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Вестник Томского государственного университета. Экономика. 2023. № 62. С. 159-170.
Tomsk State University Journal of Economics. 2023. 62. рр. 159-170.
Мировая экономика World economy
Original article
UDC 339.727
doi: 10.17223/19988648/62/11
An analysis of Tesla's market competitiveness using the SWOT-PEST analysis: (TESLA: Transnational Ecosystem Laboratory and Actions)
Gibrilla Barrie1
1 Peoples' Friendship University of Russia, Moscow, Russian Federation, gibrillabar-
rie 717@gmail. com
Abstract. According to J.B. Straubel, Martin Eberhard, Marc Tarpenning, and Ian Wright, the Transnational Ecosystem Laboratory and Actions (TESLA, Tesla) was established in 2003. Nevertheless, Elon Musk attained leadership as the company's CEO in 2004 and, with the most significant financial investment of U.S. $ 6.5 million in 2008, sought to be a fundamental contributor to the sustainable protection of current and future society through their effort in extreme innovative research and development in electric automobiles and sustainable energy. This paper seeks to analyze Tesla's market competitiveness in the global market using the SWOT-PEST to understand the exogenous and endogenous circumstances surrounding its growth and vulnerability. Therefore, the analysis is the most critical tool employed to strengthen and protect its capacity and competitiveness in its current and future market environments. Its sustainable growth can be achieved through established strategies surrounding its market leadership, competitors, new entrants, production and sales rate, and the significance of its position towards the changing technological and market demand trend. From the analysis, the study discovers that there is a significant step that Tesla must employ in their current strategies for market growth and sustainability. There must be an extensive product line with efficiency, effectiveness, and fewer mechanical complications to meet the increasing demand of the electric vehicle market. They must also strengthen their influence and control in current markets such as China and expand their production and sales in the untapped market such as India, Brazil, and Africa with friendly and affordable pricing, and, most importantly, maintain consistency with uniqueness in their production as against their competitors for long term leadership. Keywords: Tesla, Market Competitiveness, SWOT-PEST analysis, business/market strategy
For citation: Barrie, G. (2023) An analysis of Tesla's market competitiveness using the SWOT-PEST analysis (TESLA: Transnational Ecosystem Laboratory and Actions). Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika - Tomsk State University Journal of Economics. 62. pp. 159-170. doi: 10.17223/19988648/62/11
© Barrie G., 2023
Introduction: About Tesla (development processes, products)
The rapid development of the world, especially in the facet of technology, has been an undoubted fact, though with the myriad of questions about the sus-tainability of nature (environmental sustainability). Historically, the interest in electric vehicles had been an essential part of technological research, especially when William Morrison released his unique piece of the six-seater electric car, which ranged at 14 mph in 1890. The American-based company Tesla was established in 2003 by J.B. Straubel, Martin Eberhard, Marc Tarpenning, and Ian Wright. Nevertheless, Elon Musk attained leadership as the company's CEO in 2004, with the most significant financial investment in the U.S., $6.5 million in 2008 [1; 2]. The company sought to contribute to the sustainable protection of current and future society by going out of its comfort zone to systematically undertake innovative research to solve these problems. A variety of car brands have been in existence that utilize fuel and emit harmful carbon monoxide that poses a consistent risk to our environment. To save society's longevity, Tesla stood out among the company series of producing exceedingly efficient, compelling, impressively unique, and eco-friendly automobiles from its competitors.
The vision of Tesla is to develop the most compelling car company in the 21st century envisaging the world's transition to electric automobiles and sustainable energy and the quest to save future society from numerous current and future environmental problems. It is one of the most worthwhile contributing firms in the world and a critical electric automobile industrialist with a market capitalization exceeding $900 billion. Tesla projects and produces an electric automobile and battery power storage space from the home of grid-scale, photovoltaic panels, solar roof covering, and other associated services and products. The company stands as one of the giants in the sales of electric automobiles and plug-in electric cars, with a growth of over 23% of the battery electric (only electrical) market and 16% of the plug-in market (including plug-in hybrid) in 2020. With their 3.99 Gigawatt hours (GWh) installation in 2021, Tesla Power is among the most prominent global distributors of battery storage space systems.
The automobile has become a fundamental portion of today's society; their production yet revolves around combustible motors utilization. Despite the numerous effect on our environment through the emission of dangerous gasses, the number of the acquired car is boosting every day [3].
The systematic demonstration of product manufacturing commenced in 2009; the Roadster sports car was the first demonstration of Tesla's Model. The development of the Roadster inspired other designs like the Model S in 2021, in 2015 the Model X SUV, in 2017 the Model 3, and the Model Y, which transcends into 2020. Of all the models, the Model 3 standsout to be the most successful plug-in electrical automobile around the world, with a sale of 1 million units globally in June 2021 (Tesla Global sales of 936,222 vehicles in 2021), making an 87% boost over the previous year [4] and also collative sales completed 2.3 million vehicles at the closure of 2021 [5]. The consistent growth in
market capitalization reached $1 trillion. It became the sixth company in America to reach such a threshold and accumulated over $2.3 trillion in its global auto market in the current year [6].
Electric cars developed today are no less reliable than previously developed cars. Tesla, as a firm, has maintained all inefficient problems encountered by electric car users, customizing their issues and making supercharger batteries. The company also developed charge terminals that allow a car to be fifty percent charged in just 20 minutes with 85 kWh, and 82% of the car can be charged in forty minutes, and, in a total of 1.5 hours, it is ultimately charged. It makes the process available on our desk of choice and makes life easy with our automobiles [7; 8]. As one of the world's leaders in producing electric car batteries, Tesla engages in other superfast billing gizmos to expand the reason for its work.
Moreover, it encourages others to make a series of technological innovations but cannot produce such achievement-safe items till present [9]. The transformation and the current need for environmental sustainability for the utilization of electric vehicles have portioned a significant portion in the United States and China for increasing durability of electric vehicles and the price fall in battery cost. Tesla was announced as the key driver for such changes by the International Environment Agency (IEA). As speculated by IEA, by 2030 battery limit should increase to 1.5 TWh yearly from 170GWh. With such quality durability, a typical battery pack will depreciate in cost from $1100 per kWh in 2010 to $156 per kWh in 2020, as the technological advancement will be clearly expressed in the new models in the EV market competitiveness.
Market competitiveness
The rise in the consciousness of the transition from gasoline-powered automobiles to renewable energy has created a fierce platform for global competitiveness in the automotive market, of which Tesla stands as one of the key contributors to this development.
With just 19 years of Tesla's establishment in car production, the company has stood in a better position on the stage of competition irrespective of the numerous brands and corporations in automobiles like Mazda, Subaru, Toyota, Benz, and others with the existence of over 100 years. In understanding Tesla's global automobile market competitiveness, there must be a critical evaluation of corporations that directly compete in producing electric automobiles [10]. As one of the newest producers of automobiles, Tesla has been dominant in the market competitiveness through their pioneering energy for an electric automobile. Furthermore, the gradual growth with uniqueness in creativity, modern technology, and diversification has enabled the company to build a solid foundation of trusted customers, especially celebrities and society, to propagate the significance of environmental sustainability [11].
Among the various automobile industries to analyze Tesla's automotive competitiveness, Ford, Kia, Chevrolet, BMW, Nissan, and Volkswagen are
among the general competitors in car production, innovation, and customer service, though with longer existence than Tesla. The strategic analysis of companies leading the automobile industry in 2019 shows that all of these companies fall below the score of 10 spots. For a detailed analysis, a relative statistical evaluation shows each selected brand's essential success from their key success factor for market competitive sustainability and growth (Figures 1 and 2, Table).
Mazda Honda
Infini i lercedes-ienz
• Toyota 1__
Volkswagei a 4
Nissan ш RMW • • .Ford KIA Lexus
• TesL • Chevrolet a
0,5 i 1,5 Electric vehicles
2,5
3,5 Cars
4,5
Figure 1. Map of strategic groups of companies leading the automotive industry.
Source: [12]
Key success indicators of Tesla companies and its competitors
Indicator Weight Tesla Model 3 Nissan Leaf Chevrolet Bolt EV Ford Focus Electric Volkswagen e-Golf KIA Soul EV BMW i3
Test drive 0.3 5 4 3 2 4 4 2
Speed 0.2 5 4 4 3 3 3 3
Travel distance 0.2 5 3 3 1 2 3 1
Cost 0.15 2 5 3 5 2 4 3
Key Features 0.1 5 4 5 4 3 4 3
Appearance 0.05 5 3 3 2 3 4 4
Amount including weights 1 4.55 3.9 3.4 2.65 2.95 3.6 2.35
Source: [12].
Figure 2. Features of shaping the company's competitiveness in the global automotive industry. Source: [12]
Market/brand positioning
The uniqueness and class of Tesla's products put them on the pedestal of brand positioning, which makes them exceptional and accumulates their global sales [13].
Significantly among Tesla's uniqueness is the supercharge procedure, which creates a tremendous advantage against a competitor; because of the high competition in the EV market, the company focuses on improving their frail fragment, which includes working cost along with manufacturing costs as against their competitors [14].
For Tesla to maintain its market and brand positioning, the company must be swift and consistent in the flow of strategy increases such as R&D, effective distribution due to high demand, mechanical complications, etc. For instance, in China, BYD has been a strong competitor and a pioneer in the Chinese EV, presenting two unique models for environmental sustainability and transportation efficiency into the transportation system of China and beyond.
Technological advancement
Technological advancement is basic for the survival of every organization's long-term goal [15]. Due to the rapid changes in the world, especially in the area of Tech, the proposition to support the significant relationship between technology and product development was brought forth in 1970 [16]. With over 20 electric vehicles worldwide, in companies like Nissan, Chevrolet, Mercedes Benz, Hyundai, Tesla, etc. Thus, for Tesla to continue its leadership in the global EV market, R&D investment should be essential. The range of battery has
been a common problem faced by most of these companies, especially with the plying of an EV on a single charge. However, Tesla motors have the most innovative battery technology though expensive, which makes the Model S and the Model X outstanding, with about 240 miles on average. With the changes in technology, especially with electric vehicles, 70% of the U.S. global warming emission has been reduced due to EV and will help lower the fuel price to 80% [15].
Methodology SWOT-PEST analysis
In a bid to critically evaluate the market competitiveness of Tesla, SWOT-PEST analysis is an effective tool for the strategic understanding of the exogenous and endogenous circumstances surrounding its growth and vulnerability. Therefore, the analysis is the most critical tool employed for strengthening the capacity and competitiveness of Tesla for current and future growth through established strategies. SWOT-PEST analysis further examines how Tesla uses its assets to utilize the interior benefit and exterior possibilities and prepare practical approaches for possible threats toward the company.
Internal indicator
Strengths. The significant internal competence of Tesla is that they build their brand on the phase of renewable energy (electrical and solar energy) as it is the world's current and future demand. Next, with their unique capability in research and development, Tesla has the required teams for the strategic innovation and development of the product with dynamism, efficiency, and aesthetics [17]. Furthermore, with immense recognition and a large customer base and sales, Tesla has a solid financial capability with a market capitalization of over $1 trillion to develop, formulate and implement innovative projects that can improve their sales. Also, a vertical integration strategy reduces production costs, increases profitability, and sustains the cost of the product. Tesla also has a wide range of sales networks in many parts of the world, especially in Europe, which gives them a better advantage in the transition to sustainable energy and extensive environmental sustainability. An 87% global sale in 2021 increased the market capitalization to approximately $208 billion in the contemporary world and is no less reliable than the previously developed cars. Tesla is a firm that has maintained all inefficient problems encountered by electric car users. By customizing these problems and making supercharger batteries, charge terminals that allow a car to be fifty percent charged in just 20 minutes with 85 kWh, and 82% of the car can be charged in forty minutes. In a total of 1.5 hours, it is ultimately charged. It makes the process available on our desk of choice and makes life easy with our automobiles.
Weaknesses. Irrespective of Tesla's market leadership and innovations, the company was faced with some mechanical complications experienced by cus-
tomers, such as faulty electric motors, warped brake discs, and door handles failures. For example, a series of mechanical and manufacturing hurdles faced by Tesla during the launch of the Tesla Cybertruk, with battery, can affect the company's steady growth judging by the fact that there is a massive form of competitors in the area. Moreover, the global concern for electric automobiles has constantly risen. It has made it difficult for Tesla to produce a high volume of electric vehicles to meet this market demand. Though intending to produce more vehicles to meet these demands, there has been a high cost of production and management of resources and space development of Gigafactory 1. The high cost of the product of Tesla automobiles will create a decrease in sales in global market share as many customers and car users will see competitors as a substitute to switch to, especially when they have fair pricing with unique quality displays.
External indicators
Opportunities/PEST. The establishment of the Shanghai factory created a new platform for expanding Tesla's competitive advantage by addressing the technical discontent of the Model 3, with a considerable reduction in cost in the economy of scale and increased profitability through high demand and sales. The effect of COVID-19 on the world's economy opened a real advancement opportunity for any company in which Tesla was essential; China created the opportunity for Tesla as many economies are recovering, leading to an increase in the output of the Shanghai factory to surpass 42% of the total yield of Tesla in 2021. The transition of the world to renewable energy and the awareness of environmental problems created a bigger stage for Tesla to expand its production due to high demand, increased sales, and dominance in the market competitiveness, especially with their proposed to intent innovation of affordable cars. Furthermore, the Asian market is an ample opportunity for Tesla, especially India, with the actual market size, potential, and growth in the electric automobile and renewable energy. A significant trending opportunity for Tesla is their taste to innovate and develop new technologies, especially the autopilot driving software update in their product, which shook the competitive market as customers were excited to experience the new development. It has broadened its market share scale against its competitors, especially in the U.S., U.K., and, currently, Asia. Such market growth will increase both market and financial stability.
Threats. The lack of control over foreign markets, especially the Chinese market, has gained a more profound advantage over the foreign automobile, especially the EV sector, as the government of China has employed strategic policies to support the new energy sector. These policies have attracted numerous new entrants, such as NIO, Xpeng, and many others, in the production of electric vehicles. Irrespective of Tesla's great advantage against competitors, it has constantly worked to maintain its leadership position in the quest to satisfy the growing demand in the global market. Secondly, the report of mechanical complications from products such as climate control, faulty electric motors, and
warped brake disc and door handles failures has brought a series of criticism from the customer. Some complications have exposed the company to a lawsuit against them. It will create a chance for the competitor to produce products that will overtake the efficiency of Tesla Models and decrease sales and market share, respectively. Also, the aggressive growth of competitors with resource capabilities and innovative and technological development, which include Ford, Kia, Chevrolet, BMW, Nissan, and Volkswagen, have exposed Tesla to unstoppable work and improvement in research and development in a bid to maintain leadership.
PEST Political
In the quest to save society, political institutions worldwide, such as America, China, and Europe, are constantly striving to create a welcoming atmosphere to accelerate the advancement of electric vehicles. However, through establishing and implementing laws regarding environmental sustainability and the rapid growth and expansion of the EV, sustainable energy is essential on an international market scale for the drastic subsiding of global pollution. It is widely accepted because of the hazardous effect of the fuel-powered automobile on our society (emission of greenhouse gas). The ideology of EV manufacturing was highly encouraged by the California Air Resources Board (CARB) to enhance environmental sustainability [18]. The significant support from governmental institutions has aided air purity, energy security, and the reduction of carbon monoxide emissions [19]. In support of the government's agenda to sustain environmental quality, Tesla stood as a key leader in producing electric vehicles with immense technological innovation and quality.
Economic
As a pioneer of EV, Tesla's development in most parts of the world, especially in the U.S., China, and Europe, laid the foundation for economic growth by creating employment for various EV competitors in the market. 1n 2016, Tesla's start in electric vehicle production increased the automobile industry's growth and established more opportunities for a wide range of economic development in the renewable energy market [20]. With this popularity, Tesla has also broadened the economy of not only other parts of the world but, most importantly, the economy of the United States by creating $5.5 billion and over 50,000 jobs in the states [21].
Social
The critical social effect of Tesla's production of EV is in protecting society against environmental hazards since fuel combustion cars emit carbon monoxide and other greenhouse gases which pollute the atmosphere. The electric vehicle generally is significantly efficient in energy conversion, with over 50% of the electrical energy for steering the wheels. In contrast, gas-powered vehicles only
convert around 17% to 21% of the energy stored in gasoline. It significantly increases the demand for electrically powered vehicles [18]. Though the emission of greenhouse gas by EV is 100% tackled by competitors, Tesla's sustainable energy battery is the perfect solution with 0% tailpipe emission. For instance, energy production in the U.S. is more leaned toward non-renewable energy as electric vehicles produce less than half of the CO2 emitted by conventional gasoline cars [22].
Technological
The sharp twist in automobile manufacturing to Electric vehicles created the platform for technological reformation for the Electric automobile market [18]. This transformation created a series of opportunities for Electric vehicles over traditional automobile industries. A typical distinction between the two is that Electric vehicles are powered by natural energy, which is renewable, unlike natural automobiles are powered by the combustion of gasoline. The quality of renewable energy makes it more economical than gas-consumed vehicles [23]. The growing trend in technology has put Tesla in the spotlight among its competitors, creating a broader opportunity for sustainable market dominance in the sales of electric vehicles. Typically, it is the innovation of unique software, including the autopilot system, the vibration-free daily drive, and the touch screen in Tesla's Model 3, and a unique team with enthusiasm in research and development for significant improvement of their products.
INTERNAL EXTERNAL STRENGTHS: ■ Large scale capital, * Vertical integration ami supply chain. ■ Patented technology, product quality and innovation. • Market leadership. ■ Unique team of employees and R&D. WEAKNESSES: ' High demand with low production line. • Cash bum in R&D. ■ High cost of products, • Mechanical compJkatlons,
OPPORTUNITIES-PEST: • Growing concern for E-sustainablity and E-vehid«. ■ Rapid growth ir Technology and innovation. ■ Virgin markets tor Tesla's EV. ■ Autonomous diiwng. • Electricity storage nartet In-house battery production. SO: ■ Develop products with additional uniqueness. • Establish strong foundation in present and untapped markets ■ Strengthen their position in the current state of environmental sustainability OW: ■ De-ielop variety of models and product with wide range of prices. ■ Increase production and distribution in time to meet demand. • £ffective and efficient testing before launching of production.
THREATS-PEST:
High competitors. Threats of rw entrants, limited charging infrasttwture Gffiofoe-«i«tm hjtaid
ParxJemc outbffak and g№al «coomic dwtowr.
ST:
WT:
Continue to produce unique product thai meet market demand.
Improve on their software effectiveness as against competitor.
Build more charging infrastructure to meet the increasing demand.
Work diligentfyto transit to SO of their firm against threat
Producing taib'e product base with minimum cost.
Wortc out of the box to tap into new and possible options to meet the current and future rrertet
Create a dynamic system to meet to the growing problems in economic disruption [pandemic].
New market campaign for chance
Figure 3. Strategy for the SWOT-PEST analysis
Conclusion
Undoubtedly, the global automobile market encompasses intense competition from direct competitors, new entrants, and general car manufacturers for a fair or dominant market share proportion. The USA, China, Japan, Germany, and India have been dominant contributors to the production and consumption of automobiles. The growing trend of technology and the transformation of society have exposed the world to several positive and negative effects, among which environmental sustainability stands to be a severe issue for man's present and future tranquil existence. Tesla as a leader in the production of electric vehicles is geared toward the longstanding growth and sustainability of electric automobiles through improved and unique innovation, production, and even distribution of their product for society's longevity.
SWOT-PEST analysis clearly states the proper position of Tesla from both the internal and external environment for competitiveness. To sustain its global market position, the company must use its strength and opportunity, including its leadership brand image reputation, innovation, vertical supply chain, and support from world political institutions to expand global influence and maintain growth share. Tesla's highly competitive new entrant, based on the reality about the significance of environmental sustainability, has stood as one of the main external factors for which Tesla cannot be comfortable as there is always a high demand for the global consumer's needs satisfaction. Therefore, Tesla must continuously endeavor to produce unique products to meet this growing market demand. By doing so, the essential continuous upgrade of software and hardware with an efficient and effective mechanical complication is free against their competitors' products. The consciousness of environmental sustainability has prompted the rising demand for electric automobiles, which in turn requires a rise in the demand and use of charging stations. Tesla must expand its construction of more charging stations to satisfy this global demand. Furthermore, for expansion of global sales, market capitalization, and sustainable market growth, Tesla's production should focus on producing daily used cars for different levels of society with exceptional durability, aesthetics, and fair pricing so that different economic levels in society can enjoy brand quality, innovation, and satisfaction.
With its consistent quality production of electric automobiles, Tesla will be able to maintain and improve its market position among the series of competitors. It is a significant chance for customers to switch due to their consistency and improved innovation to meet the demand of the changing global market. For divergence, Tesla must establish a strong influence in the production and sales in new and untapped markets such as India, Brazil, and even the African continent with varieties of products to meet those markets' purchasing power, to improve and sustain their position as electric automobile manufacturers, and to impact society on the sustainable energy scale in the global market share.
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Information about the author:
G. Barrie, Master in International Marketing and Management, Peoples' Friendship University of Russia (Moscow, Russian Federation). E-mail: gibrillabarrie717@gmail.com
The author declares no conflicts of interests.
The article was submitted 15.02.2023; approved after reviewing 15.05.2023; accepted for publication 01.06.2023.
