Automakers Plan Electric Car Blitz as Tesla Burns Billions
- Regulations, Musk’s marketing mastery seen as key reasons
- Field gets crowded in market most buyers have yet to embrace
Why Electric Cars Aren't Taking Over Yet
Here are two facts that defy logic: By the end of the year, electric-car maker Tesla Inc. will have burned through more than $10 billion without ever having made 10 cents. Yet companies around the world are lining up to compete with it.
Almost 50 new pure electric-car models will come to market globally between now and 2022, including vehicles from Daimler AG and Volkswagen AG. General Motors Co. raised the stakes Monday by pledging to sell 20 all-electric vehicles by 2023, including launching two new EVs in the next 18 months. Even British inventor James Dyson is getting into the game, announcing last week that he’s investing two billion pounds ($2.7 billion) to develop an electric car and the batteries to power it.