It’s becoming clearer and clearer that we’re at the start of an electric revolution. Fluctuating fuel prices increased environmental protection efforts, and new technology are all pointing toward a bright future for electric cars. It feels like every day there is yet another announcement from a leading brand about their expansion into electric vehicles. It’s only a matter of time before one manufacturer claims the crown and reigns over the market.
Among the loudest competitors are Volkswagen, Tesla, and General Motors. All three are making names for themselves in the electric market, working hard to edge out the opposition.
Volkswagen: An All or Nothing Gamble
Perhaps the most surprising entry in the electric vehicle race, Volkswagen has set its sights on becoming the manufacturer of electric cars. The decision came soon after the emissions’ scandal when regulators found that the company used software to fake passing results.
Though at first the decision to mass-produce electric cars was born of necessity–if enough were made to balance their ordinary stock they could circumvent emission standards regardless of how many sold–Volkswagen has embraced the choice and is investing heavily in electric. They plan to phase out their gas and diesel models by 2026 and go forward solely with electric cars. The company looks ahead to governments legislating tougher emissions legislature and truly believes the future is in electric. When that day comes, they stand positioned to have the largest stock available.
Tesla: Keeping it Cool
Tesla has really made a name for itself in the electric vehicle market. It currently stands as one of the most recognizable brands that produce electric cars and technology. It’s at the forefront of affordable pricing for electric and is often hailed for its cool tech and innovative designing.
That said, Tesla is not without its problems, most recently in relation to the polar vortex that hit the midwest this winter. When the temperatures dropped well below freezing, Tesla drivers found they had difficulty getting into their cars. Many were surprised to discover their door handles frozen shut. More seriously, in a message to employees earlier this year, Tesla’s Elon Musk apologized for the need to lay off a number of workers–despite the second profitable year for them–due to challenges facing the company as it fights to build itself up against traditionally fueled competitors.
General Motors: Slow and Steady Wins the Race
Right now General Motors is riding a wave of success, having announced a great last quarter and year. Part of this is due to a complete restructuring of their operations, which has already begun to shift workers to other plants as the company looks to jettison less popular sedans in favor of trucks and other trend pleasers. As part of the many chances, in January GM announced they’d be wading into the electric car market with their Cadillac brand, promising to release fully electric cars biannually over the next few years.
That said, the manufacturer is being cautious, saying it doesn’t plan to see returns on the investment for a while, which is understandable given how new this sector is and its current struggle to bring down costs.