10 electric cars that will challenge Tesla's Model 3 (TSLA)

• Tesla is preparing to release a critical third-quarter earnings report in November, which could hinge on delivery numbers for the Model 3 sedan. 
• The Model 3 is essential to Tesla's long-term ambitions and quest for profitability.
• As Tesla continues to ramp up Model 3 production, a number of other automakers have or will introduce electric cars that will compete with the Model 3.
• They include the 2018 BMW Mini E, Volkswagen I.D, and Byton K-Byte.

 

Tesla is preparing to release a critical third-quarter earnings report in November, which could hinge on delivery numbers for the Model 3 sedan. 

The Model 3 was designed to broaden Tesla's customer base beyond the luxury segment and has generated significant demand since Tesla began taking reservations for it in March 2016. The automaker initially struggled to hit its production targets for the vehicle due in part to excessive automation at its Fremont, California, factory. In May 2016, Musk said he estimated the company would make 100,000 to 200,000 Model 3s during the second half of 2017. Tesla made 2,685 Model 3 vehicles in 2017.

But at the end of June, Tesla hit a long-delayed goal of making 5,000 Model 3 vehicles in one week and, at the beginning of this month, the automaker reported that it exceeded Wall Street expectations by delivering 55,840 Model 3 vehicles during the third quarter.

So far, the vehicle has put a strain on Tesla's finances, as the company has posted significant losses in the quarters since it was launched. But Musk has said the company will become profitable in the second half of this year. During Tesla's first-quarter earnings call in May, Musk said the Model 3 would earn around a 20% profit margin by the end of this year and a 25% margin in 2019.

As Tesla continues to ramp up Model 3 production, a number of other automakers have or will introduce electric cars that will compete with the Model 3.

Here are ten cars Tesla may have to worry about in the coming years.

SEE ALSO: Porsche is ramping up to build its all-electric Tesla rival — here's what we know about the car

1. 2018 Nissan Leaf

Nissan released a new version of the Leaf this year. It starts at $29,990.

The 2018 model has a 151-mile range.

The 2018 Leaf has a 151-mile range, 147 horsepower, and the ability to receive 90 miles of charge in 30 minutes with a DC fast-charger.

2. 2018 Chevy Bolt

General Motors surprised many in 2015 by releasing an affordable electric vehicle, the Chevy Bolt, before Tesla. The 2018 Bolt starts at $37,495.

See the rest of the story at Business Insider

Contributer : Tech Insider https://ift.tt/2yQmLOm

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