Tesla Worth More Than Traditional Carmakers Combined: Amitabh Kant Tells Future of EVs in One Tweet

While electric vehicles have been running on the roads for the last 2 decades, it's only in the last 5 years that the call to make electric cars more accessible to mass market has amplified and the reason for such a drastic push towards electric vehicles is the decreasing EV cost and rising electric range, making them as worthy as conventional cars.

Big global automakers are investing hefty money into R&D to put their electric cars on the road, claiming to have the best of mileage in the market. However, it's the American electric car maker Tesla that has surpassed everyone's expectations to put limelight on the electric cars.

Such is the quality of Tesla electric cars that includes Model S, Model 3 and Model X that in certain countries, Tesla has become the highest-selling carmaker, beating the conventional carmakers, making world realize the importance of Electric Vehicles. Case in point, Scandinavian Country Norway, where more than 50% cars sold are electric and out of them, Tesla is the front runner.

Not only this, in certain countries like South Korea, Tesla has become a sort of status symbol. Even in its home country U.S., Tesla is the highest selling electric carmaker, beating the previous best-sellers like Nissan Leaf and Chevrolet Bolt EV.

All these success stories from across the globe has led to the increase in the market value of this American brand started by eclectic CEO Elon Musk. Tesla is now the highest-valued automaker beating Toyota Motor Corp in market value. Interestingly, the sales of Tesla Cars globally is nowhere near the sales of Toyota cars, regularly crossing 10 million sales annually.

Not only Toyota, Tesla's market value is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co. Another interesting fact is that Tesla's value is more than the combined value of at least a dozen conventional carmakers like Ferrari, BMW and Volkswagen.

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All these numbers are deemed to excite any economist out in the market and our own Amitabh Kant, CEO, Niti Aayog is not untouched with such heights Tesla has achieved. Even though Tesla has not reached Indian shore and the electric vehicle market in India is at a very nascent stage, Kant feels the future of automobiles belong to electric vehicles.

Kant has been vocal about creating an electric ecosystem in the country and shared a tweet highlighting the value of Tesla vis-a-vis top global automakers. While Tesla's value is $320 billion, the combined value of brands like Volkswagen, Ferrari, Ford and 8 other such companies is only $314 billion. Kant shared this information and said - 'Electric Mobility is the Future!'

Tesla's rise in the global auto market highlights the growing confidence among investors about the future of electric vehicles and also Tesla’s shift from a niche carmaker into a global leader of cleaner cars.

But the success for Tesla didn't arrive overnight. After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.

Tesla, a new player in the auto market as compared to the market giants has been struggling to fulfill the rising EV demand in the market and has often been accused of over-promising. Tesla delivered 367,200 vehicles last year and the Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

Having said that, Tesla has managed to carve a niche for itself and the strong testimony from the owners has helped the brand a lot. The cars have an all-electric mileage in excess of 500 km and features that can put even the best of luxury cars to shame.

We can't wait Tesla to enter India and thrill the carbuyers with its futuristic products.