Peter Altmaier Urges German Automobile Giants to Compete with Tesla Motors
Peter Altmaier, the chief of staff in Angela Merkel government has urged German automobile majors to compete with Tesla Motors. Altmaier said that German automobile companies should invest money and time in development of electric vehicles. He added that German automobile companies must invest more money in order to compete with Elon Musk-led Tesla Motors. Tesla Motors is leading in the development of new technologies and improving per charge mileage for electric cars.
Following diesel emission scandal, many European governments are pushing forward the agenda for electric or alternative energy vehicles. During a public forum in Berlin, Altmaier said that he is waiting for German automakers to develop a car that can run 50 miles more than Tesla and would cost 10,000 euros less. Tesla has been very successful in improving miles per charge for its vehicles but the cars produced by Elon Musk-led automaker are expensive. Tesla has recently launched Model 3, the first mass market vehicle from the electric carmaker.
Tesla Motors enjoys higher valuation compared to some of the major U.S. automobile companies. Investors are confident that Tesla will bring in decent revenues and strong profit in near future. The company is still burning cash but Elon Musk has been successful in building investor confidence in Tesla products and technology.
Altmaier added, “If the automobile industry doesn’t grasp the fact that it has to invest more in electric vehicles, especially in cities, then it will be very hard to defend combustion engines, gasoline and diesel, over the long term,”
German companies are working on development of electric technology for their vehicles but they are still lagging behind. Additionally, the required investment in the segment hasn’t been committed by major automakers yet. Tesla enjoys market leadership as the company offers strong supercharging network in the United States and its cars have a long range compared to other electric vehicles.
The process of charging an electric car takes much longer than the conventional process of refueling vehicles with gasoline.
Following Hurricane Irma, normal operations at PortMiami, Fort Lauderdale's Port Everglades and Port Canaveral quickly resumed, but major cruise lines are facing months of disruptions to routes including stoppages at Eastern Caribbean islands that
Following an unanticipated upturn in economic activity in September, the eurozone economy is widely expected to be on track for the best quarter since 2015.
Elon Musk-led electric carmaker Tesla Motors has confirmed that it will discontinue its cheapest version of its Model S e-car, the rear-wheel-drive S60, on coming Sunday.
Motorola’s parent firm Lenovo recently announced the launch of the Moto G5S and G5S Plus smartphones in several markets. The company will shortly share its plan for worldwide launch.
Luxury vehicle maker Volvo has just introduced the 2018 XC40, the company’s latest SUV that looks forward to compete with the Porsche Macan or Range Rover Evoque.