Consumer Behavior- Fall 2013
The Latest Product Innovations:
Tesla Motors
Sara Kriener
10/9/13
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Introduction
Tesla Motors, Inc. is an automobile company based out of Palo Alto, California, in the
heart of the Silicon Valley. A publicly traded company, Tesla designs, manufactures, and sells
electric cars and electric vehicle powertrain parts. Tesla Motors was incorporated in July, 2003
and is the brain child of renowned billionaire and entrepreneur, Elon Musk.
Musk, who also founded SpaceX and PayPal has stated that the ultimate goal of Tesla
Motors is to mass produce electric cars at an affordable price for the average consumer. The
main challenge to Musk’s aim lies in the current high cost Tesla vehicles are marketed, though
recent models have proven less costly than previous Tesla products.
Starting up in the American “cradle of technology,” Tesla Motors have some seriously
powerful and innovative neighbors in the Silicon Valley. A few of these neighbors include Apple
Inc., Google Inc., and Facebook Inc. Being an automobile company amid computer and techsavvy companies may seem like odd placement, but it is right where Tesla Motors wants and
needs to be. Aiming to garner the same niche market as its neighbors, (especially Apple) Tesla
Motors has shown success in the “geeky, technophile” market that the Silicon Valley has in
abundance.
Tesla Motors is in fact, named after famous engineer and inventor Nikola Tesla, a man
many people in the Silicon Valley regard as “an early inspiration” (Michaels 2010).
Furthermore, the Tesla Roadster uses an AC motor descended directly from Tesla’s original
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1882 design. Tesla, the man, was a genius, a recluse, and a pioneer in the field of technology, so
it is evident why he is an inspiration to the many modern day hippies that inhabit the Silicon
Valley (Michaels 2010). By electrifying hip techies, Nikola Tesla is a branding dream, and now
his name is carried by one of the most promising and innovative companies in the country; Tesla
Motors, Incorporated.
Body
Tesla Motors currently has two vehicles available for purchase and one available for preorder. They are the Tesla Roadster, the Model S, and the Model X. The Roadster and the Model
S, which are available to the public, have been heralded by most critics and continue to perform
exceptionally according to automobile enthusiasts and customers.
Products
The Tesla Roadster was Tesla Motors first production vehicle and is classified as an allelectric sports car. The Roadster is the first all-electric vehicle that is highway capable in the
United States. Additionally, the Roadster was the first production automobile that used a lithiumion battery- the same found in lap-tops and digital cameras- that could also travel more than 300
kilometers (200 miles) on a single charge (Voelcker 2007). Additionally, Tesla’s Roadster is
able to go from zero to 100 kilometers per hour in less than four seconds (Voelcker 2007).
The Roadster features a sleek design that contains a lightweight frame. The car is a two
door convertible with futuristic looking interior technology. Tesla has sold more than 1500
Roadsters and the car is currently sold out in North America but available for order. The next
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generation Roadster is not expected to be introduced until at least late 2013. Pricing on the
Roadster is no less than $100,000, making it out of reach of mass consumers, yet nearly $70,000
cheaper than a Ferrari of a similar make and model (Voelcker 2007).
Tesla Motors’ Model S is arguably the company’s crown jewel vehicle. Unveiled in
2012, the Model S is a sedan aimed at lowering the cost compared to the Roadster. A brand new
Model S will run at prices between $55,000 up to $106,000 depending on added features and
packages (Neil 2012). The Model S is still considered a luxury car that has been praised by many
high end automobile critics as one of the best cars ever tested. The Model S is an all-aluminum
car with no outside indication that it’s electric, complete with a hidden charge port (Berman
2012). The Model S is stylish, roomy, efficient, fast, and very high tech. Most importantly for an
electric car, the Model S has a nearly 300 mile certified range. The design lends to a very low
aerodynamic drag while maintaining a sleek and attractive look (Neil 2012).
On the interior, the Model S is incredibly spacious in backseats of the car and in trunk
size due to the fact that there is no engine (Berman 2012). Technologically, the Model S is full
of the latest features, including a 17 inch touch screen in the dashboard that gives digital control
for almost all automotive functions. Furthermore, Tesla can wirelessly add new features and
software updates to vehicles, even if they are on the road.
The Model S is more than just appearances however; the vehicle received the highest
safety rating of any car ever tested by the National Highway Traffic Safety Administration
(Berman 2012). Also, Consumer Reports, widely regarded as one of the most influential
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magazines among car shoppers, called the Model S the best car it ever tested, scoring 99 out of
100 in the magazines tests (Valdes-Dapena 2013).
With huge footsteps to follow, Tesla plans to make its Model X available in 2014, though
reservations can be made in 2013. The Model X will be crossover utility vehicle, meaning it will
be slightly larger than the Model S. The Model X will share many physical and interior features
as the Model S, though the Model X will be able to seat seven. Furthermore, the Model X is
expected to be able to go from zero to 60 miles per hour in just under five seconds (Ohnsman
2013).
The Model X will also have an available all-wheel drive option and have two trunks, one
in front and another in the traditional trunk space. It is expected that the Model X would be
priced similarly with the Model S, with prices varying depending on the consumer’s choice of
added features and packages (Ohnsman 2013).
Criticisms
Whenever there is a new invention, innovation, or technology, there is also a healthy
amount of criticism that follows and Tesla Motors is far from exempt.
One of the obvious and main criticisms Tesla receives is over the high prices of their
vehicles. It has been stated that Tesla can at times take the urge to reinvent too far. For example,
the Model S has receding outside door handles, which makes opening the door a multi-step
process (and can take several attempts.) Furthermore, Tesla’s vehicles have had to trade
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groundbreaking aerodynamics for limited visibility from the rear. Also, there are several design
features that are believed to have been chosen for aesthetically pleasing reasons rather than
practicality (Berman 2012).
Other pricing concerns raised by critics include the very high prices on many car options.
An example would be the increase in price on the glass panoramic roof, which originally started
at $1,500 but increased to $2,500. Another similar price discrepancy critics have pointed out is
the increase in XM satellite radio which started out at $950 but was bumped up to $2,500. There
are many other problems listed under the high cost of additional car options and it is evident not
all buyers embrace the changes (Finger 2013).
Another criticism that is reverberated around Tesla Motors is found on a psychological
level. It is proven that there is a level of disconnect among some potential consumers in the high
end of the market and in the mass consumer end further down the market. Essentially, this is
explained by the fact that there are consumers who feel that marketing a $100,000 plus vehicle,
such as the Roadster, as a way to save the planet is a backwards approach to sustainability
(Walsh 2013).
Many critics have stated that there is a level of irony in car manufacturers thinking
consumers would want to shift to electric vehicles largely to save money at the gas pump, but
anybody who can afford to purchase a Tesla is not really worrying about their gas bill.
Therefore, to critics, owning a Tesla has become a way for owners to express that they love the
planet, and also happen to be extremely wealthy (Walsh 2013).
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Critics have also listed the very high price of Tesla’s car batteries to be a major issue.
Many skeptics claim that until Tesla is able to figure out a way to make batteries cheap enough
to compete with gasoline, electric cars will remain only being for the rich (Walsh 2013).
Batteries equal about half the cost of most electric vehicles. Estimates on costs vary, but are
generally gauged at about $1,000 per kilowatt hour. This would mean that the battery for the
Tesla Model S could cost well over $25,000. Moreover, batteries comprise a large amount of
rare earth metals that drive up cost significantly (Wynn 2009).
Aside from cost, critics have also found the biggest barrier to mass-marketing electric
vehicles is a problem called “range anxiety.” It has been found that people are worried that
electric vehicles cannot travel far enough on a single charge, despite what manufacturers
guarantee. People are also concerned with time required for a recharge and the general lack of
recharge stations available to them (Wynn 2009). This, in turn, has led many people to shy away
from even trying out electric automobiles and understanding the similarities electric cars have
with conventional vehicles (DePillis 2013).
In order to maintain success and brand equity, it is extremely important that Tesla is able
to recognize these criticisms and respond to them quickly and appropriately. It is clear that Tesla
faces many challenges, but with an effective marketing campaign, it is believed that Tesla can
continue its achievements in the automobile industry.
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Target Market and Marketing Strategy
Tesla Motors has a very unique target market and marketing strategy in the automobile
industry. Unlike other automobile giants, such as Ford and GM, who market initially to mass
consumers, Tesla’s marketing approach is much more Silicon Valley than Detroit. In essence,
Tesla is leaning very heavily on imitating the marketing strategy implemented by neighboring
Apple rather than relying on traditional automobile marketing strategies.
First and foremost, while Tesla aims to eventually be able to market to mass consumers,
they are now focusing on a niche market which includes wealthy, hip technophiles who are
interested in sustainability and reducing their carbon footprint. This niche is in great supply in
Silicon Valley, which is where Musk, Tesla’s founder, implemented his first step in the
marketing strategy by basing the company from that location.
The technology Tesla is using is very expensive, thus it depends on very rich customers
to initially adopt it. Tesla Motors’ very existence relied on these “early-adopters” to get the ball
rolling, and continue to rely on this niche in order to compete in the industry. It is incredibly
important for Tesla’s vehicles to perform well in its niche for a prolonged period of time before
it encroaches down market (Rhee 2012).
Tesla’s image and positioning for its electric vehicles represents traits of being high-tech,
attractive, reliable, and environmentally friendly, and sustainable transportation; thus, it is an
automobile alternative for forward thinking consumers (Mangram 2012). Tesla follows the new-
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market, high-end marketing strategy, meaning, they created a new product and are marketing
exclusively to those on the high end (wealthy) of the consumer spectrum (Rhee 2012). This style
has proven effective regardless of a highly uncertain economy and market conditions (Morrish
2010).
Another way Tesla is able to effectively utilize its marketing strategy is by cutting out the
middleman. Where nearly all traditional automobile industries use dealerships, Tesla markets
and sells directly to the consumer. Echoing Apple’s approach again, Tesla sells online, through a
global network of company owned stores, over the telephone, or in person at its headquarters and
through corporate events (Mangram 2012).
Another helpful facet of marketing almost exclusively to the high end of the market is
that Tesla’s current target markets are chiefly homogenous environments, which enables the use
of standard advertising. Standard advertising essentially means being able to use the same or
similar market schemes across the globe due to the fact the market Tesla targets are all the same,
in that they are wealthy, innovative and green thinkers (Mangram 2012).
In order to be more successful, Tesla needs to fulfill their aim to eventually move down
the market and make affordable vehicles for mass consumers. Similar to Apple competing
against the Android market, Tesla’s competitors are creating vehicles to rival the Tesla models at
a much more affordable price. However, Tesla needs to be able to do this without diminishing
the company’s brand equity.
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Possible Marketing Approaches
In order for Tesla Motors to remain the prosperous, innovative, and forward thinking
company it is (and is branded to be) Tesla should consider pursuing a variety of potential
marketing strategies, many of which Apple successfully implemented. For instance, Tesla could
look into creating special events and publications tailored specifically to their company.
Examples would be ‘Tesla Expo’ and TeslaWorld magazine (Mangram 2012).
Also, in order to keep its innovative buzz, Tesla needs to continue to be a leader in
creative and innovative products. Tesla is already a game changer when it comes to electric
vehicles and developed cutting edge battery technology. They need to keep looking forward in
order to keep customers interested and invested (Mangram 2012).
Another way Tesla can maintain its stance in the market is to remain focused on
developing a narrow line of striking products of remarkable quality. Basically, Tesla needs to
keep it simple rather than expand beyond the company’s limits and the limits of the consumer’s
interest (Mangram 2012).
It could also be seen that Tesla could license its patented battery technology to other
hybrid and electric automobile manufacturers. Sales of Tesla’s battery technology would notable
rise and could lead to faster developments and cost improvements, thereby making the overall
price of Tesla automobiles significantly cheaper (Rhee 2012).
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Investing
Tesla Motors is a publically traded company that started out a little stagnant, but after the
wild success of the Roadster and the even greater success of the Model S, Tesla has been seeing
its shares skyrocket to incredible highs. To many, it would seem foolish not to invest in Tesla,
but many reports state to be cautious about the young company. It is believed by many that Tesla
is the new Apple of its kind, which is a compliment to Tesla, but also a warning to investors.
Apple stock peaked in late 2012 due to advances in the competition’s technology and
following shrinkage of Apple’s market share in both smartphones and tablets (Munarriz 2013).
Therefore, it is strongly believed that competitors are not just going to sit idle and leave the
electric car market to Tesla. Tesla is able to compete with traditional automobile companies in
the stock market because of the extreme high price of their vehicles. Tesla does not sell as many
cars, but the sheer amount of profit they are turning makes them appear to be a Wall Street
darling.
However, just as with Apple, it is likely that competitors will catch up technologically
and shrink Tesla’s market share, thus making Tesla have to decrease their prices in order to
compete. This will invariably lead to a drop in the price of Tesla’s price per share according to
business speculators. It is believed that it is only a matter of time before Tesla’s stock resembles
its competition (Finger 2013).
Tesla vs. Big Auto
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Tesla Motors have seen massive success in the last few years, driven solely by the
company’s popularity among the rich, hip, and technologically minded niche. This has obviously
not gone unnoticed by traditional automobile makers. Tesla is the young, upstart company going
against the figurative Goliaths in Ford, GM, and even foreign companies, such as Toyota and
BMW. The accomplishments of Tesla have been unprecedented in the automobile industry and
the world in paying close attention.
By being the first company to introduce an all-electric vehicle into production, Tesla is
not only threatening to cut market shares on conventional fuel based vehicles, but also traditional
companies’ share on the market for smart vehicles they have mass produced, such as hybrid cars
that contain both an electric motor and a gasoline engine. This has inspired many of these
“Goliath” companies to invest more seriously in an electric future. General Motors, for instance,
staged a new program in 2010 called the E-flex platform that focuses solely on the development
and production of electric automobiles (Voelcker 2007).
Competition
Tesla and the electric car movement have shown phenomenal innovation in recent years.
While no company has yet been able to match Tesla’s innovations in creating a solely electric
car for production, there are still many viable competitors vying against Tesla’s Roadster and
Model S. The major competitors are the Chevrolet Volt, the Nissan Leaf, and the Honda Prius.
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The Chevy Volt is a plug in hybrid electric vehicle manufactured by General Motors and
currently the top selling hybrid in the United States. The Volt contains a sleek, aerodynamic
design, though the car only provides room for four people, as opposed to the spacious Tesla
Model S. The rate of acceleration for the volt is zero to 60 in nine seconds both running electric
only and also running the gasoline engine. Tesla also trumps the Volt in this category, having a
much faster rate of acceleration in both the Roadster and Model S at less than five seconds
(Reynolds 2011).
Another comparison is the Volts’ battery range, which is officially tested at a range of 35
miles when running all electric. Tesla crushes this range by over 100 miles. The interior of the
Volt is also very high tech and similar to Tesla’s models. The Volt employs a large touchscreen
dashboard and smartphone application features (Reynolds 2011).
In the United States, the Chevrolet Volt is among the top selling smart cars. Globally, the
Volt is available in many countries. The top foreign consumers are from countries in Europe,
where electric cars are very popular.
The second main competitor to the Tesla vehicles is the Nissan Leaf, an all-electric, five
door hatchback car manufactured and initially introduced in Japan (Reynolds 2011). The Leaf
sells more cars globally than Tesla because it is marketed at a much cheaper price, but the Leaf
falls short behind many of Tesla’s superior innovations.
The official range for the Nissan Leaf is only 75 miles depending on outside factors such
as temperature, terrain, etc. This falls way behind Tesla’s range, which is nearly 300 miles. The
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Leaf has an aerodynamic design like other smart cars, and features a technologically advanced
electronic system. This includes a system that sends and receives data from nearby cell phone
towers that allows several user functions, such as which charging stations are available within
range. All of this is featured on a digital screen on the dashboard.
One main complaint was the decline in battery capacity over time, which is not
uncommon among electric vehicles, but a serious issue among vehicles with smaller ranges
(Reynolds 2011). Nissan will be releasing a 2014 Leaf model, which will contain improvements
to aesthetics, technology, and overall functionality.
A third main competitor is the Toyota Prius. The Prius is the oldest of the main
competitors to Tesla, yet still retains a large share in the market for smart vehicles. The Prius is a
mid-size hybrid automobile and one of the cleanest cars in the United States. Introduced in 1997,
the Prius has seen many different looks both on the interior and the exterior. As opposed to the
Tesla automobiles which are only electric, the Prius is a hybrid with certain restrictions to its
electric motor usage (Reynolds 2011).
The Prius goes into electric mode under 25 miles per hour and with light loads in trips
under one mile. The car automatically reverts to its gasoline engine if the battery becomes
exhausted. The Prius has sold very well in the United States, especially with recent high gas
prices. There are several complaints in regard to underwhelming power of the vehicle and a
harsh ride, as well as rough transmission shifts between electric and gas (Reynolds 2011).
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There are other automobile makers trying to market electric vehicles as well, such as the
Ford Focus Electric and Mitsubishi i-MiEV, but they have not had anywhere near the success
that the listed main competitors to Tesla has. It may be concluded that the Volt, Leaf, and Prius
are all strong electric alternatives, but all suffer a much shorter range and functions than the
Tesla Roadster and Model S. It is important to note that though Tesla models may offer two to
four times the electric range, Tesla’s prices begin around double that of its competitors. This
may become an issue in the future if the mass consumer market moves heavily towards
purchasing electric vehicles (Voelcker 2013).
The Push for Sustainability
It can be determined that compared to past years, there is much more buzz about going
electric today than ever before. This is largely due to two things, one being the price of petrol,
and the other being the growing desire of individuals to reduce their carbon footprint. Today,
more people are interested in increasing sustainability, especially in Tesla’s niche market.
Studies show that “the increasing importance of sustainable development creates new risks, but
also new opportunities for businesses. Reaping these opportunities requires firms to come up
with innovative solutions for tomorrow’s markets (Hockets, 2010).”
Tesla founder Elon Musk recognized that there is a business in sustainable
entrepreneurial initiatives and an ever growing green market and so Tesla was born (Hockets,
2010). Rather than sell his ideas to already established big automobile companies in the industry,
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Musk saw his opportunity as a small startup and used his resources and innovative edge to
succeed in the market.
However, there are few things in the business world that are heard louder than the jangle
of cash. Tesla’s electric revolution not only impacts big auto and big oil, but it trickles down the
market to other business interests such as maintenance, parts, and brakes industries. Electric cars
do not need a lot of repairs because there are so few parts, so there will be a multitude of forces
resisting the transition to electric cars (Goodyer, 2012).
In addition, it has been noted in the past that big oil has had its hand in hindering the
progress of electric vehicles. Pro-Oil legislation, such as tax breaks for SUV’s and the scrapping
of the California Air Resources Board’s zero emissions mandate have reduced consumers’ urge
to buy electric, thereby maintaining an industry based primarily around oil. As a result,
consumers may get a cheaper deal on a gas guzzler, but their carbon footprint only grows
(Goodyer 2012).
Despite these setbacks, many people still have opted to choose electric vehicles based on
long-term financial savings and the fact that electric is a long term sustainable alternative to
burning through fossil fuels. There are many others who would like to make the switch but are
hesitant to do so because of uncertainty about electric vehicles (Campanari, 2008). One of the
major concerns people have regarding electric cars is how would electricity be mass produced if
electric cars were to become the primary vehicle of choice. This is answered succinctly in
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several sustainable and clean ways. Solar, wind, and geothermal energy generation would be
heavily used in an effort to stay as green as possible (Campanari 2008).
Outlook: Past and Future
Even with the push for sustainability, and the rich and loyal niche market that Tesla
Motors enjoys, it is evident that, like Apple, Tesla will have to undergo changes in order to
maintain superiority or else it will risk going the way so many other upstart automobile
companies have went: defunct. Tesla needs to eventually be able to market to mass consumers
and make their products more affordable. In order to do this, they need to make all electric cars
as desirable as Apple’s iPod and iPhone is, despite cheaper alternatives. The challenge that is
unique to Tesla, in this case, is getting people to leave their comfort zones of combustion
engines to quiet, green, and sustainable electric vehicles.
According to Todd Wynn, a theory on getting more people on board of the electric
vehicle movement is to reduce range anxiety. The essence of the theory is to make charging
stations widely available, after which, many of the concerns people have will be quelled
knowing a recharge is nearby. Thus, popularizing electric vehicles (Wynn 2009).
Due to the mass expense associated with building all of these stations, it is believed that
without government involvement, these stations will never be built, and many consumers believe
that with the government in the financial situation it is in, they will never foot a large enough
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grant. What many people fail to realize is that the government has already begun investing in
electric vehicle technology.
In 2010, Tesla Motors received a $465 million loan from the Department of Energy
under the federal government’s $25 billion Advanced Technology Vehicles Manufacturing Loan
Program (ATVMLP). While other companies such as Solyndra and Fisker Automative failed
and faltered after receiving the loan, Tesla put the money into production. In May, 2013 Tesla
Motors fully paid off the government loan plus interest (Handberg 2013).
The repayment bolstered Tesla’s image because it no-longer owed tax payers money,
and, at the time when bailouts for Detroit were still fresh in the public’s memory, Tesla was
booming.
Another important fact that Americans in particular need to remember is that new and
unproven technologies usurping the status quo in transportation is neither new nor unique. The
exact same problem existed when the automobile first became an economically available option
to Americans.
In 1900, there were 18 million horses and 8,000 automobiles on the road in America. As
of 2007, there were just fewer than 136 million cars in America, and around 60,000 of them were
electric. To put it another way, there are nearly as many electric cars per conventional car than
there were automobiles compared to horses on the road in 1900. Eventually, the more innovative
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and effective technology took over; by 1905 there were 77,000 passenger cars in America, which
increased to 17.5 million by 1925 (Wynn 2009).
In the beginning stages of automobile development, the same type of concerns were
raised in regard to gasoline fueling stations as are now raised regarding charging stations. The
automobile was not a proven technology, it was more expensive than the horse carriage, and
fueling stations were few and far between. Due to this, the automobile was at first a mere luxury
for the wealthy.
“Automobile owners relied on bulk gasoline retailers, which were typically located
outside major population centers. These retailers did not have specialized equipment to deliver
gasoline; so like today's electric vehicle owners, automobile owners had to manage with
contrivances designed for other purposes (Wynn 2009).”
With this insight, it is left for many to speculate on whether it is inevitable that
history will repeat itself. One thing, however, is for certain, it will always be the innovators and
the entrepreneurs that introduce the latest technologies to the public, and it will take trial and
error and eventual success for those latest technologies to become standardized.
Conclusion
By becoming a pioneer in the field of electric vehicle innovation, Tesla Motors truly
embraced the character of the company’s namesake and have thus far succeeded well beyond
expectations. Amid other technology giants, Tesla found a home and the perfect target market in
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the Silicon Valley. If not for the wealthy hippie elite, Tesla may never have gotten the ball
rolling.
In order to keep the figurative ball rolling, Tesla needs to adopt a similar market strategy
as Apple. Competition is already strong and alternatives to Tesla at a more affordable price exist.
Eventually, the technology will catch up as well. Furthermore, it is important that Tesla
maintains a narrow market, but continues to look forward, focusing on technology and
innovation.
Consumer education is one measure that will be critical for mass adoption of Tesla
products and electric vehicles in general (Russell 2011). Therefore, it is necessary for Tesla to
maintain its buzz in the public sphere. Tesla Motors founder Elon Musk’s smooth talking and
spin is already paving ways and breaking traditional barriers to electric vehicles for many
people. For others, it is Musk’s superior reputation for innovation and success that does the
talking (Zenlea 2013). With the founding of billion dollar industries of PayPal and SpaceX and
now the massive success of Tesla on his resume, it is unlikely people won’t be listening to what
Musk has to say.
With compelling arguments for and against the adoption of electric vehicles, the fact
remains that Tesla Motors is game changer in the automobile market and here to stay. To be as
successful as Tesla Motors in the short lifespan since the company’s startup is unprecedented.
“The mere fact that Tesla exists at all is a testament to innovation and entrepreneurship, the very
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qualities that once made the American automobile industry the largest, richest, and most
powerful in the world” (Mohr 2010).
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