Tesla customer analysis
Tesla Motors in Singapore
Chen Zhao | Eric Lim | Kshitij Gopal | Sidhanth Gopishetty
Tesla Motors is an American automobile manufacturer specializing in designing, manufacturing and selling electric cars and electric vehicle power train components. Headquartered in Palo Alto, California, it was founded in 2003 by a group of Silicon Valley entrepreneurs led by Elon Musk (of PayPal and SpaceX fame).
The stated goal of the company is to drive the world’s transition to electric mobility by offering a full range of electric vehicles to the market. Currently they sell cars in the premium segment but aim to offer an entire range of increasingly affordable vehicles in the future. They currently retail from 83 locations across the world, employ around 6000 people and turned a profit for the first time in Q1 2013. Elon Musk himself sees great potential in this market and is showing interest in expanding here in the coming months. (http://youtu.be/MBItc_QAUUM?t=43m)
Why Singapore now?
Although Singapore is a small market, it would prove to be an exciting opportunity for Tesla motors because:
Rise in affluence of population - Singapore is the 3rd highest ranking country in GDP per capita in the world. Green vehicles are usually more costly than their traditional counterparts and Singapore gives Tesla Motors a better audience to market its product to.
Preference for upper segment luxury cars – By observing the trend of car sales in 2013 we see that there is a huge potential for Tesla motors. Some of Tesla motors’ direct competitors like Mercedes Benz and BMW took an encouraging lead in sales by holding a market share of 17% and 16% respectively.
(http://www.lta.gov.sg/content/dam/ltaweb/corp/PublicationsResearch/files/FactsandFigures/M03-Car_Regn_by_make.pdf)
Less startup capital needed – Being a densely populated country that measures only 710km², Tesla Motors can afford to invest in building Supercharger Stations at several locations spread across the island.
Chen Zhao | Eric Lim | Kshitij Gopal | Sidhanth Gopishetty
Tesla Motors is an American automobile manufacturer specializing in designing, manufacturing and selling electric cars and electric vehicle power train components. Headquartered in Palo Alto, California, it was founded in 2003 by a group of Silicon Valley entrepreneurs led by Elon Musk (of PayPal and SpaceX fame).
The stated goal of the company is to drive the world’s transition to electric mobility by offering a full range of electric vehicles to the market. Currently they sell cars in the premium segment but aim to offer an entire range of increasingly affordable vehicles in the future. They currently retail from 83 locations across the world, employ around 6000 people and turned a profit for the first time in Q1 2013. Elon Musk himself sees great potential in this market and is showing interest in expanding here in the coming months. (http://youtu.be/MBItc_QAUUM?t=43m)
Why Singapore now?
Although Singapore is a small market, it would prove to be an exciting opportunity for Tesla motors because:
Rise in affluence of population - Singapore is the 3rd highest ranking country in GDP per capita in the world. Green vehicles are usually more costly than their traditional counterparts and Singapore gives Tesla Motors a better audience to market its product to.
Preference for upper segment luxury cars – By observing the trend of car sales in 2013 we see that there is a huge potential for Tesla motors. Some of Tesla motors’ direct competitors like Mercedes Benz and BMW took an encouraging lead in sales by holding a market share of 17% and 16% respectively.
(http://www.lta.gov.sg/content/dam/ltaweb/corp/PublicationsResearch/files/FactsandFigures/M03-Car_Regn_by_make.pdf)
Less startup capital needed – Being a densely populated country that measures only 710km², Tesla Motors can afford to invest in building Supercharger Stations at several locations spread across the island.