The founding of Tesla Motors was based on making electric cars better, and more attainable for the customers when comparing to the traditional ones. Since its conception in 2003, it has expanded to be a renowned energy company and makes storage devices for renewable energy. Tesla began with a single model car and has since expanded to other two which are in current production. Another new model is in development alongside energy storage devices for both residential and commercial utilities. The company has, in addition, developed a vast network of solar charging stations for the car customers to allow them to freely fully charge their vehicles under an hour.
Tesla has built a vast base of customers which has seen it achieve a cult-like following that has made them achieve success in the sale of vehicles even at premium prices. It is imperative to note that the sales go hardly without any advertisement at all. The growth of this company is attributed to the fact that the charismatic, sometimes controversial, Elon Musk is at the helm of leadership. Although the company faces stiff competition in the electric vehicle market, its strong mission and vision have helped it continue to draw sales and attention in equal measure thus leading to its growth. The advancement has seen it break into international boundaries like Europe, Asia, and Oceania.
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The purpose of this paper is to examine the company’s strategy as a whole, and how it will help it in China. This includes its history, mission, vision, initial and current strategies, and its product. The paper is a comprehensive case study of Tesla which will also involve the corporate culture and values as well as the analysis of its operations. A SWOT analysis is also made. The paper also takes a look at the competition for the Chinese market and how this affects the future outlook of the company in terms of financial status.
Tesla Case Analysis
Tesla Motors - Overview
Tesla Motors was founded and incorporated in 2003 by a group of engineers comprising of Jeffrey B, Straubel, Elon R, Musk and Marc Tarpenning in the Silicon Valley ( Kumparak et al., 2015) . It was poised as a lavish, environmentally friendly electric vehicles firm. The company also makes electric powertrain components, charging systems for other car companies such as Toyota Motor Co. and Daimler-Benz, the manufacturer of Mercedes. After five years, Tesla unveiled its first model, the Roadster, and went ahead to build a product line of electric vehicles alongside energy storage and generation devices. The technology driving this company is centered around the AC induction motor, which Nikola Tesla patented in 1888 ( Kumparak et al., 2015) .
It is important to note that the inventor inspired the name of the company. Since its conception, the company has been known for its expertise in creating the highest energy capacity in their batteries which makes them the first creators of electric vehicle batteries in the world. Right now, they employ over 6,000 workers who are mostly engineers and they own their stores selling their cars directly to the consumers without involving the middleman in the form of dealerships. The initial vision was to make all-electric vehicles that are better, quicker, and more enjoyable to drive as compared to the gasoline ones.
The company has its headquarters in Palo Alto, California and has manufacturing facilities in California and the Netherlands. They also have a factory in Reno Nevada which is known as the Gigafactory that makes energy storage battery pack products. Tesla products especially vehicles have grown in demand since the launch of Roadster ( Kumparak et al., 2015) . It sold over 2,400 units in over 30 countries. As of 2012, the release of Model S happened and it was followed by the Model X in 2015. By that time (2015), it was estimated that there were more than 100,000 Tesla vehicles on the road worldwide with an objective of increasing the number to 500,000 by 2018 ( Weiller et al., 2013) .
The latest news of 2017 is their expansion into the Chinese market in their global expansion strategy. As such, it is imperative to determine the factors that may lead to their failure or success in such frontiers.
Initial Strategy
Elon Musk, the CEO and co-founder of Tesla wrote a letter in 2006 explaining the company’s overarching plan of building a comprehensive range of electric vehicles alongside cars that are family friendly ( Grant, 2016) . All these would be at reasonable prices. Although, there was a hitch on this initial strategy as it had a problem with the economies of scale. With this in mind, Musk said that the strategy of Tesla was to “enter at the high end of the market, where customers are prepared to pay a premium, and then drive down the market as fast as possible to higher unit volume and lower prices with each successive model”
Current Strategy
After meeting the initial strategies, Elon Musk compiled a “Master Plan” ten years later as a continuation ( Davis, 2010) . The goal of such was to bring about sustainability sooner and it was to achieve this through various goals. The first is to install solar roofs that generate energy and also the storage devices homes to function with their electric vehicles. The second objective is to tap into the new markets including public transport buses and electric semis. Their third goal was to make all vehicles fully-autonomous by improving their autonomous driving software. Finally, they were to develop a “Tesla Shared Fleet” model and an app for making the customers to make cash from their cars while they are not in use ( Grant, 2016) .
Mission Statement
The previous mission statement of Tesla Inc. is “ to accelerate the world’s transition to sustainable transport ( Tesla, 2018) . ” However, in 2016, the CEO championed the change of the corporate mission to “ to accelerate the world’s transition to sustainable energy ( Tesla, 2018) .” This change pointed out to a significant, albeit slight shift in the business of the company in which it has to address the market opportunities for green energy.
Vision
The vision statement of Tesla Inc. is “ to create the most compelling car company of the 21 st century by driving the world’s transition to electric vehicles ( Tesla, 2018) . ” Just like the current mission statement, it focuses on the company’s involvement in renewable energy. Their goal is to make their products more affordable and attainable for customers. This way, it hopes to bring revolution in the clean energy production and clean transport movement. They aim at integrating the full power of its batteries, renewable energy generation and storage components, and the electric vehicles to ensure an ecosystem that is entirely sustainable. As Elon Musk is the driving force behind Tesla, he has made his personal vision which aligns with those of the company as a whole ( Davis, 2010) . He states that “our long term plan is to build a wide range of models, including affordably priced family cars. This is because the overarching purpose of Tesla Motors (and the reason I am funding the company) is to help expedite the move from a mine-and-burn hydrocarbon economy towards a solar electric economy, which I believe to be the primary, but not exclusive, sustainable solution” (Musk, 2006)
Company Goals
The primary goal of Tesla is to generate demand and push up the sales for the electric cars it manufactures ( Tesla, 2018).
To have the safest factories in the world.
To build a long-lasting brand awareness and enhance the corporate reputation of Tesla Inc ( Tesla, 2018).
To manage the existing consumer base and form loyalty and customer referrals.
To educate customers about the company’s goals to improve the future.
Company Values
Tesla company is one that has an intertwined corporate culture. Everything that they engage in seems to support their values and making sure the culture is focused on the main values of the firm (Pratap, 2018). One of its values is to be creative and this is evident in the way they only employ the employees that reflect on their ability to not be afraid of a challenge. They highly value innovation and the company and its employees have the ability to admit when they make a mistake. They focus on their customer and everything they do is centered on their needs. This leads to the fact that Tesla makes electric vehicles that are family friendly, lower cost, and as low operation as possible (Pratap, 2018). They also value the environment and have a responsibility to make sure that it is left as clean as possible by manufacturing an all-electric vehicle to discourage the carbon footprint of the mine-and-burn fossil fuels.
Target Market
Tesla targets the individuals who are ranked high in the income index. This crop of consumers always wants a custom built, luxurious car that exhibits comfort and price value when compared to the other electric vehicles that are currently available in the market like the Nissan Leaf and Chevy Volt. To some extent, these customers do not mind paying higher prices as owning the electric vehicles from Tesla has become a status symbol ( Mangram, 2012) . This seems to be a good crop of the company as far as an expansion to China is concerned. This is a country that has a growing number of middle-class individuals with a higher disposable income. The target market for this company is educated on the forms and impacts of pollution and its connection to fossil oil consumption. With the pollution cases in China, the customers and the government alike want to leave a less footprint as a solution to the current burden the country has in terms of carbon deposits.
Marketing Mix Analysis– 4 P’S of Marketing
The marketing mix of Tesla Inc. stands out in both the automotive and energy industry. A marketing mix is a set of strategies that a firm uses in its plan to reach the consumer. The company maintains a substantial amount of managerial control in every component in its marketing mix. The high level of control makes them poised in a better position to reach its target customers and optimize profits. Tesla is a major electric vehicles producer in the United States and other countries and other countries and wishes to do the same by penetrating into the Chinese market. Marketing mix helps the corporation to penetrate these markets and expand to further overseas locations.
Tesla’s generic strategy for competitive advantage contains how it is poised for market penetration. Its 4P’s support the competitiveness against other automobile manufacturers including BMW (Bavarian Motor Works), Nissan Motor Company, Volkswagen, Honda Motor Company, General Motors Company, and Toyota Motor Corporation ( Mangram, 2012) . The four elements of the marketing mix for Tesla is as described below.
Product Mix
This factor of the marketing mix is concerned about the outputs or products that the organization sells to its target market ( Antonella, 2017) . In Tesla’s case analysis, the products are found within the automotive, energy generation, and energy storage markets. The products that are profitable offer value for customers to pay. In this 4P variable, the company utilizes product development to meet the corporate objectives. It is also imperative to note the gradual addition of new product lines to the marketing mix. As a global business, Tesla has a product range that includes automobiles. In this category, the Model S is one of the world’s most popular brands of electric cars. Their Model X is also increasing in popularity ( Weiller et al., 2013) . The model S is considered the car with the highest safety rating in the United States. The car is equipped with self-drive possibility, has four-wheel drive and can accelerate from zero to 60 miles per hour in 3.2 seconds ( Grant, 2016) . Model X is a sports utility vehicle and has seven seats accompanied by multiple battery and performance options. It is equipped with all-wheel drive and a falcon wing door which fold up. Tesla’s automobiles are known to be of high quality as compared to other electric vehicles found in the market (Shahan, 2017). Their product quality, service, and features are outstanding and they have had zero safety recalls.
Apart from cars, Tesla also makes powertrain components for electric cars produced by other companies ( Weiller et al., 2013) . This helps them meet their mission and vision of facilitating the world’s transition toward sustainable energy and electric vehicles. The company also offers batteries for home and commercial use. To add to its product mix, the company acquired SolarCity Corporation to start producing solar panels and other related services. The product mix of Tesla Inc. shows a focus on the producing electric vehicles and is currently seeking to grow and penetrate the multinational frontiers. Such a strategy will help the company to enter in the Chinese market.
Price
This element of marketing mix covers price levels and related strategies ( Antonella, 2017) . In Tesla’s case study, their pricing strategy supports the premium brand, while also profitability targeting in the limited scale of production. The pricing of products and services enhance profits and customer perception and satisfaction. Tesla has two strategies of pricing. The first one is premium pricing strategy. This involves the attribution of a high price to products on their basis of uniqueness or high value that is connected to the products of the business. For instance, customers are willing to part with relatively high prices for the Tesla vehicles, whose technological and ecological advancement are considerably high. It is therefore important to note that product design and innovation are significant elements in utilizing the company’s strategy to the pricing part of the marketing mix. Premium pricing is in unison with the generic differentiation strategy, which focuses on the uniqueness of products ( Grant, 2016) .
The second form of pricing is known as a market-oriented pricing strategy. This kind is related to its solar panels and its related products and services through the acquisition of SolarCity. In this section of the 4P, the company maintains its competitiveness in a dynamic industry and manages the strong force of competition. Tesla is expected to add a new pricing strategy to account for the addition of the new products and changes in the transportation and automobile industry and the energy solutions market (Shahan, 2017).
Place
This segment of the marketing mix is concerned with the locations and venues which the company uses to reach out to its customers ( Antonella, 2017) . These are the avenues through which the firms distribute or sell its products. Even though Tesla Inc. gradually expands its product mix, the distribution element of its marketing mix remains virtually the same. The firm may add several places in its expansion strategy through acquisitions and setting up new ventures ( Mangram, 2012) . Such is the case of entering the Chinese market. Currently, the company is associated with several places are discussed below. First, they sell products through the company-owned stores and galleries ( Grant, 2016) . As a company, Tesla owns all of its stores that directly sell to the customers hence cutting out the middlemen. They lack the dealerships and deal with their consumers directly. Part of this is the conflict of interests that exists in selling electric vehicles and gasoline cars. Their stores are located in malls and other places.
The other place that the firm showcases their products is on the official company website ( Halla, 2015) . Tesla’s consumers have to complete the sales transactions through this avenue. This is where they can also receive updates on the available orders. In addition, the company owns its service centers. Unlike many other automobiles, Tesla products are exclusive and only serviced by the company, instead of taking them to any mechanic or shop. In this case, the customers can access maintenance and repair as part of the sales contracts. Finally, the company owns charging stations where the customers can go to boost the energy levels of their vehicles ( Halla, 2015) . All these venues highlight the company’s selection of limited but strategic place mix for its functions. Thus, this element of Tesla’s marketing mix shows significant management control on the provision of its products and services.
Promotion
In this marketing mix, the method through which the company reaches out to the potential customers ( Antonella, 2017) . It describes how a firm uses communications tactics and strategies. Through this element, Tesla as a global automotive business to influence the expectations of the customer as well as developing and presenting the corporate brand. There are various components of the promotional mix of the company. The promotion element of Tesla’s marketing mix makes it stand out in the automobile industry. Part of this is because the company depends on viral marketing ( Grant, 2016) . This component has the biggest contribution to the communication strategy the company uses to promote its products to the target customers. The launch of the Tesla Model S is a clear indication of viral marketing.
This model was promoted through viral social media videos which in turn helped the company to promote its product mix. The various social media platforms that the firm utilizes are Facebook, Twitter, and LinkedIn. Tesla does not use any advertising agency nor do they place their adverts in the magazines or newspapers ( Halla, 2015) . The other way the company promotes its product mix is through personal selling. The personnel at the stores owned by the firm do the selling and marketing. Furthermore, Tesla uses a public relation as a booster to its popularity. For instance, it included its patents in the open-source movement. Such moves improve customer perception toward the company and the brand it sells. In addition, the firm uses customer referral programs which involve discounts.
External Analysis
Porter’s Five Forces
The global automotive industry depends on various factors that can either contribute to the success of the firm involved. These factors are summarized in Porter’s five forces that may affect Tesla’s business in China.
Competition
Tesla operates in an extremely competitive industry. Thus, this a strong force for the company’s operations in China. This force has several external factors that exhibit different intensities for a competitive rivalry ( Dobbs, 2014) . To begin with, there are only a handful of firms in the automotive market. This, as a result, poses a limited competition of companies on Tesla. China is an important location as there are no foreign car manufacturers who operate fully without joint ventures. There is extreme competition from both local and global players. Ford Motor, BMW, and Volkswagen are just some of the firms eyeing the Chinese market by setting up joint ventures. The new models to hit the market in China include Mercedes-Benz’s ECQ, Audi’s e-Tron, and BMW’s iX3 ( Wang, 2018) . Other local firms manufacturing electric cars are at the level of startups, even though they have massive capital access. Examples include Xpeng and Nio which are backed by Alibaba and Tencent respectively.
These firms in this country are super aggressive in innovation and promotion of their products. Thus, Tesla faces a strong force in the aggressiveness component. Tesla’s marketing mix discussed above strengthens the effect of competitors on the firm as they massively engage in the aggressive marketing campaigns ( Wang, 2018) . Another factor that strengthens the rivalry between Tesla and other companies is the low switching costs for customers to buy from other manufacturers.
Bargaining Power of Customers
The low switching breaks the barriers for customers to buy vehicles from other manufacturers. Thus, there is a strong force against the company and the other firms in the industry. However, there are only a few players, thus creating a moderate availability of substitutes of electric vehicles. Therefore, there is a limited bargaining power for Tesla’s customers. In the car industry, the customers have a low volume of purchase as every client buys only one or a few cars. Therefore, the customer’s influence on Tesla is reduced. In retrospect, the bargaining power of the customer on the company is moderate.
Bargaining Power of Suppliers
Reliability of suppliers is an important factor in the success of Tesla. However, forward integration for the suppliers is low. The factor means that the suppliers have a limited control over the sale and distribution of their items. Also, most of these firms are moderately sized, thus posing a limited control on the automotive environment. The other factor is the moderate level of supply, which makes the companies have some control over Tesla, but only on a moderate scale. All these external factors make the bargaining power of the suppliers to have a secondary effect on the company.
Threats of Substitutes
The automotive and energy solutions industry faces the impact of substitutes ( Dobbs, 2014) . As discussed before, the low switching cost enhances competition. Thus, it increases the chances of substitutes from the other electric car manufacturers and the public transport system in China. This is a strong force in the Chinese market against Tesla. However, the moderate availability of substitutes makes the customers have limited choice. Also, there is no doubt that Tesla’s products are rated high in terms of performance as compared to the substitutes. Thus, the other products do not satisfy the customers like the Teslas.
Threats of New Entrants
Tesla Inc. is a difficult firm to compete with, thanks to the high cost of brand development and the overarching popularity of Elon Musk ( Davis, 2010) . The new entrants will not have a chance of matching the achievements of the company as it takes time to develop such a strong brand. Furthermore, the cost of manufacturing automobiles is so high, such that at times even Tesla finds itself in debts. This creates a barrier to new entrants in the market. The Chinese government currently subsidizes the local production of electric vehicles, which would make it moderately easy for new entrants ( Ho & Yun, 2016) . However, such new entrants are at a disadvantage of the other factors such as high economies of scale, which Tesla seamlessly enjoys. Based on the above, Tesla is set to achieve success in the entry into China’s market or automobile manufacturing.
General External Environment
Economic Opportunities
China is a growing economy whose trajectory is set to increase even further. The citizens are posed to have an improved lifestyle as compared to the previous generations. More Chinese are supposed to be rich in the near future as the country is set to produce more millionaires than any other nation. As a result, people will have high personal disposable income. This means that the consumers will have more available funds to spend on the products that are not needed. As Tesla’s cars are luxuries, the increasingly rich individuals will have a taste for them.
Economic Threats
As China’s economy continues to rise, the living standards also skyrocket. As a result, the middle class is set to face a reduction in their disposable income as other necessities compete for the resources. For instance, living in developed cities such as Shanghai, it is difficult to afford the house rent at the same time enjoy luxuries such as Tesla’s electric cars. This means that a growing number of people would not have the personal disposable income to purchase luxury products.
Demographic Opportunities
The Chinese population is an opportunity for Tesla and the other electric vehicle manufacturers. It is one of the highest populous countries in the world. Economically, this translates to a vast customer base that the firm can utilize for its products. Even if the vast majority will not purchase luxury cars, they can still purchase the energy solutions products. The higher number of people in this country thus acts as an opportunity for Tesla.
Demographic Threats
China is one country whose demographic crisis is a time bomb. Even though it is the country with the largest population, the number will not remain that forever. China’s working population is set to reduce by 5 percent before 2030 ( Babones, 2018) . This decline is inevitable as the country experiences an aging population. There is a projected further fall of 20 percent by mid-century. It is feared that this population is going to get old faster than it becomes rich. To Tesla, this is a threat as the aging population may be dealing with other issues with luxury cars being the last to think about.
Political-Legal Opportunities
The Chinese government is taking the fight of poor air quality to another level by subsidizing the buyers of electric cars ( Ho & Yun, 2016) . The levies placed on the purchase of oil makes it possible for these vehicles to be the future of transport. Tesla enjoys this s it has innovations to benefit the political opportunities.
Political-Legal Threats
The biggest legal impediment to Tesla’s entrance in China is the high import levy that is imposed on imported goods. This is due to the tit-for-tat economic war between the country and the United States. Currently, the levy is as high as 40 percent, which drives up the overall cost of marketing Tesla’s products. In addition, it is not yet clear whether the company will be considered a local company when it sets a Gigafactory in Shanghai or the tax will still apply.
Technological Strengths
China is a high-tech country with a lot of opportunities that matches Tesla’s requirements. Increased use of robotics in manufacturing has increased and this will increase the level of precision and detail for the company. The country is also advanced in terms of information technology. This means that online presence is common and people often shop online. This will be to Tesla’s advantage which uses the web as a tool to reach its target customers.
Technological Threats
There is no technological threat at the moment.
Internal Analysis
Strategic Manager’s Strengths
Elon Musk is the helm of Tesla and behind the brand attaining great heights (Shahan, 2017). His high work ethic is a strength. It forms part of his strong management capacity. His visionary characteristics are evident in the successful companies that he has led and propelled to success.
Strategic Manager’s Weakness
Musk’s heightened appetite for risk can be a problem for Tesla. This is evident in his overambitious innovations of Space X and Tesla itself. It is not yet clear whether this appetite for risk is helpful in the long run.
Corporate Structure Strengths
Tesla is organized around two different product divisions: electric vehicles and energy solutions systems (Pratap, 2018). This makes the company at an advantage to develop resources and capabilities for each essential division.
Corporate Structure Weaknesses
The company wants to increase its presence in the global market. However, its structure is not yet in place to meet this objective. It has a small presence in China and the developing the world.
Organization Culture Strengths
The people in the company value its values and support them every time. They are highly creative and innovative (Shahan, 2017). The company believes in the importance of people in the success of any firm thus enhancing the culture of making its employees better.
Organizational Culture Weaknesses
The company seems to be running solely on the decisions of Elon Musk. This makes Tesla be in danger when the CEO ceases to be at the helm.
Financial Analysis
Tesla’s financial analysis takes care of the several segments where the value is created. In the year 2017, the firm obtained $9.64 billion from the automotive segment. This included $8.53 billion for the sales while leasing accounted for $1.11 billion (Dana, 2018). They also obtained $1.12 billion for energy generation segment. Services and other sources of revenues have raked in $1 billion. The company’s nominal and real annual revenue growth rate has been highly variable. The average growth of the two, however, is around 78 percent. The losses of the company reflect the amounts used in expenses and wages. The real revenue growth has been quite unsustainable in the first three years of the last four. This means the company has been living off its balance sheet resources. This has been greatly influenced by their pricing policy. In 2012, Tesla dropped in the gross profit markup index by 27 percent which led to the reduction of the gross profit margin by 81 percent. The company has however been reporting a net loss since 2008 ( Li, 2018) .
Tesla’s stocks are always priced high reaching $389.61 per share in 2017. The company has however seen a reduction in the share price with the delay in the release of model 3 and the crash of the autopilot vehicle. The automotive products are the key issues facing the future success of Tesla Inc. The company has identified the risk factors in manufacturing, government regulation, cash flow, and customer adaptation. However, they do not seem to figure out how to deal with the debt-free cash flows. The company’s balance sheet is also affected by all forms of return on assets which are up to negative 40 percent. Tesla is relying on the aggressive excess cash generation to offset this issue. The company has been experiencing an asset growth of 100 percent annually against an average of 78 percent annual revenue growth (Dana, 2018). Liability is growing at 58 percent per year thus making the company demand more equity.
Strategic Issues
Strategic Issue #1
What is the issue?
An important issue is the market fragmentation of Tesla products. It has a narrow target market in an extremely competitive industry. Their products are only set for the wealthy, who are not the majority.
Why is this an issue?
Tesla is cut out of reaching a wider market in both the US and the world at large. There is a whole population in the lower middle class which the company should take care of. They should look for a strategy to tap into this market.
Recommendation
Tesla should increase its research and development to increase its chances of creating competitive products. It will also help them in determine ways to produce cost-friendly products.
Conclusion
Tesla is a favorite company among many economists and consumers in terms of product mix and prospects. It is a firm that has caused a lot of disruption in the automobile industry and challenged the established giants like Ford, GM, and Toyota. The company is loved and considered a game changer due to its focus on renewable energy, thus making it receive a tax credit from the government as a means of encouraging green energy and managing climate change. Its CEO, Elon Musk, is the driving force behind the success of the firm and his ideas are entrenched in the operations of the company. China offers a potential market for the production of its product due to the opportunities it has in terms of demographics, economic, and political. However, the firm has also to take into consideration the various shortcomings that can arise with the entrance into this country, including political and demographic threats. This case, therefore, shows that the company only needs to figure out how to work on its balance sheet and become a leader in the Chinese market.
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