The UK electric vehicle market has experienced huge growth over the past few years, accelerating electric vehicle numbers to over a million across the nation. With new electric vehicles registrations at an all time high, they are rivalling petrol vehicles more closely than ever. The market is largely dominated by Tesla in the UK, selling twice as many as the nearest rival electric vehicle.
This also mirrors their performance globally, as they’re currently ranked as the most valuable automotive brand worldwide in 2021. Tesla’s Model 3 is the world’s best selling plug-in electric vehicle model. Tesla’s stock value has experienced numerous speedbumps, the chief executive Elon Musk sold around 10% of his shares after a twitter poll last year. Subsequently, Tesla shares lost a quarter of their value.
As Tesla’s business is thriving, it poses the question of why they are so popular in comparison to other electric vehicles. The undeniable superior driving range of their models are most likely a big factor in popularity, as range anxiety continues to be a common worry of electric vehicle drivers. Tesla also has a unique selling point, their superchargers. A network of high speed chargers only available to Tesla models, significantly reducing the charging time to just 15 minutes. Besides, the availability of DC fast charging home stations enables the delivery of more and faster energy that gets you on the road in minutes than hours and the ability to power your car with solar panels.
As the industry continues to develop and grow, other electric vehicle brands may emerge to rival Tesla. There are vital lessons to be learnt from Tesla, they have addressed the needs of the consumer by producing a long range vehicle. Additionally, the network of superchargers offers drivers a similar experience to filling up the tank of petrol. Both of which are an attractive offer for anyone tempted to switch from petrol to electric. But for now, Tesla sits firmly in the top spot with limited competition.
