Is electric vehicle creating a crucial market in Canada?

The hybrid and electric car market in Canada have been able to reach a value of $802 million. The Canada market has been forecasted to a value of $1,607.3 million in 2022. Hybrid car holds the biggest market share in Canada with a total volume of 73.2%.

The leading companies in Canada are Ford Motor Company, General Motors Company, Nissan Motor Co. Ltd. and Tesla Motors, Inc.

Let us see how Canada can be a crucial advantage point for Tesla Motors.

The Head office of Tesla is 3500 Deer Creek Road, Palo Alto, California, USA. Tesla Motors, Inc. is the sole developer, designer and manufacturer of electric vehicles. They sell fully developed electric vehicles and the components of advanced electric powertrain to other automotive manufacturers. The operation of Tesla is in North America, Europe and Asia. The operation of the company can be separated into two major segments: Automotive, and Energy Generation and Storage. Segment of the Automotive includes the design, development, manufacture, and sales of electric vehicles.

Tesla operates around 265 locations in the world; including its sales, service plus, and service facilities. To enable the long-distance driving, company operates in a network of superchargers. Throughout in North America and Asia, Tesla is building a network of up to 120KW fast charging equipment known as Tesla Supercharger for charging the Tesla vehicles faster. The characteristics of Tesla Supercharger is of an industrial-grade with a high-speed charger that can replenish the battery pack for a range of 170 miles (ca. 274 km) in 30 minutes.

The company opened up 790 Supercharger stations across North America, Europe and Asia. In addition, the company designs, develops, and manufacturers engineering components of electric vehicles. The company is also engaged in designing, developing and manufacturing lithium-ion battery packs, electric motors, gearboxes and components for vehicles. The original equipment is manufactured at the Tesla factory.

By the end of December 2017, the revenue recorded by Tesla is $11,759 million whereas Ford motor recorded a revenue of $156,776 million. General Motors recorded a revenue of $145,588 million and Nissan Motor recorded $104,563 million in the fiscal year of March 2017.

Source- MarketLine Industry Profile, May 2018.

 

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