.

Tesla Model 3: A cheaper alternative

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Author: Mehul Adlakha, Business Development & Marketing at GoParkr