New Electric Sports Cars may Shake up Automotive Market

The world electric car market could get a shake up soon as Porsche unveiled a concept for a four door electric sports car known as the Mission E. This so called “Tesla Killer” won’t hit the streets until at least 2019, but it puts a statement out there that other companies have put a target on Tesla’s back. This is all part of Porsche’s parent company, Volkswagen (VLKAY), push to have a greater presence in the electric car market. The impact this could have the global economy could be huge as the United States is the world’s largest purchaser of hybrid/electric vehicles in 2015, with the Tesla Model S near the top of the list. Tesla is an American company so the impact that a prominent foreign electric car manufacturer could be huge as Porsche claims their car will charge faster and last longer than the current Model S. All hope isn’t lost for Tesla as they still have at least four to five years to improve their current battery technology to compete the Mission E.

"No commitment to electro-mobility can be any clearer than that," said Winterkorn, who oversees brands including Audi, Bentley, Lamborghini and Bugatti. This statement made by the Volkswagen Group CEO makes it clear that other companies have seen Tesla’s success in creating a high performance electric car and are ready to step into that market. Other established electric cars such as the Nissan Leaf, which is the highest selling electric car of all time at 180,000 units, still experience a healthy growth in sales but the rise of electric sports cars may dip into Nissan’s share of electric car market. 

The Model S is primarily sold in the United States but also has a strong presence in the Netherlands, Norway, and Canada. The exports to these countries is good for the American economy, but the threat of a competitor from Germany could in the end benefit Europe the most.