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1
TESLA
Tesla Motors designs and sells high performance, super efficient electric cars. Tesla Motors cars join style,
acceleration, and handling with advanced technologies that make them the quickest and the most energy-efficient
cars on the planet. (Tesla Motors, Mission)
Tesla
Milestones
2003
Founded
2010
Strategic
Partnership
announced
with Toyota
Initial Public
Offering
Opened
2006
Prototypes of the
Roadster introduced
to the public
2011
Stopped
taking
Roadster orders
Unveiled Model X
2007
2008
2009
Unveiled the
Model S
2012
2013
2014
Commercial deliveries
of the Model S begin
Began building
Supercharger stations
Model X will
Time Magazines Best
enter production
25 Inventions of 2012
80%
of
US
Musk promises US to
population
be
covered
with
covered
by
Supercharger stations
Supercharger
First partial recall
Strategic
Analysis
stations
Tesla
Roadmap
Shipping since 2008
Over 1,800 sold in over 30 countries
Over 13 million miles driven
Modified
Lotus Elise Platform
Tesla S Platform
Teslas
Gen III
Platform
B.3
2
INDUSTRY ANALYSIS
Industry Analysis
Market
US auto industry is full of auto manufacturing companies, BMW Group, Chrysler/Dodge/Jeep, Ford Motors, General Motors,
Honda/Acura, Hyundai/Kia, Mazda, Nissan, Subaru are the main competitors in US Auto market
For 2012 as a whole, automakers sold approximately 14.5 million vehicles in the U.S. market, a 13 percent increase from 2011 and
the highest annual sales total since 2007 marking the third consecutive year of annual sales increases of at least 10 percent
Strategic Analysis
Industry Analysis
Market
As fuel prices remain high and there is greater concern for the environment, more energy efficient cars are increasing in demand
Moreover, as part of their bailout specifications, the Big Three automakers are required to quickly release more energy efficient
vehicles to the market. This increasing popularity for hybrid and electric cars are going to affect the industry in big ways as it will
create a new market for businesses to cater to these new forms of vehicles.
Auto Manufacturer sales in 2012
Strategic Analysis
Industry Analysis
Market
Global automobile sales forecasts project divergent market penetration rates of approximately 0.6 0.9% for plug-in hybrid electric
vehicles (PHEVs) by 2015, 9% by 2020, and 22% by 2030 for Electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEV)
Market penetration will depend on battery pack costs, charging infrastructure, competing technologies, oil prices, manufacturer
investments in EV and PHEVs, and consumer skepticism of EVs and PHEVs
Tesla Model S Grabs 8.4% of Luxury Vehicle Sales in US in First Half of 2013
Strategic Analysis
Industry Analysis
Market
As a result electric vehicle sales forecast by type in 2015 is:
EV Type
n of Models
Volumes
% of EV Market
Regular Hybrid
57
518.200
55,20%
Full electric
37
215.200
22,90%
Plug-in
18
200.500
21,30%
5700
0,60%
118
939.600
100,00%
Strategic Analysis
B.3
3
Strategic goals
Teslas long-term strategic goal is to create affordable mass market electric vehicles (EV)
In order to achieve that goal it will increase the number and variety of EVs available to mainstream consumers in 3 ways:
Selling its own vehicles in a growing number of company-owned showrooms and online. First vehicles have been the
Roadster, the Model S, and its expected to start selling the Model X next year
Selling patented electric powertrain components to other auto manufacturers so that they may get their own Evs to
customers sooner. As a result it has partnered with Toyota and Mercedes in order to supply batteries and charging systems
Serving as a catalyst and positive example to others automakers, demonstrating that there is pent-up consumer demand
for vehicles that are both high-performance and efficient.
Expansion
Strategic Analysis
Partnerships
In order to achieve its second strategic goal it has partnered with several auto manufacturers:
Partners
Date
2009
2008
2010
2010
2010
2008
2010
Agreements
Worth
$50M
$50M
$9M
Tesla uses Panasonic battery cells in its advanced battery packs and has
collaborates with Panasonic in the development of the next generation
battery cells for electric vehicles
Panasonic purchases 1418573 common shares in private placement
$23.3M
$14.1
$60M
$30M
Strategic Analysis
As a result of those strategic goals we can see a clear differentiation in the incomes of the two paths:
Vehicles sales & development services
Strategic Analysis
Competitive Advantage
Teslas central competitive advantage is the low cost of Teslas battery pack, which allow to sell the Model S at a reasonable price
but with a near-normal (up to) 300 mile range, a combination other EVs have yet to deliver
Tesla Model S battery pack costs will be at/below ~$300/kWh, well below from other OEMs/battery makers ($500-600/kWh for
2011-2012 timeframe, and $375-500/kWh mid-decade target)
A key source of Teslas cost advantage is its ability to apply commoditized small cylindrical lithium cells (used in consumer electronics)
to a car via proprietary thermal/power management
Strategic Analysis
Competitive Advantage
It also has a comprehensive, proprietary technology with 40 patents awarded & over 200 patent applications pending
Unique Chemistry
Proprietary Cathode Geometry
Automotive-Grade Construction
Passive Safety Features
Modified Cell Case
Proprietary Design
Up to 18,000 RPM
No Shifting
In House Mfg
Competitive Advantage
With an unique platform for the development of EV vehicles
B.3
4
COMPETITORS ANALYSIS
Competitors Analysis
By Company
Strategic Analysis
Source: Tesla Motors
Competitors Analysis
By Company
Tesla
Market Cap:
BMW
Daimler AG
General Motors
Toyota
21.98B
51.57B
61.33B
49.41B
202.81B
Employees:
2964
106870
276044
213000
333498
Revenue (ttm):
1.32B
76.45B
114.20B
152.84B
289.95B
-156.36M
10.48B
13.32B
7.90B
36.35B
-16.38%
10.34
5.51%
1.39%
7.54%
-219.99M
5.17B
6.64B
4.53B
15.68B
EPS (ttm):
-1.95
7.88
6.22
2.79
9.90
P/E (ttm):
N/A
9.97
9.22
12.79
12.93
PEG (5 yr expected):
16.13
2.26
N/A
0.60
0.34
P/S (ttm):
16.61
0.68
0.54
0.32
0.70
EBITDA (ttm):
Operating Margin (ttm):
Net Income (ttm):
Strategic Analysis
Competitors Analysis
By Company
General Motors
Toyota
Actions:
Actions:
Competitors Analysis
By Company
BMW
Daimler AG
Most of the systems that charge and run the little B-Class
will be shared with the upcoming SLS AMG Coupe E-Cell.
BMW has designed and built its own electric motors for its
models
Actions:
Tesla should improve brand awareness and Global expansion before the most serious threats vehicles from European
companies enter the game
Competitors Analysis
By Product
Premium
Vehicles
Tesla Model S
BMW i-8
Tesla Model X
BMW i-3
Small Premium
Vehicles
Competitors Analysis
By Product
B.3
5
Potential Entrants
Threat: Low
Small number of competing vehicles,
different niches.
Some are collaborating with Tesla Motors
European companies developing their own
technology
Suppliers
Battery Companies
Bargaining Power: Low since Tesla buys Liion cells from different manufactures
Engine: In house
Chasis/Engineering:
In house. There was a exclusive
partnership with Lotus for the Roadster.
Bargaining Power: High
Transmission: In house
Industry Competitors
Competition: Moderate
High entry barrier
Majors brands are competing
Tesla sector is niche and yet to be
discovered
No other EV in that sector
Substitutes
Threat: high
High entry barrier: Large number of
substitutes available
Hybrids and Plug-in Hybrids
Low displacement turbo diesels with low
emissions and good fuel economy
Buyers
B2C
Bargaining Power: Low
Demand very high
B2B
Bargaining Power: Low
No other comparable technology
available
Complementing Factors
Potential Entrants
Suppliers
Industry Competitors
Buyers
Substitutes
B.3
6
ENVIRONMENTAL ANALYSIS
Environmental analysis
Economic
Demographic Trends
Technological developments
B.3
7
SWOT ANALYSIS
Swot Analysis
Weaknesses
Scale of operations, no economies of scales, low sales
volume
Dependent on continuing innovation
Financial profile
Deep pocket competition
Opportunities
Growing market
Increasing oil & gas prices
Rising consumers sentiment
Government support
Young industry with no set standards
Large International market potential
Increasing awareness and support for environmentalist
Threats
Large motor companies devoting more resources to
developing electric cars and cars fuelled by other
alternatives
Increasing Internal Combustion Engine efficiency
Limited EV support Infrastructure
Concentrated industry
Auto buying dynamics
Loss of government subsidies
B.3
8
RECOMMENDATIONS
Recommendations
Market
Cars
Technology Transfer
EV Infrastructure
Performance Vehicles
Premium Vehicles
Small Premium Vehicles
Family Vehicles
Subcompact / City Vehicles
Tesla should focus only in
the Premium sector in
order to achieve its first
strategy goal
Expanding to the other
sectors will dilute its brand
recognition affecting its
premium segment sales
and lowering its margins
It will also require to
expand
its
current
infrastructure to support
mass EV production and
management
Recommendations
International Expansion
Tesla should seek to gain a more global presence and grow their business through international expansion before most established
european firms are able to get their premium EV cars to the market
In order to do that it should:
- Increase its own brand awareness (Most Europeans dont even know that Tesla Motors exist)
- Target countries with EV infrastructure currently developed
Recommendations
Recommendations
Customer Target
Because of the high cost of the Roadster, Teslas target market was rather small. Owners were often referred to as ecohipsters,affluent environmentalists or rich early adopters
With the goal of selling 20,000 Model S vehicles per year initially, Tesla must target a larger segment of consumers who are both
interested in functionality and performance and are also environmentally and politically conscious
According to the IPO, Tesla believes that the combination of functionality, performance, style, energy efficiency and overall cost of
ownership of the planned Model S will draw buyers from several market segments, including the lower, medium and upper premium
sedan classes
The ideal target market for the Model S will include consumers who see EVs as symbolizing their commitment to the environment
and will embrace the role as a member of a brand community by becoming a Tesla Enthusiast
Tesla is still a young emerging company, but it has created strategic partnerships that have ensured its survival thus far, brought in top
leaders from the automotive and technology industries to run its operations, and given itself a competitive advantage through its
superior battery technology and product design.
If it can see its way through the success of the Model S as its currently seeing, meet projected sales, and increase its operating
margin, Tesla will be well on its way to its mission of increasing the number and variety of electric cars available to mainstream
consumers by creating cars that are fun to drive and environmentally responsible
B.3
9
BIBLIOGRAPHY
Bibliography
Bibliography
Strategic Analysis