Three Seas Economic Journal (Jul 2024)
STRATEGY FOR INCREASING THE COMPETITIVENESS OF THE TESLA ELECTRIC VEHICLE
Abstract
The purpose of the paper is to develop a strategy to increase the competitiveness of Tesla's electric car in the market, including an analysis of possible competitors, identifying the strengths and weaknesses of the company, identifying opportunities for improvement and formulating recommendations for further development. It is proven that people are increasingly choosing environmentally friendly vehicles that use alternative energy sources. It was found that one of the leaders in the electric car segment is "Tesla". By releasing new models, Tesla has repeatedly changed the rules of the game in the electric vehicle market, taking leading positions in all ratings. Research methodology. To achieve this goal, the method of analysis and synthesis, the method of statistical analysis of indicators, the method of theoretical generalisation and methods of economic analysis were used. The main advantages and disadvantages of electric vehicles, in particular the Tesla car, are investigated. The strengths and weaknesses, internal resources and capabilities of Tesla and its main competitors are analysed using SWOT analysis, VRIO analysis and Porter's 5 forces analysis. The analysis showed that Tesla has several strengths, such as the production of its own components, direct sales to customers and a strong brand. However, frequent production delays, a high-price strategy, and limited production volume pose challenges for the company. It is determined that an influential figure for the tesla brand is the eccentric and widely known public image of Elon Musk. The total sales of electric vehicles are also analysed and Tesla's main competitor is identified. The results of the study show that there is a great deal of competition in the electric vehicle market, which emphasises the need for Tesla to actively develop and update its strategy. Priority areas for improving the competitiveness of the Tesla electric vehicle are proposed. In particular, it was proposed to: expand the network of charging stations and improve the navigation system; reduce maintenance costs and offer more affordable prices; expand production capacity; obtain permission to install turquoise warning lights on its cars; improve the autopilot function; continue to create exquisite car designs that will be different from others.
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