It’s become common knowledge that more than half of all vehicles sold in the United States must be electric vehicles by 2030. Tesla certainly played a part in this.

It wasn’t even ten years ago when most EVs had driving ranges of less than 100 miles. While cars like the Nissan Leaf were struggling to sell these short distances to consumers, Tesla was developing the Model S, which has become one of the most incredible EVs in the world. Since that time, Tesla has expanded to several other models and has grown exponentially.

The Tesla Success Pushed Other Automakers Forward

Not only did the Tesla Model S show up with a much longer driving range than most other EVs of the time, but they also changed the way car sales are done. At first, some states didn’t allow Tesla to operate because of the lack of physical dealership locations. Regardless, it was hard to ignore the driving range. This factor gave others the necessary push to develop EVs that could drive as far or further than some Tesla models. If you remember, the Chevrolet Bolt EV arrived before the Tesla Model 3, giving the EV brand a direct competitor.

Why Do Consumers Like Tesla So Much?

The attraction of Tesla in the auto market is the fact that this brand offers something different. Every vehicle produced by Tesla is powered by electricity and doesn’t have a gasoline engine at all. There isn’t a need for product development from gas-powered vehicles to hybrids to electric vehicles. If all Tesla offered were the electric powertrains of their vehicles, the company might not have made such a splash in the market. These cars also offer advanced electronics and technology, which removes many of the tactile buttons and knobs found in other vehicles.

How Has This Company Made Such a Splash in the Automotive Industry?

The automotive industry is an absolute giant in the world. The enormity of the scale of economics and development in this industry makes it extremely difficult for most newcomers to gain a foothold. This has certainly been the case in the United States since the end of World War II. At that time, General Motors, Ford, Chrysler, Honda, Nissan, and Toyota were six of the seven top-selling car companies. The same continues to be true today, but Chrysler is now Stellantis.

The fact that the enormity of the automotive industry often squeezes out newcomers makes it more incredible that Tesla was capable of successfully inserting themselves into this market. The key to this success is the development of new products that gave luxury car customers something they had been clamoring for. Of course, the brash nature of Elon Musk also brought many followers to the fold. This combination created an incredible rise in electric vehicles and their development from being nothing more than a footnote in the automotive world to models that could actually replace traditional internal combustion engine models.

Tesla Takes Pre-Orders, Raising Funds for New Models

Whether it’s been the Tesla Model X, Model 3, Model Y, or the upcoming Cybertruck, Tesla has offered each of these vehicles to incredible fanfare and as preorders that consumers could quickly secure from the comfort of their homes. In every instance, they’ve done this and been successful at raising revenue for a new vehicle. During the first month after Elon Musk announced the new Cybertruck, this new pickup had more than 200,000 preorders. This was for an electric truck that appears to be something entirely out of the ordinary for the pickup truck market.

Investors Love Tesla Stock

Some of the incredible success of Tesla and the electric vehicles offered has to do with investors continually throwing money at the company. At the beginning of 2020, Tesla was the highest-performing automakers in terms of total return, sales growth, and long-term shareholder value. No wonder investors love this company. By the middle of January 2020, Tesla reaches a market capitalization of $107 billion, passing Volkswagen to become the world’s second most valuable auto company behind Toyota. The insanity of this fact is only made more interesting by the fact that Tesla only produces EVs.

Have Any Eggs Been Broken Along the Way?

Tesla and Elon Musk seem to always be in some type of hot water. Whether it’s because the technology is too advanced for some consumers or because of something that Musk has said, this company and its CEO tend to remain in the news. If the saying is true that “all publicity is good,” then it’s certainly the case for Tesla and Musk. Some troubled waters have surfaced, but the company continues to push problems aside to offer investors strong returns and develop new and more interesting products for the automotive market.

One of the most troubling challenges faced by Tesla is the Autopilot system. This system has always been advertised as a semi-autonomous driving system, but reports of drivers watching movies or napping while the car does the driving have been widespread. Some of these reports have to do with the fatal accidents of Tesla cars crashing into other vehicles while the driver wasn’t paying attention. This is certainly the fault of the driver, but its also caused Tesla to pull some of the aspects of this system to ensure drivers must stay alert and focused on the road ahead.

Most Automakers Have Incredible EV Plans

Can Tesla withstand a barrage of electric vehicles from the brands that still sit at the top of the sales figures in America? Although Tesla has expanded its operations and built new factories doesn’t mean that they can continue to compete with automotive giants such as Toyota, GM, and Ford. When these competing automakers have fully-electric vehicle lineups, will Tesla be able to compete with its small offering? This is yet to be determined, but for now, Tesla has a strong foothold in the EV part of the auto market and is the most popular name when you think of electric vehicles.