We all love pioneers and Elons’ team of innovators have never been short of enthusiasm and pioneering spirit. To date they have established, almost single handedly the viability of fully electric cars. Hurrah. But can they sustain their position and be competitive considering the onslaught of competition emerging from major global manufacturers?
Autocar magazine recently pitched Jaguars first fully electric offering against the established Tesla and soundly beat it in all areas. Worrying? Now Porsche have entered the fray with the stunning looking Taycan (looks are subjective of course but personally I don’t think that styling has ever been Tesla’s ace in the pack). A collaboration between the VW group, Ford, Daimler and BMW to build ultra fast charging points across Europe shows a commitment that may be beyond Tesla, and once momentum is achieved by this group we wonder if Tesla are strong enough to stay ahead.
New technologies, materials and manufacturing processes currently being implemented by these leviathans of the motoring industry, combined with experience, brand loyalties and dealer networks may prove too much for Tesla to compete with.
Certainly some exciting times ahead.
The motor trade and new technologies have historically not been great bedfellows. Introduction of new tech into this sector is a tardy process at best, with car dealers generally accepting that ‘the old ways are the best’. We clearly remember this when introducing car dealers to websites and e-mail some 20 years ago. The usual response was that the internet was a geeky thing for kids in their bedrooms. How many dealers would survive today without an internet presence?
Cryptocurrency has had its press, good and bad, primarily Bitcoin. But the fact is there are millions of people globally that hold cryptocurrency and the purchasing of cars with their digital assets holds many advantages. Releasing an asset without having to convert to sterling through exchanges and banks itself is a compelling reason, along with speed, security and low cost transaction fees.
Car dealers that bury their heads in the sand will suffer the same setbacks as those experienced by dealers ignoring the tidal wave that the internet became. Early adopters will have minimal competition and can establish themselves as dealers that actually respond to customer requirements and demands.
Cryptocurrency, understand it or not is here to stay.
It may be a surprise to many people just how many retailers are already accepting Bitcoin as a legal tender. Virgin Galactic and Microsoft may head the pack of familiar names, but with Playboy magazine, Subway, Expedia and Reddit already established in this area it is just a matter of time before cryptocurrency becomes more mainstream.
Venezuela announced recently that its national currency will be pegged to crypto, and with Bloomberg and Shopify getting in on the crypto action expect an avalanche of retailers joining the party.