Eyeing Tesla’s success, major automakers are hurling themselves into the electric vehicle market as governments set ambitious zero-emissions targets and drivers around the world look to go electric. While Elon Musks’s pioneering company currently dwarfs rivals by stock value, it now faces a new level of competition from traditional manufacturers with deep pockets and many decades’ experience making cars.
“It’s an EV arms race,” said Wedbush Securities analyst Dan Ives. Tesla has “a bullseye on their back — the whole auto industry is gunning for them.”
Will Big Auto eat Tesla’s lunch?
