Tesla Motors is revolutionizing the automotive industry by taking a technology-centric approach. It uses digital technologies throughout the customer experience and vehicle design. Tesla has a direct-to-consumer sales model with company-owned stores and takes orders online. It also gathers data from vehicles to remotely update software and improve the driving experience. Tesla aims to accelerate innovation in electric vehicles by opening its patents and building a Gigafactory to produce batteries at scale.
This analysis was done for this specific company interest during my work and there was no other purposes to violate any copyright protections.
In order to get this presentation please send me an email at nishat.env@gmail.com
This is a presentation for my final course pape.
The survey for the Perception map was done with a help of responders (students) aged 23-31. I will be happy to have more answers in order to continue research on this topic, the link is below.
https://www.surveymonkey.com/r/NHQFKF5
For any more questions, do not hesitate to contact me.)
A Marketing analysis for TESLA company in DBA program by Cairo University. It discussing how TESLA is competing Electric Vehicle Market and advancing the development of such Sector. In addition, Tesla is taking further steps toward future by inventing futuristic cars and innovative technology.
This paper is a strategic analysis of Tesla Motors, Inc. wrote to answer the following problematic: “How Tesla Motors Inc. can improve its strategy to sustain its competitive advantage on the electric vehicle market and confirm its position as a transformational leader in sustainable life-style?”
This analysis was done for this specific company interest during my work and there was no other purposes to violate any copyright protections.
In order to get this presentation please send me an email at nishat.env@gmail.com
This is a presentation for my final course pape.
The survey for the Perception map was done with a help of responders (students) aged 23-31. I will be happy to have more answers in order to continue research on this topic, the link is below.
https://www.surveymonkey.com/r/NHQFKF5
For any more questions, do not hesitate to contact me.)
A Marketing analysis for TESLA company in DBA program by Cairo University. It discussing how TESLA is competing Electric Vehicle Market and advancing the development of such Sector. In addition, Tesla is taking further steps toward future by inventing futuristic cars and innovative technology.
This paper is a strategic analysis of Tesla Motors, Inc. wrote to answer the following problematic: “How Tesla Motors Inc. can improve its strategy to sustain its competitive advantage on the electric vehicle market and confirm its position as a transformational leader in sustainable life-style?”
Elon Musk & Tesla (7 p's, Gale of creative destruction, Big idea)RGupta16
About Elon Musk, His Companies, About Tesla 7 P's , Big Idea, Gale of Creative Destruction, Tesla Stock Growth, Tesla Ranking in USA, Elon musk Companies & Ideas, Tesla Mission and Vision
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
This work is an analysis of Tesla. It starts with a brief introduction about the Low Emission Vehicles sector, then, after a short summary concerning Tesla’s history, the analysis begins. It is focused on the role of the innovation and its importance for the Californian firm. Great importance is given to Tesla’s business model and its value chain. Also its vertical integration and its strengths points have been analyzed.
Elon Musk & Tesla (7 p's, Gale of creative destruction, Big idea)RGupta16
About Elon Musk, His Companies, About Tesla 7 P's , Big Idea, Gale of Creative Destruction, Tesla Stock Growth, Tesla Ranking in USA, Elon musk Companies & Ideas, Tesla Mission and Vision
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
This work is an analysis of Tesla. It starts with a brief introduction about the Low Emission Vehicles sector, then, after a short summary concerning Tesla’s history, the analysis begins. It is focused on the role of the innovation and its importance for the Californian firm. Great importance is given to Tesla’s business model and its value chain. Also its vertical integration and its strengths points have been analyzed.
3차 메인 세미나_스마트카 D조(김성수, 권성현, 김민희, 성지영 | 김민수)
스마트카_현대vs테슬라 분석(15.10.30)
고려대학교 정보기술경영학회 : ITS
Web: http://itsociety.co.kr/
Mail: president@itsociety.co.kr
Business Model Canvas explanation and examples from technology, creative, and home products industries:
Cirque Du Soleil Business Model Canvas
Skype Business Model Canvas
Easy Taxi Business Model Canvas
Facebook Business Model Canvas
Kinder Business Model Canvas
Louis Vitton Business Model Canvas
Airbnb Business Model Canvas
Nespresso Business Model Canvas
Netflix Business Model Canvas
Google Search Business Model Canvas
Black Eyed Peas Business Model Canvas
Running head TESLA MOTORS 1TESLA MOTORS3Tesla Motors.docxtoltonkendal
Running head: TESLA MOTORS 1
TESLA MOTORS 3
Tesla Motors
1. Current Situation
Tesla Motors is a company that was founded in 2003 and is headquartered at Palo Alo in California. The company came up with an idea of creating an electric car with an attempt to outdo the performance of gasoline vehicles (Mangram, 2012). The owners of the company, Marc Tarpenning and Martin Eberhand, were inspired to come up with their company by a genius electric engineer, Nikola Tesla, came up with the current alternating current. Nicola Tesla also came up with a sports car that was run in an AC induction motor. Elon Musk, the major investor of Tesla Motors was a risk taker, interested in coming up with a vehicle that was a hundred percent electric, without having to compromise in any aspects of the car.
The first electric sedan launched by Tesla Motors referred to as the Model S was released in 2012. This car attained a safety rating of 5-stars because it was the car of the year in 2013. In a bid to increase performance, Tesla released another version of Model S, which has a dual motor. Additionally, the company also released Model X, which has better aspects than the two versions of Model S. Over time, the company has expanded its operation, and currently manufactures the electric cars in California, and Fremont, with expansion efforts in Lathrop and California.
As of the year 2016, the company has had a net revenue amounting $1,147,048. This amount was an increase in the company’s revenues from the previous year, which was at $939,880. The continuous increase in the company’s revenue has come about because of the reduction in costs by an average of $100,000. Tesla’s shares range at $220 per share, which is an increase from the previous levels whereby the shares had decreased to around $147. The improvement in the company’s revenue and shares is a result of the efforts in product development strategies. From the start of the company, the company has put over $900 million in the research and development activities aimed at improving the performance of its cars.
Strategy
The strategic alignment of Tesla Motors includes manufacturing a high-end vehicle, whose target consumers includes the wealthy individuals in the society. Moreover, the company has concentrated on providing its consumers with a highly priced vehicle, which has made it possible for the enlargement of its customer base. Due to this aspect, the company has managed to expand its operations, taking into consideration the development of a cheaper car that could be sold to the people of the lower social classes.
The company is building a network of up to 120kw fast supercharger equipment. It can replenish 170 miles of range in the battery pack in 30 mins.
2. Challenges and Major Problems
Tesla Motors has been faced by several issues over the years. One of the challenges that the company has experienced has been issues in the battery charging and pack fires. In 2013, three fire accidents were ...
Case Study 2 Tesla Motors Business Model Configuration, Case Re.docxmoggdede
Case Study 2: Tesla Motors Business Model Configuration, Case Reference 314-132-1, Institute of Management, University of St Gallen (2014).
How has Tesla departed from existing auto industry practices? What made Tesla to be listed ninth among the “most innovative companies” in a recent global innovation study?
Innovation in the business model provide competitive advantage compared to process innovation [1]. Strategically invest in management practices in-line with business model innovation to have business agility. Tesla implemented business process innovation to disrupt the automobile industry. The main value drivers for Tesla was the novelty of a product in automobile industry. The vision of “Zero Emission Electric Vehicle” by including the luxury touch was the key success of Tesla. This vision was beyond the traditional trend of automobile manufacturing companies. The study provides support to the argument that company who provides integrated products were higher performers compared to the company who provide product varieties [1]. Also, the main value drivers for a business innovation are novelty of the business, lock-in to control the customers and complementariness of having supporting business. In case of Tesla, they manufacture battery, and implemented the charging station throughout the major highways and selling the cars directly by the Tesla without dealers support the whole business ecosystem.
Tesla’s business model very different from the conventional automobile manufacturing companies. The following are the core competencies, made Tesla to be the ninth innovative company during the year 2013 in the world:
Battery technology – Tesla manufacture electronic powertrains including battery using state of the art technology to have a long range for mileage and fast changing techniques.
Software technology – Tesla is the first auto manufacturing company who control the complete function of a car using software with control mechanism, changing dashboard and software push technology.
Charging infrastructure – Tesla deployed charging centers along major traffic area throughout US and Europe. This helped the customer to drive Tesla with free of tension for a long travel.
Energy Management and Storage: Developed by partnering with SolarCity small electric storage device using solar energy to supply power during the peak hours. Along with software Teals implemented energy saving and management software to control the energy usage from the grid.
Human resource management – Tesla was very selective in his resource recruitment process. Tesla recruit very talented and innovation oriented engineers and other staff members with good compensation and provide highest importance to human capital for the company. Compared to other automobile companies Tesla hold 80% less staff.
The highly dynamic pace creates a business environment in which sustained competitive advantage is difficult, if not impossible, to achieve. How do you expect the industry t.
Six sigma yellow beltTyzenia Renee Williams, Tonya wright, Ter.docxwhitneyleman54422
Six sigma yellow belt
Tyzenia Renee Williams, Tonya wright, Terrence willburn, Melissa Hoolulu, John banzali, ben
Ops 571
Professor soltys
March 19, 2018
1
Customers and Their Priorities
CUSTOMERS
Businesspeople
Travelers
Younger generation
PRIORITIES
Affordability
Incentives
Consideration
Many people choose Tesla for various reasons. Business people require the most luxury form of transportation and want to be seen getting out of a beautiful car as they pull up to work or family excursions. Each buyer has a different reason for purchasing the Tesla and each reason has a corresponding priority. Business people may prefer the convenience option that accompanies the car. Tesla’s are full of provisions for satisfying customer needs, like its electrical feature and environmental safeties. The Tesla are made to order by their customers with the options that they choose, certain items differ, but the convenience of service is available. Offering Wi-Fi is a reasonable perk for keeping customers connected with technology. All customers have similar opportunities and customers have several options. Tesla is certainly a competitor that strives to provide the appropriate, and necessary, amenities for their loyal customers. Customers prefer options, ease of travel, and particular amenities to get the most out of this beautiful car. In addition, employee and customer incentive programs are often a consideration for loyal customers. Incentives allow the customer affordability and economical provisions along with particular in Tesla perks. Other considerations, like safety and the green initiative exhibit the pensiveness of the company encourages customers to order their vehicles months ahead of time when they trade it in trade it back to the Tesla company.
2
Business objectives
To sell as many high quality units as possible
Maintain high customer satisfaction
Maintain a credible reputation
Six Sigma is a business improvement program that was designed originally for manufacturing companies However, its efficiency in furthering business objectives has made its way to a wide variety of project management, sales and marketing, and other organizations in need of an increase in quality and efficiency by identifying defects in the system and correcting it (Madhani, 2017). High end car brands such as Tesla have used Six Sigma to ensure quality in its products. Like any business, the objective is to sell as many high quality units as possible while maintaining high customer satisfaction, hence, a very credible reputation in the automotive industry.
Tesla manufacturers use this program to produce high quality cars that meet the high expectations of its clients. Ensuring that what they purchase with the very expensive car is worth every cent, Six Sigma professionals check every detail in the process of creating a masterpiece of a car.
3
Customer needs
Timely production
Detail precision with specifications
Inventory management
From the time a.
COVID-19 heightened chronic challenges within the global healthcare industry. It became a catalyst amid fierce competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. As a result, we found the 2022 trendline pointing to improvements in access and quality of care.
Healthcare challenges such as optimizing the cost of care while simultaneously enabling personalized interventions and consumer-friendly shoppable services are long-standing − but, historically, the industry has been slow to react.
Read our Top Trends 2022 report to examine the lingering ramifications of the pandemic, responses from medical and insurance organizations, and the worldwide impact of ever-changing regulatory standards and mandates.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
Ever been troubled by the blinking sign and didn’t know what to do?
Here’s a handy guide to dashboard symbols so that you’ll never be confused again!
Save them for later and save the trouble!
In this presentation, we have discussed a very important feature of BMW X5 cars… the Comfort Access. Things that can significantly limit its functionality. And things that you can try to restore the functionality of such a convenient feature of your vehicle.
𝘼𝙣𝙩𝙞𝙦𝙪𝙚 𝙋𝙡𝙖𝙨𝙩𝙞𝙘 𝙏𝙧𝙖𝙙𝙚𝙧𝙨 𝙞𝙨 𝙫𝙚𝙧𝙮 𝙛𝙖𝙢𝙤𝙪𝙨 𝙛𝙤𝙧 𝙢𝙖𝙣𝙪𝙛𝙖𝙘𝙩𝙪𝙧𝙞𝙣𝙜 𝙩𝙝𝙚𝙞𝙧 𝙥𝙧𝙤𝙙𝙪𝙘𝙩𝙨. 𝙒𝙚 𝙝𝙖𝙫𝙚 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙥𝙡𝙖𝙨𝙩𝙞𝙘 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙪𝙨𝙚𝙙 𝙞𝙣 𝙖𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙖𝙣𝙙 𝙖𝙪𝙩𝙤 𝙥𝙖𝙧𝙩𝙨 𝙖𝙣𝙙 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙛𝙖𝙢𝙤𝙪𝙨 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙗𝙪𝙮 𝙩𝙝𝙚 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙛𝙧𝙤𝙢 𝙪𝙨.
Over the 10 years, we have gained a strong foothold in the market due to our range's high quality, competitive prices, and time-lined delivery schedules.
Fleet management these days is next to impossible without connected vehicle solutions. Why? Well, fleet trackers and accompanying connected vehicle management solutions tend to offer quite a few hard-to-ignore benefits to fleet managers and businesses alike. Let’s check them out!
Why Is Your BMW X3 Hood Not Responding To Release CommandsDart Auto
Experiencing difficulty opening your BMW X3's hood? This guide explores potential issues like mechanical obstruction, hood release mechanism failure, electrical problems, and emergency release malfunctions. Troubleshooting tips include basic checks, clearing obstructions, applying pressure, and using the emergency release.
5 Warning Signs Your BMW's Intelligent Battery Sensor Needs AttentionBertini's German Motors
IBS monitors and manages your BMW’s battery performance. If it malfunctions, you will have to deal with an array of electrical issues in your vehicle. Recognize warning signs like dimming headlights, frequent battery replacements, and electrical malfunctions to address potential IBS issues promptly.
Things to remember while upgrading the brakes of your carjennifermiller8137
Upgrading the brakes of your car? Keep these things in mind before doing so. Additionally, start using an OBD 2 GPS tracker so that you never miss a vehicle maintenance appointment. On top of this, a car GPS tracker will also let you master good driving habits that will let you increase the operational life of your car’s brakes.
Comprehensive program for Agricultural Finance, the Automotive Sector, and Empowerment . We will define the full scope and provide a detailed two-week plan for identifying strategic partners in each area within Limpopo, including target areas.:
1. Agricultural : Supporting Primary and Secondary Agriculture
• Scope: Provide support solutions to enhance agricultural productivity and sustainability.
• Target Areas: Polokwane, Tzaneen, Thohoyandou, Makhado, and Giyani.
2. Automotive Sector: Partnerships with Mechanics and Panel Beater Shops
• Scope: Develop collaborations with automotive service providers to improve service quality and business operations.
• Target Areas: Polokwane, Lephalale, Mokopane, Phalaborwa, and Bela-Bela.
3. Empowerment : Focusing on Women Empowerment
• Scope: Provide business support support and training to women-owned businesses, promoting economic inclusion.
• Target Areas: Polokwane, Thohoyandou, Musina, Burgersfort, and Louis Trichardt.
We will also prioritize Industrial Economic Zone areas and their priorities.
Sign up on https://profilesmes.online/welcome/
To be eligible:
1. You must have a registered business and operate in Limpopo
2. Generate revenue
3. Sectors : Agriculture ( primary and secondary) and Automative
Women and Youth are encouraged to apply even if you don't fall in those sectors.
Core technology of Hyundai Motor Group's EV platform 'E-GMP'Hyundai Motor Group
What’s the force behind Hyundai Motor Group's EV performance and quality?
Maximized driving performance and quick charging time through high-density battery pack and fast charging technology and applicable to various vehicle types!
Discover more about Hyundai Motor Group’s EV platform ‘E-GMP’!
Symptoms like intermittent starting and key recognition errors signal potential problems with your Mercedes’ EIS. Use diagnostic steps like error code checks and spare key tests. Professional diagnosis and solutions like EIS replacement ensure safe driving. Consult a qualified technician for accurate diagnosis and repair.
What Exactly Is The Common Rail Direct Injection System & How Does It WorkMotor Cars International
Learn about Common Rail Direct Injection (CRDi) - the revolutionary technology that has made diesel engines more efficient. Explore its workings, advantages like enhanced fuel efficiency and increased power output, along with drawbacks such as complexity and higher initial cost. Compare CRDi with traditional diesel engines and discover why it's the preferred choice for modern engines.
What Does the PARKTRONIC Inoperative, See Owner's Manual Message Mean for You...Autohaus Service and Sales
Learn what "PARKTRONIC Inoperative, See Owner's Manual" means for your Mercedes-Benz. This message indicates a malfunction in the parking assistance system, potentially due to sensor issues or electrical faults. Prompt attention is crucial to ensure safety and functionality. Follow steps outlined for diagnosis and repair in the owner's manual.
What Does the PARKTRONIC Inoperative, See Owner's Manual Message Mean for You...
Tesla Motors: A Silicon Valley Version of the Automotive Business Model
1. Tesla Motors:
A Silicon Valley Version of the
Automotive Business Model
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What does it take to drive a revolution and revolutionize how we drive? It requires a company that is willing to radically re- think a century-old automobile industry. A company that does not hold any aspects of the traditional industry value chain as sacred. This is about transforming everything: customer relations, the mechanics of the car, and the accepted business model. And consider that all this is being done by a decade-old company in a segment that is notoriously difficult to penetrate – the luxury sedan market. That company is Tesla Motors, founded by Elon Musk, 43, a co-founder of payments company PayPal.
Source: Forbes, “Tesla Sales Blow Past Competitors, But With Success Comes Scrutiny”, January 2014; Tesla Motors, “Tesla Motors Investor Presentation”, 2013
Tesla Motors – Revolutionizing
the Driving Experience
Tesla is an American auto maker that makes luxury electric vehicles that retail anywhere between $70,000 and $100,000. The company has, to date, launched two models and announced multiple more. It has seen significant appetite for its second model, Model S. In overseas markets, such as Norway, there were months where the model was among the top-sellers1. The company has also seen strong demand in its home market (see Figure 1).
Figure 1: Luxury Sedan Car Sales in the U.S. in 2013
Tesla has adopted digital technologies like a true digital native.
18,00013,30310,93210,7276,3005,421Tesla Model S Sedan Lexus LSAudi A8Mercedes S-ClassBMW 7-SeriesPorsche Panamera
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Tesla is determined to do things differently. In 2014, it announced the set-up – by 2020 – of a Gigafactory battery-manufacturing plant that should reduce the company’s battery costs by 30%2. In June 2014, Tesla also announced the opening up of all of its patents related to electric vehicles, so as to speed up their development across the industry3. Investors have consistently placed their faith in Tesla, as its share performance shows. Between January 2012 and October 2014, Tesla’s share price increased from ~$27 to ~$250
(see Figure 2).
Source: Yahoo Finance
Figure 2: Tesla’s Share Price in USD: January 2012 – October 2014
Tesla has opened up its entire patent portfolio to speed development of electric vehicle technologies.
Tesla’s Gigafactory is expected to reduce the company’s battery costs by 30%.
050100150200250300350 January-12March-12May-12July-12September-12November-12January-13March-13May-13July-13September-13November-13January-14March-14May-14July-14September-14
Tesla’s competitors have reportedly set up dedicated task forces to understand this innovative new competitor. What is it about Tesla that excites such attention? The answer is the way Tesla has used digital technologies to transform the traditional road taken by an automobile manufacturer. Tesla has adopted digital technologies like a true digital native.
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Tesla’s accelerated performance can be boiled down to three broad technology- driven choices that the company made. These include cutting out the middleman dealership, extensive use of technology both in the car and in its production, and changing the rules of production and innovation in the automotive industry.
Figure 3: Tesla’s High-Tech Showroom
Source: TeslaCentral.com
No More Middleman: Creating a Direct Digital Connection with Customers
Tesla has turned the traditional car dealer network on its head with a direct-to- consumer model. The company refrains from using middlemen and all its sales orders are taken online.
For customers wanting to view the car prior to purchase, Tesla has exclusive company-owned stores that are focused on engagement and interaction (see Figure 3). While actual selling at these stores is restricted, interactive touchscreens showcase the vehicles’ innovative technology. Information kiosks address the most pressing questions that customers tend to have about owning and using an electric vehicle.
Tesla has made user forums a key part of the online experience. It encourages its user community to interact with the company – and each other – in total transparency on the Tesla website. This approach creates a rich content base and demonstrates to prospective buyers the passion of Tesla owners for their vehicles4. Taking constant feedback from customers is something that CEO Elon Musk takes seriously, stating: “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better5.”
Tesla has turned the traditional car dealer network on its head with its direct-to- consumer model.
Tesla stores serve the sole purpose of increasing visibility of its cars.
A Disruptive Business Model to Break into a Traditional Industry
5. 5
Tesla also ensures that each vehicle in its Model S series is bespoke and tailored to individual customer tastes. You can use a Tesla configurator to choose your preferred paint scheme, interior, wheels and roof type. Customers can save their car designs at the kiosks and access them seamlessly across multiple devices such as PCs and tablets.
Figure 4: Tesla’s Proposed ‘Supercharger’ Network by end 2015
Source: Company website
Tesla ensures that each car of its Model S series is bespoke and tailored to individual customer tastes.
Tesla is aiming to cover 98% of the US population with its charging network by end of 2015.
Tesla also tackled head-on the twin challenges that hold back adoption of electric vehicles – lack of adequate charging infrastructure and anxiety about the driving range that can be achieved6. A recent survey in the UK cited lack of charging points and range anxiety as the top two reasons for not buying an electric vehicle7. One way that Tesla is allaying customer anxiety is by building a network of charging stations across its key markets. In the US, for instance, the company is aiming to cover 98% of the population with its charging network by end of 2015 (see Figure 4). The company is also currently offering free charging to its customers. In many charging stations, Tesla uses solar panels to offset energy use. These ‘Superchargers’ are capable of replenishing half charge of a Tesla Model S in as little as 20 minutes8.
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Tesla also offered all of its Model S customers free data connectivity as well as Internet radio for four years9. All of these aspects have helped reinforce its customer centricity. The results are telling. In 2013, the Tesla Model S received an owner-satisfaction score of 99 out of 100 in an annual owner-satisfaction survey by Consumer Reports10.
The Four-Wheeled App: Digitizing the Heart of a Car
While the digital customer experience is a top priority for Tesla, the superlative driving experience is also the result of a sustained investment in digital technologies. Tesla is using digital technology to redefine how its cars are designed, built, and driven.
Using Technology to Drive Advances in Car Design
“Think of the Model S as an app on four wheels,” says the Tesla website. Given the amount of computing power that is inside the car, it could be described as a Formula 1 app. The impressive technology within the car, which is built on Tesla’s own operating system, is controlled by a touch-screen user interface (see Figure 5).
In 2013, the Tesla Model S received an owner- satisfaction score of 99 out of 100 in Consumer Reports’ annual owner- satisfaction survey.
Think of the Model S as an app on four wheels.
Making Battery Replacement Easier
than Refueling
Tesla announced in 2013 an upgrade to its supercharger station – the Tesla Station. These stations would be capable of both supercharging the battery in under an hour or swapping the battery and replacing it using a robotic arm. Such a battery swap takes less than 90 seconds, which is less than the time required to fuel a regular car. While the pricing is still to be established, Tesla has said that it will cost roughly equivalent to 15 gallons of gas ($60-~$80). Customers will be given the option of either going in for a free (but slow) charging facility that takes one hour, or they can opt to swap their batteries for a cost. Tesla has said that the first swapping station will be up and running by December 2014.
Source: Extreme Tech, “Tesla demos 90-second battery swap tech, coming to Supercharger stations in 2013”, June 2013; SlashGear, “Tesla’s first battery-swap station opening by year- end”, October 2014
Figure 5: Tesla Model S’s Digital Interior
Source: Cleantechnica, “Tesla Adds First Driver Assist Features To Model S”, October 2014
7. 7
The interface not only controls all the basic functionalities of the car, but also allows you, at your convenience, to add future functionalities through software updates. In the past, Tesla has made features such as hill start assist, traffic-based navigation and remote start available through remote software updates. Effectively, this changes the time-cycle for feature enhancement from days (involving trips to the service station) to minutes (done anywhere).
‘Appifying’ the Car’s Controls
While Tesla has used digital technologies significantly in the design of the car and its actual production, the company has also made sure that the technology extends to the customer. The Model S includes a mobile app that you can use to monitor and control the car’s charging process and remotely adjust the temperature using climate control. You can also check the status of charging, start the car, track the car’s location in real time, and identify where it is parked by remotely activating its lights/horn.
Using Analytics to Enrich After- Sales Service and Drive Customer Satisfaction
Tesla’s cars are connected wirelessly to a remotely managed central corporate office. Each car generates huge amounts of data. This is then analyzed, with any required enhancements made remotely to upgrade the car’s systems. Upgrades, which are rolled out every quarter, tend to be about the car’s safety parameters or adding new features or hardware changes11. For instance, in 2013, when three Tesla Model S cars suffered burn- outs, the company released an update to change its vehicle’s suspension settings. This gave the car more clearance at high speeds, thus averting similar problems in all future models.
Unlike typical automotive industry robots, Tesla robots perform 4 tasks on the Model S car.
The company makes most of the components used in its Model S vehicle, in contrast to the standard industry protocol of sourcing components from third party suppliers.
Using Advanced Robotics to Drive Manufacturing Process Efficiencies
Tesla has installed 160 robots at its assembly line12. While typical robots in the automotive industry perform a single function, Tesla robots perform 4 tasks on the Model S car13. For instance, a robot at the Tesla factory can be involved in welding, riveting, bonding and installing a component, while other robots typically do only one job. This level of automation resulted in the company achieving a gross profit margin at 25% in Q4 2013, compared to Ford’s 15.5% and General Motors’ 12%14.
The use of robotic systems also extends to recharging the car’s battery at Tesla’s Supercharging stations. The company’s latest system removes the old battery and replaces it with a new one in 90 seconds, as opposed to the earlier charging time of one hour15.
In-house Development
Another key differentiator for Tesla is the scale of vertical integration that it undertakes. The company makes most of the components used in its Model S vehicle, in contrast to the industry standard, where components are sourced from third-party suppliers. This approach delivers both quality and cost advantages. It also allows Tesla to innovate quickly in creating and executing new designs and their associated components, such as batteries, electric motors, and control systems.
Tesla realized that it needed to have its own IT solutions to drive production volumes and build its online model. Tesla therefore built its own internal ERP system and e-commerce platform16. Tesla’s CIO and his team built the system in 4 months. As the CIO says “I’m super confident that it’s going to be able to scale very well. It’s now one of the best systems we have17.”
High-Velocity Innovation: Changing the Rules of Automotive Innovation
Tesla does not see itself as just another car manufacturer – it is a change agent in the automotive industry. This philosophy can be seen in a range of actions. The company open sourced all of its patents related to electric vehicles. The idea is that other auto companies will share theirs as well and, collectively, the industry can progress more rapidly towards the development of electric vehicles. Elon Musk says: “What we are
8. 8
doing is a modest thing. You want to be innovating so fast that you invalidate your prior patents, in terms of what really matters. It’s the velocity of innovation that matters18”
Similarly, the state of battery technologies is one of the biggest challenges facing rapid development of electric vehicles. Tesla has already announced plans to set up a “Gigafactory” to be used to manufacture Lithium-Ion batteries used in electric vehicles. The scale of production is projected to be so high that, by 2020, it is expected to produce as much battery capacity as the entire world produced in 201319. Japanese technology major Panasonic has already joined forces with Tesla in constructing this factory. Tesla
In its proposed new swapping station, Tesla uses robotic arms to swap the exhausted battery with a new one in under 90 seconds.
A Factory for the Future
Tesla’s innovative battery and charging technology has given it a competitive advantage and meant its batteries are cheaper to produce and recharging its vehicles is quicker. A Tesla car charged at one of its supercharger locations for 30 minutes can travel as far as 170 miles, far exceeding the distance that can be achieved from a 30 minute charge at other charging stations.
To drive even more efficiencies in car batteries, Tesla plans to build a “Gigafactory” in partnership with Panasonic to produce lithium-ion battery cells. The company also hopes to run its factory entirely on renewable energy by building solar and wind facilities. The Gigafactory aims to employ about 6,500 people and produce about 50 GWh of battery packs per year by 2020.
Source: Mashable, “Tesla Announces Game-Changing ‘Gigafactory’”, February 2014
already supplies electric vehicle batteries to other automobile manufacturers, such as Daimler AG and Toyota. Through both open sourcing of its patents, as well as setting up a gigafactory, Tesla is pitching for the vanguard role in the digital automotive industry – one that is free of fossil fuels and heavy on technology usage.
30A PUBLICCHARGING STATION7KW170141030-MINUTE CHARGE Miles of EPA rated range (85 KWH) 40A HIGH VOLTAGEOUTLET10KWTESLA SUPERCHARGER12 0KW
9. 9
Elon Musk was named Industry Week’s Technology Leader of the Year, Fortune’s top people in business in 2013 and was ranked #1 on Vanity Fair’s “The New Establishment” 2014 list.
We will also serve as an example to the auto industry, proving that the technology really works and customers want to buy electric vehicles.
– Elon Musk,
CEO Tesla Motors
The Future is Already Here – Model D
In 2014 Tesla unveiled its Model D, a variant to its Tesla S sedan. The car will travel from 0 to 60 mph in 3.2 seconds while reaching speeds of 155 mph (250kmh). The features put the car in the league of one of the fastest sedan vehicles on the market.
The Model D is packed with technology, including advanced safety features. Its sensors are able to detect the presence of small children or dogs and it will avoid collisions. Additionally, the car has the ability to “read” speed limit signs and adapt accordingly. The Model D also offers an autopark feature that parks the car once the owner steps out of the vehicle. Owners, when on private property, will even be able to summon the car to pick them up autonomously.
Source: Wired, “The Model D Is Tesla’s Most Powerful Car Ever, Plus Autopilot”, October 2014
Staying Ahead of the Digital Curve
Tesla’s success is a function of its digital- savvy leadership, its technology-centric vision, its commitment to partnerships, and a sustained investment in recruiting digital talent.
technology-centric focus has also rubbed off on other automotive majors. Leading companies such as GM and Ford are said to have hiring software developers by the hundreds21.
A Laser-sharp Focus
One of the biggest reasons for Tesla’s success can be traced back to its technology industry roots – focus on doing one thing at a time and do it perfectly. Tesla kept down the overall portfolio of its cars and its focus on the premium market both with its Model S and the upcoming Model D. The focus is on selling one car at a time. Elon Musk shared Tesla’s ‘Master Plan’ a few years back when he outlined four key steps, and Tesla is sticking to that very closely22:
ƒƒ
Build sports car.
ƒƒ
Use that money to build an affordable car.
ƒƒ
Use that money to build an even more affordable car.
ƒƒ
While doing above, also provide zero emission electric power generation options.
Building a Digital Talent Pool
Tesla has created a digital security unit to address the security concerns that result from a car that is connected to the Internet. The unit is even recruiting a dedicated team of hackers who help identify potential bugs within the system.
In line with Elon Musk’s desire for the company to develop its own “autopilot” technology, Tesla is also hiring engineers for its autonomous driving unit to develop a self-driving car. For the initiative, the
Technology Savvy Leadership
Tesla CEO Elon Musk has a proven history of successful leadership. He co- founded the payments company Paypal, eventually selling it to EBay. He has also started another company, SpaceX, a space transport services company with the goal of reducing space transportation costs and enabling the colonization of Mars. He has often been compared to late Apple founder Steve Jobs in terms of his vision and leadership and was named Industry Week’s Technology Leader of the Year.
A Technology-Centric Vision
Elon Musk has a clear vision for the company: “Our goal when we created Tesla a decade ago was the same as it is today: to drive the world’s transition to electric mobility by bringing a full range of increasingly affordable electric cars to market”. A distinctive philosophy and commitment to technology form a powerful rallying call for the company and its people: “The overarching goal of Tesla is to help reduce carbon emissions and that means low cost and high volume. We will also serve as an example to the auto industry, proving that the technology really works and customers want to buy electric vehicles20.” This
10. 10
company has hired executives with expertise in robotics for leadership positions.23
Forging Partnerships to Drive a Connected Car Experience
Partnerships play a key role in Tesla’s game plan. These include partnerships with telecom operators, content providers and ecommerce platforms among others. For instance, Tesla has partnered with AT&T in the U.S. and Telefonica and TeliaSonera in Europe to provide Machine-to-Machine connectivity for its Model S vehicle. The partnership is aimed at enabling connectivity for Tesla’s infotainment telematics, the car’s two-way vehicle communications and remote vehicle diagnostics24. Similarly, the company has partnered with large online platforms to sell its cars as well. For instance, in China, Tesla has partnered with Alibaba to enable its customers to book cars online25.
Tesla has begun paving the way for international expansion of its electric vehicles. Europe already accounts for 18% of current sales and the company is looking to expand across 15 countries including China, Australia, and Hong Kong26. Elon Musk wants to deliver 250,000 to 500,000 vehicles-per-year globally by the end of the decade, stating: “We have a lot of work to do. We’ll do our best to make it happen27.”
In a recent report, Morgan Stanley has said: “Tesla has a reasonable chance of rocking the trillion-dollar car industry by flooding the market with fun-to-drive Electronic Vehicles28.” The Tesla story is one of singular ambition and bold vision, fuelled by technology. The company has blazed a trail through a traditional industry, using digital to ensure it stays a lap ahead of the competition.
Tesla has a reasonable chance of rocking the trillion-dollar car industry by flooding the market with fun-to- drive EVs.
– Morgan Stanley
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1
Wall Street Journal, “Tesla Breaks Norway’s All-Time Sales Record”, April 2014
2
Fortune, “For Tesla’s Gigafactory, a dash of brinkmanship”, May 2014
3
Company website
4
Science of Revenue, “Tesla Model S: The Disruptive Marketing of an Electric Car”
5
Mashable, “Elon Musk: Secrets of a Highly Effective Entrepreneur”, April 2012
6
Range anxiety is the fear that a vehicle has insufficient range to reach its destination and would thus strand the vehicle’s occupants
7
Charged, “New survey: UK drivers have little interest in EVs”, June 2014
8
Company website
9
Company website
10
Business Insider, “Tesla’s Model S Receives ‘The Highest Owner-Satisfaction Score Consumer Reports Has Seen In Years’”, November 2013
11
Value Walk, “Tesla vs. Jaguar: It’s About Analytics”, August 2014
12
Wired, “Peek Inside Tesla’s Robotic Factory”, July 2013
13
The New York Times, “Skilled Work, Without the Worker”, August 2012
14
The Motely Fool, “Tesla Motors Inc.’s Automotive Gross Profit Margin May Exceed 25%”, February 2014
15
Mail Online, “Tesla Motors introduces robot mechanics to replace batteries in electric cars”, June 2013
16
Tech Crunch, “Being A CIO At Tesla Motors, A Startup That Builds Cars And Its Own IT”, October 2013
17
The Wall Street Journal, “How Elon Musk Approaches IT at Tesla”, November 2013
18
Bloomberg Businessweek, “Why Elon Musk Just Opened Tesla’s Patents to His Biggest Rivals”, June 2014
19
VentureBeat, “How Tesla’s battery ‘Gigafactory’ could change everything — not just electric cars”, August 2014
20
Auto Blog Green, “Exclusive Q & A with Elon Musk on the Tesla Roadster and the future of EVs”, July 2006
21
Businessweek, “Why Everybody Loves Tesla”, July 2013
22
Company Blog, “The Secret Tesla Motors Master Plan (just between you and me)”, August 2006
23
uAutoInsurance, “Tesla Starts Ramping Up Autopilot Driving Unit”, September 2013
24
Telefonica, “Telefónica to provide connectivity for Tesla’s European electric cars”, April 2014
25
Bloomberg, “Tesla Starts Selling Model S on Alibaba’s Tmall.com”, October 2014
26
The Motley Fool, “Tesla Motors, Inc.’s International Expansion to Hit 15 Countries”, July 2014
27
Tesla Motors, “READY OR NOT, TESLA IS EXPANDING ACROSS THE GLOBE”, January 2014
28
The Globe and Mail, “Tesla has great potential - but faces great challenges ahead”, August 2014
References