Consumer Behavior- Fall 2013

The Latest Product Innovations:Tesla Motors

Sara Kriener10/9/13

1

Introduction

Tesla Motors, Inc. is an automobile company based out of Palo Alto, California, in the

heart of the Silicon Valley. A publicly traded company, Tesla designs, manufactures, and sells

electric cars and electric vehicle powertrain parts. Tesla Motors was incorporated in July, 2003

and is the brain child of renowned billionaire and entrepreneur, Elon Musk.

Musk, who also founded SpaceX and PayPal has stated that the ultimate goal of Tesla

Motors is to mass produce electric cars at an affordable price for the average consumer. The

main challenge to Musk’s aim lies in the current high cost Tesla vehicles are marketed, though

recent models have proven less costly than previous Tesla products.

Starting up in the American “cradle of technology,” Tesla Motors have some seriously

powerful and innovative neighbors in the Silicon Valley. A few of these neighbors include Apple

Inc., Google Inc., and Facebook Inc. Being an automobile company amid computer and tech-

savvy companies may seem like odd placement, but it is right where Tesla Motors wants and

needs to be. Aiming to garner the same niche market as its neighbors, (especially Apple) Tesla

Motors has shown success in the “geeky, technophile” market that the Silicon Valley has in

abundance.

Tesla Motors is in fact, named after famous engineer and inventor Nikola Tesla, a man

many people in the Silicon Valley regard as “an early inspiration” (Michaels 2010).

Furthermore, the Tesla Roadster uses an AC motor descended directly from Tesla’s original

2

1882 design. Tesla, the man, was a genius, a recluse, and a pioneer in the field of technology, so

it is evident why he is an inspiration to the many modern day hippies that inhabit the Silicon

Valley (Michaels 2010). By electrifying hip techies, Nikola Tesla is a branding dream, and now

his name is carried by one of the most promising and innovative companies in the country; Tesla

Motors, Incorporated.

Body

Tesla Motors currently has two vehicles available for purchase and one available for pre-

order. They are the Tesla Roadster, the Model S, and the Model X. The Roadster and the Model

S, which are available to the public, have been heralded by most critics and continue to perform

exceptionally according to automobile enthusiasts and customers.

Products

The Tesla Roadster was Tesla Motors first production vehicle and is classified as an all-

electric sports car. The Roadster is the first all-electric vehicle that is highway capable in the

United States. Additionally, the Roadster was the first production automobile that used a lithium-

ion battery- the same found in lap-tops and digital cameras- that could also travel more than 300

kilometers (200 miles) on a single charge (Voelcker 2007). Additionally, Tesla’s Roadster is

able to go from zero to 100 kilometers per hour in less than four seconds (Voelcker 2007).

The Roadster features a sleek design that contains a lightweight frame. The car is a two

door convertible with futuristic looking interior technology. Tesla has sold more than 1500

3

Roadsters and the car is currently sold out in North America but available for order. The next

generation Roadster is not expected to be introduced until at least late 2013. Pricing on the

Roadster is no less than $100,000, making it out of reach of mass consumers, yet nearly $70,000

cheaper than a Ferrari of a similar make and model (Voelcker 2007).

Tesla Motors’ Model S is arguably the company’s crown jewel vehicle. Unveiled in

2012, the Model S is a sedan aimed at lowering the cost compared to the Roadster. A brand new

Model S will run at prices between $55,000 up to $106,000 depending on added features and

packages (Neil 2012). The Model S is still considered a luxury car that has been praised by many

high end automobile critics as one of the best cars ever tested. The Model S is an all-aluminum

car with no outside indication that it’s electric, complete with a hidden charge port (Berman

2012). The Model S is stylish, roomy, efficient, fast, and very high tech. Most importantly for an

electric car, the Model S has a nearly 300 mile certified range. The design lends to a very low

aerodynamic drag while maintaining a sleek and attractive look (Neil 2012).

On the interior, the Model S is incredibly spacious in backseats of the car and in trunk

size due to the fact that there is no engine (Berman 2012). Technologically, the Model S is full

of the latest features, including a 17 inch touch screen in the dashboard that gives digital control

for almost all automotive functions. Furthermore, Tesla can wirelessly add new features and

software updates to vehicles, even if they are on the road.

The Model S is more than just appearances however; the vehicle received the highest

safety rating of any car ever tested by the National Highway Traffic Safety Administration

4

(Berman 2012). Also, Consumer Reports, widely regarded as one of the most influential

magazines among car shoppers, called the Model S the best car it ever tested, scoring 99 out of

100 in the magazines tests (Valdes-Dapena 2013).

With huge footsteps to follow, Tesla plans to make its Model X available in 2014, though

reservations can be made in 2013. The Model X will be crossover utility vehicle, meaning it will

be slightly larger than the Model S. The Model X will share many physical and interior features

as the Model S, though the Model X will be able to seat seven. Furthermore, the Model X is

expected to be able to go from zero to 60 miles per hour in just under five seconds (Ohnsman

2013).

The Model X will also have an available all-wheel drive option and have two trunks, one

in front and another in the traditional trunk space. It is expected that the Model X would be

priced similarly with the Model S, with prices varying depending on the consumer’s choice of

added features and packages (Ohnsman 2013).

Criticisms

Whenever there is a new invention, innovation, or technology, there is also a healthy

amount of criticism that follows and Tesla Motors is far from exempt.

One of the obvious and main criticisms Tesla receives is over the high prices of their

vehicles. It has been stated that Tesla can at times take the urge to reinvent too far. For example,

the Model S has receding outside door handles, which makes opening the door a multi-step

5

process (and can take several attempts.) Furthermore, Tesla’s vehicles have had to trade

groundbreaking aerodynamics for limited visibility from the rear. Also, there are several design

features that are believed to have been chosen for aesthetically pleasing reasons rather than

practicality (Berman 2012).

Other pricing concerns raised by critics include the very high prices on many car options.

An example would be the increase in price on the glass panoramic roof, which originally started

at $1,500 but increased to $2,500. Another similar price discrepancy critics have pointed out is

the increase in XM satellite radio which started out at $950 but was bumped up to $2,500. There

are many other problems listed under the high cost of additional car options and it is evident not

all buyers embrace the changes (Finger 2013).

Another criticism that is reverberated around Tesla Motors is found on a psychological

level. It is proven that there is a level of disconnect among some potential consumers in the high

end of the market and in the mass consumer end further down the market. Essentially, this is

explained by the fact that there are consumers who feel that marketing a $100,000 plus vehicle,

such as the Roadster, as a way to save the planet is a backwards approach to sustainability

(Walsh 2013).

Many critics have stated that there is a level of irony in car manufacturers thinking

consumers would want to shift to electric vehicles largely to save money at the gas pump, but

anybody who can afford to purchase a Tesla is not really worrying about their gas bill.

6

Therefore, to critics, owning a Tesla has become a way for owners to express that they love the

planet, and also happen to be extremely wealthy (Walsh 2013).

Critics have also listed the very high price of Tesla’s car batteries to be a major issue.

Many skeptics claim that until Tesla is able to figure out a way to make batteries cheap enough

to compete with gasoline, electric cars will remain only being for the rich (Walsh 2013).

Batteries equal about half the cost of most electric vehicles. Estimates on costs vary, but are

generally gauged at about $1,000 per kilowatt hour. This would mean that the battery for the

Tesla Model S could cost well over $25,000. Moreover, batteries comprise a large amount of

rare earth metals that drive up cost significantly (Wynn 2009).

Aside from cost, critics have also found the biggest barrier to mass-marketing electric

vehicles is a problem called “range anxiety.” It has been found that people are worried that

electric vehicles cannot travel far enough on a single charge, despite what manufacturers

guarantee. People are also concerned with time required for a recharge and the general lack of

recharge stations available to them (Wynn 2009). This, in turn, has led many people to shy away

from even trying out electric automobiles and understanding the similarities electric cars have

with conventional vehicles (DePillis 2013).

In order to maintain success and brand equity, it is extremely important that Tesla is able

to recognize these criticisms and respond to them quickly and appropriately. It is clear that Tesla

faces many challenges, but with an effective marketing campaign, it is believed that Tesla can

continue its achievements in the automobile industry.

7

Target Market and Marketing Strategy

Tesla Motors has a very unique target market and marketing strategy in the automobile

industry. Unlike other automobile giants, such as Ford and GM, who market initially to mass

consumers, Tesla’s marketing approach is much more Silicon Valley than Detroit. In essence,

Tesla is leaning very heavily on imitating the marketing strategy implemented by neighboring

Apple rather than relying on traditional automobile marketing strategies.

First and foremost, while Tesla aims to eventually be able to market to mass consumers,

they are now focusing on a niche market which includes wealthy, hip technophiles who are

interested in sustainability and reducing their carbon footprint. This niche is in great supply in

Silicon Valley, which is where Musk, Tesla’s founder, implemented his first step in the

marketing strategy by basing the company from that location.

The technology Tesla is using is very expensive, thus it depends on very rich customers

to initially adopt it. Tesla Motors’ very existence relied on these “early-adopters” to get the ball

rolling, and continue to rely on this niche in order to compete in the industry. It is incredibly

important for Tesla’s vehicles to perform well in its niche for a prolonged period of time before

it encroaches down market (Rhee 2012).

Tesla’s image and positioning for its electric vehicles represents traits of being high-tech,

attractive, reliable, and environmentally friendly, and sustainable transportation; thus, it is an

8

automobile alternative for forward thinking consumers (Mangram 2012). Tesla follows the new-

market, high-end marketing strategy, meaning, they created a new product and are marketing

exclusively to those on the high end (wealthy) of the consumer spectrum (Rhee 2012). This style

has proven effective regardless of a highly uncertain economy and market conditions (Morrish

2010).

Another way Tesla is able to effectively utilize its marketing strategy is by cutting out the

middleman. Where nearly all traditional automobile industries use dealerships, Tesla markets

and sells directly to the consumer. Echoing Apple’s approach again, Tesla sells online, through a

global network of company owned stores, over the telephone, or in person at its headquarters and

through corporate events (Mangram 2012).

Another helpful facet of marketing almost exclusively to the high end of the market is

that Tesla’s current target markets are chiefly homogenous environments, which enables the use

of standard advertising. Standard advertising essentially means being able to use the same or

similar market schemes across the globe due to the fact the market Tesla targets are all the same,

in that they are wealthy, innovative and green thinkers (Mangram 2012).

In order to be more successful, Tesla needs to fulfill their aim to eventually move down

the market and make affordable vehicles for mass consumers. Similar to Apple competing

against the Android market, Tesla’s competitors are creating vehicles to rival the Tesla models at

a much more affordable price. However, Tesla needs to be able to do this without diminishing

the company’s brand equity.

9

Possible Marketing Approaches

In order for Tesla Motors to remain the prosperous, innovative, and forward thinking

company it is (and is branded to be) Tesla should consider pursuing a variety of potential

marketing strategies, many of which Apple successfully implemented. For instance, Tesla could

look into creating special events and publications tailored specifically to their company.

Examples would be ‘Tesla Expo’ and TeslaWorld magazine (Mangram 2012).

Also, in order to keep its innovative buzz, Tesla needs to continue to be a leader in

creative and innovative products. Tesla is already a game changer when it comes to electric

vehicles and developed cutting edge battery technology. They need to keep looking forward in

order to keep customers interested and invested (Mangram 2012).

Another way Tesla can maintain its stance in the market is to remain focused on

developing a narrow line of striking products of remarkable quality. Basically, Tesla needs to

keep it simple rather than expand beyond the company’s limits and the limits of the consumer’s

interest (Mangram 2012).

It could also be seen that Tesla could license its patented battery technology to other

hybrid and electric automobile manufacturers. Sales of Tesla’s battery technology would notable

10

rise and could lead to faster developments and cost improvements, thereby making the overall

price of Tesla automobiles significantly cheaper (Rhee 2012).

Investing

Tesla Motors is a publically traded company that started out a little stagnant, but after the

wild success of the Roadster and the even greater success of the Model S, Tesla has been seeing

its shares skyrocket to incredible highs. To many, it would seem foolish not to invest in Tesla,

but many reports state to be cautious about the young company. It is believed by many that Tesla

is the new Apple of its kind, which is a compliment to Tesla, but also a warning to investors.

Apple stock peaked in late 2012 due to advances in the competition’s technology and

following shrinkage of Apple’s market share in both smartphones and tablets (Munarriz 2013).

Therefore, it is strongly believed that competitors are not just going to sit idle and leave the

electric car market to Tesla. Tesla is able to compete with traditional automobile companies in

the stock market because of the extreme high price of their vehicles. Tesla does not sell as many

cars, but the sheer amount of profit they are turning makes them appear to be a Wall Street

darling.

However, just as with Apple, it is likely that competitors will catch up technologically

and shrink Tesla’s market share, thus making Tesla have to decrease their prices in order to

compete. This will invariably lead to a drop in the price of Tesla’s price per share according to

11

business speculators. It is believed that it is only a matter of time before Tesla’s stock resembles

its competition (Finger 2013).

Tesla vs. Big Auto

Tesla Motors have seen massive success in the last few years, driven solely by the

company’s popularity among the rich, hip, and technologically minded niche. This has obviously

not gone unnoticed by traditional automobile makers. Tesla is the young, upstart company going

against the figurative Goliaths in Ford, GM, and even foreign companies, such as Toyota and

BMW. The accomplishments of Tesla have been unprecedented in the automobile industry and

the world in paying close attention.

By being the first company to introduce an all-electric vehicle into production, Tesla is

not only threatening to cut market shares on conventional fuel based vehicles, but also traditional

companies’ share on the market for smart vehicles they have mass produced, such as hybrid cars

that contain both an electric motor and a gasoline engine. This has inspired many of these

“Goliath” companies to invest more seriously in an electric future. General Motors, for instance,

staged a new program in 2010 called the E-flex platform that focuses solely on the development

and production of electric automobiles (Voelcker 2007).

Competition

Tesla and the electric car movement have shown phenomenal innovation in recent years.

While no company has yet been able to match Tesla’s innovations in creating a solely electric

12

car for production, there are still many viable competitors vying against Tesla’s Roadster and

Model S. The major competitors are the Chevrolet Volt, the Nissan Leaf, and the Honda Prius.

The Chevy Volt is a plug in hybrid electric vehicle manufactured by General Motors and

currently the top selling hybrid in the United States. The Volt contains a sleek, aerodynamic

design, though the car only provides room for four people, as opposed to the spacious Tesla

Model S. The rate of acceleration for the volt is zero to 60 in nine seconds both running electric

only and also running the gasoline engine. Tesla also trumps the Volt in this category, having a

much faster rate of acceleration in both the Roadster and Model S at less than five seconds

(Reynolds 2011).

Another comparison is the Volts’ battery range, which is officially tested at a range of 35

miles when running all electric. Tesla crushes this range by over 100 miles. The interior of the

Volt is also very high tech and similar to Tesla’s models. The Volt employs a large touchscreen

dashboard and smartphone application features (Reynolds 2011).

In the United States, the Chevrolet Volt is among the top selling smart cars. Globally, the

Volt is available in many countries. The top foreign consumers are from countries in Europe,

where electric cars are very popular.

The second main competitor to the Tesla vehicles is the Nissan Leaf, an all-electric, five

door hatchback car manufactured and initially introduced in Japan (Reynolds 2011). The Leaf

sells more cars globally than Tesla because it is marketed at a much cheaper price, but the Leaf

falls short behind many of Tesla’s superior innovations.

13

The official range for the Nissan Leaf is only 75 miles depending on outside factors such

as temperature, terrain, etc. This falls way behind Tesla’s range, which is nearly 300 miles. The

Leaf has an aerodynamic design like other smart cars, and features a technologically advanced

electronic system. This includes a system that sends and receives data from nearby cell phone

towers that allows several user functions, such as which charging stations are available within

range. All of this is featured on a digital screen on the dashboard.

One main complaint was the decline in battery capacity over time, which is not

uncommon among electric vehicles, but a serious issue among vehicles with smaller ranges

(Reynolds 2011). Nissan will be releasing a 2014 Leaf model, which will contain improvements

to aesthetics, technology, and overall functionality.

A third main competitor is the Toyota Prius. The Prius is the oldest of the main

competitors to Tesla, yet still retains a large share in the market for smart vehicles. The Prius is a

mid-size hybrid automobile and one of the cleanest cars in the United States. Introduced in 1997,

the Prius has seen many different looks both on the interior and the exterior. As opposed to the

Tesla automobiles which are only electric, the Prius is a hybrid with certain restrictions to its

electric motor usage (Reynolds 2011).

The Prius goes into electric mode under 25 miles per hour and with light loads in trips

under one mile. The car automatically reverts to its gasoline engine if the battery becomes

exhausted. The Prius has sold very well in the United States, especially with recent high gas

14

prices. There are several complaints in regard to underwhelming power of the vehicle and a

harsh ride, as well as rough transmission shifts between electric and gas (Reynolds 2011).

There are other automobile makers trying to market electric vehicles as well, such as the

Ford Focus Electric and Mitsubishi i-MiEV, but they have not had anywhere near the success

that the listed main competitors to Tesla has. It may be concluded that the Volt, Leaf, and Prius

are all strong electric alternatives, but all suffer a much shorter range and functions than the

Tesla Roadster and Model S. It is important to note that though Tesla models may offer two to

four times the electric range, Tesla’s prices begin around double that of its competitors. This

may become an issue in the future if the mass consumer market moves heavily towards

purchasing electric vehicles (Voelcker 2013).

The Push for Sustainability

It can be determined that compared to past years, there is much more buzz about going

electric today than ever before. This is largely due to two things, one being the price of petrol,

and the other being the growing desire of individuals to reduce their carbon footprint. Today,

more people are interested in increasing sustainability, especially in Tesla’s niche market.

Studies show that “the increasing importance of sustainable development creates new risks, but

also new opportunities for businesses. Reaping these opportunities requires firms to come up

with innovative solutions for tomorrow’s markets (Hockets, 2010).”

Tesla founder Elon Musk recognized that there is a business in sustainable

entrepreneurial initiatives and an ever growing green market and so Tesla was born (Hockets,

15

2010). Rather than sell his ideas to already established big automobile companies in the industry,

Musk saw his opportunity as a small startup and used his resources and innovative edge to

succeed in the market.

However, there are few things in the business world that are heard louder than the jangle

of cash. Tesla’s electric revolution not only impacts big auto and big oil, but it trickles down the

market to other business interests such as maintenance, parts, and brakes industries. Electric cars

do not need a lot of repairs because there are so few parts, so there will be a multitude of forces

resisting the transition to electric cars (Goodyer, 2012).

In addition, it has been noted in the past that big oil has had its hand in hindering the

progress of electric vehicles. Pro-Oil legislation, such as tax breaks for SUV’s and the scrapping

of the California Air Resources Board’s zero emissions mandate have reduced consumers’ urge

to buy electric, thereby maintaining an industry based primarily around oil. As a result,

consumers may get a cheaper deal on a gas guzzler, but their carbon footprint only grows

(Goodyer 2012).

Despite these setbacks, many people still have opted to choose electric vehicles based on

long-term financial savings and the fact that electric is a long term sustainable alternative to

burning through fossil fuels. There are many others who would like to make the switch but are

hesitant to do so because of uncertainty about electric vehicles (Campanari, 2008). One of the

major concerns people have regarding electric cars is how would electricity be mass produced if

electric cars were to become the primary vehicle of choice. This is answered succinctly in

16

several sustainable and clean ways. Solar, wind, and geothermal energy generation would be

heavily used in an effort to stay as green as possible (Campanari 2008).

Outlook: Past and Future

Even with the push for sustainability, and the rich and loyal niche market that Tesla

Motors enjoys, it is evident that, like Apple, Tesla will have to undergo changes in order to

maintain superiority or else it will risk going the way so many other upstart automobile

companies have went: defunct. Tesla needs to eventually be able to market to mass consumers

and make their products more affordable. In order to do this, they need to make all electric cars

as desirable as Apple’s iPod and iPhone is, despite cheaper alternatives. The challenge that is

unique to Tesla, in this case, is getting people to leave their comfort zones of combustion

engines to quiet, green, and sustainable electric vehicles.

According to Todd Wynn, a theory on getting more people on board of the electric

vehicle movement is to reduce range anxiety. The essence of the theory is to make charging

stations widely available, after which, many of the concerns people have will be quelled

knowing a recharge is nearby. Thus, popularizing electric vehicles (Wynn 2009).

Due to the mass expense associated with building all of these stations, it is believed that

without government involvement, these stations will never be built, and many consumers believe

that with the government in the financial situation it is in, they will never foot a large enough

17

grant. What many people fail to realize is that the government has already begun investing in

electric vehicle technology.

In 2010, Tesla Motors received a $465 million loan from the Department of Energy

under the federal government’s $25 billion Advanced Technology Vehicles Manufacturing Loan

Program (ATVMLP). While other companies such as Solyndra and Fisker Automative failed

and faltered after receiving the loan, Tesla put the money into production. In May, 2013 Tesla

Motors fully paid off the government loan plus interest (Handberg 2013).

The repayment bolstered Tesla’s image because it no-longer owed tax payers money,

and, at the time when bailouts for Detroit were still fresh in the public’s memory, Tesla was

booming.

Another important fact that Americans in particular need to remember is that new and

unproven technologies usurping the status quo in transportation is neither new nor unique. The

exact same problem existed when the automobile first became an economically available option

to Americans.

In 1900, there were 18 million horses and 8,000 automobiles on the road in America. As

of 2007, there were just fewer than 136 million cars in America, and around 60,000 of them were

electric. To put it another way, there are nearly as many electric cars per conventional car than

there were automobiles compared to horses on the road in 1900. Eventually, the more innovative

18

and effective technology took over; by 1905 there were 77,000 passenger cars in America, which

increased to 17.5 million by 1925 (Wynn 2009).

In the beginning stages of automobile development, the same type of concerns were

raised in regard to gasoline fueling stations as are now raised regarding charging stations. The

automobile was not a proven technology, it was more expensive than the horse carriage, and

fueling stations were few and far between. Due to this, the automobile was at first a mere luxury

for the wealthy.

“Automobile owners relied on bulk gasoline retailers, which were typically located

outside major population centers. These retailers did not have specialized equipment to deliver

gasoline; so like today's electric vehicle owners, automobile owners had to manage with

contrivances designed for other purposes (Wynn 2009).”

With this insight, it is left for many to speculate on whether it is inevitable that

history will repeat itself. One thing, however, is for certain, it will always be the innovators and

the entrepreneurs that introduce the latest technologies to the public, and it will take trial and

error and eventual success for those latest technologies to become standardized.

Conclusion

By becoming a pioneer in the field of electric vehicle innovation, Tesla Motors truly

embraced the character of the company’s namesake and have thus far succeeded well beyond

expectations. Amid other technology giants, Tesla found a home and the perfect target market in

19

the Silicon Valley. If not for the wealthy hippie elite, Tesla may never have gotten the ball

rolling.

In order to keep the figurative ball rolling, Tesla needs to adopt a similar market strategy

as Apple. Competition is already strong and alternatives to Tesla at a more affordable price exist.

Eventually, the technology will catch up as well. Furthermore, it is important that Tesla

maintains a narrow market, but continues to look forward, focusing on technology and

innovation.

Consumer education is one measure that will be critical for mass adoption of Tesla

products and electric vehicles in general (Russell 2011). Therefore, it is necessary for Tesla to

maintain its buzz in the public sphere. Tesla Motors founder Elon Musk’s smooth talking and

spin is already paving ways and breaking traditional barriers to electric vehicles for many people.

For others, it is Musk’s superior reputation for innovation and success that does the talking

(Zenlea 2013). With the founding of billion dollar industries of PayPal and SpaceX and now the

massive success of Tesla on his resume, it is unlikely people won’t be listening to what Musk has

to say.

With compelling arguments for and against the adoption of electric vehicles, the fact

remains that Tesla Motors is game changer in the automobile market and here to stay. To be as

successful as Tesla Motors in the short lifespan since the company’s startup is unprecedented.

“The mere fact that Tesla exists at all is a testament to innovation and entrepreneurship, the very

20

qualities that once made the American automobile industry the largest, richest, and most

powerful in the world” (Mohr 2010).

21

REFERENCES

Berman, B. (2012, Sep 28). One big step for tesla, one giant leap for e.v.’s. The New York

Times. Retrieved from

http://www.nytimes.com/2012/09/30/automobiles/autoreviews/one-big-step-for-tesla-

one-giant-leap-for-evs.html?pagewanted=all&_r=0

Campanari, S., Manzolini, G., & Garcia de la Iglesia, F. (2009). Energy analysis of electric

vehicles using batteries or fuel cells through well-to-wheel driving cycle simulations.

Journal Of Power Sources, 186(2), 464-477. doi:10.1016/j.jpowsour.2008.09.115

DePillis, L. (2013, Sep 19). These 5 things need to happen before electric cars really go

mainstream. The Washington Post. Retrieved from

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/19/these-5-things-need-to-

happen-before-electric-cars-really-go-mainstream/

Finger, R. (2013, Sep 29). Tesla is overvalued: Let me count the ways. Forbes, Retrieved from

http://www.forbes.com/sites/richardfinger/2013/09/23/tesla-is-overvalued-let-me-count-

the-ways/

Goodyer, J. (2012). THE AMPERE STRIKES BACK. Engineering & Technology (17509637),

7(8), 70-71.

Handberg, K. (2013). Grid-friendly charging. METERING INTERNATIONAL, 4(3), 130-134.

Retrieved from http://dius.com.au/wp-content/uploads/2012/05/ChargeIQ-

article_MeteringInternational_Sept-2013.pdf

22

Hensley, R., Knupfer, S. M., & Krieger, A. (2011). The fast lane to the adoption of electric cars.

Mckinsey Quarterly, (1), 10-14.

Hockerts, K., & Wustenhagen, R. (2010). Greening Goliaths versus emerging Davids --

Theorizing about the role of incumbents and new entrants in sustainable

entrepreneurship.(Report). Journal of Business Venturing, (5). 481.

doi:10.1016/j.jbusvent.2009.07.005.

Mangram, M. E. (2012). The globalization of Tesla Motors: a strategic marketing plan analysis.

Journal Of Strategic Marketing, 20(4), 289-312.

Michaels, D. (2010, Jan 14). Long-dead inventor nikola tesla is electrifying hip techies. The Wall

Street Journal. Retrieved from

http://online.wsj.com/news/articles/SB10001424052748704362004575000841720318942

Mohr, J. (2010). Marketing of High-Technology Products and Innovations. (3rd ed., p. 24).

Saddle River, New Jersey: Pearson Inc.

Morrish, S. C., Miles, M. P., & Deacon, J. H. (2010). Entrepreneurial marketing: acknowledging

the entrepreneur and customer-centric interrelationship. Journal Of Strategic Marketing,

18(4), 303-316. doi:10.1080/09652541003768087

Munarriz, R. (2013, August 10). Is tesla the new apple?. Retrieved from

http://www.fool.com/investing/general/2013/08/10/is-tesla-the-new-apple.aspx

Neil, D. (2012, July 6). I am silent, hear me roar. The Wall Street Journal. Retrieved from

http://online.wsj.com/article/SB10001424052702304211804577504632238740966.html

23

Ohnsman, A. (213, May 7). Tesla unveils gull-wing electric suv: Model x. SFGate. Retrieved

from http://www.sfgate.com/technology/article/Tesla-unveils-gull-wing-electric-SUV-

Model-X-3263048.php

Reynolds, K. (2011, August). Comparison: 2011 chevrolet volt vs 2011 nissan leaf sl vs 2011

toyota prius iii. Retrieved from

http://www.motortrend.com/roadtests/alternative/1108_2011_chevrolet_volt_vs_2011_ni

ssan_leaf_vs_2011_toyota_prius_comparison/viewall.html

Rhee, B., Schmidt, G. M., & Van Orden, J. (2012). High-end Encroachment Patterns of New

Products High-end Encroachment Patterns of New Products. Journal Of Product

Innovation Management, 29(5), 715-733. doi:10.1111/j.1540-5885.2012.00945.x

Valdes-Dapena, P. (2013, May 9). Tesla : Consumer reports' best car ever tested. Retrieved from

http://money.cnn.com/2013/05/09/autos/tesla-model-s-consumer-reports/index.html

Voelcker, J. (2007). Electric cars are back. IEEE Spectrum, 44(4), 34-41. Retrieved from

www.spectrum.ieee.org

Voelcker, J. (2013, June 26). 2013 nissan leaf vs. its competition. Retrieved from

http://www.thecarconnection.com/compare/nissan_leaf_2013_choices

Wynn, T. (2009). A free market perspective on electric vehicles. Informally published

manuscript, Business Economics, Cascade Policy Institute, Portland, Oregon, Retrieved

from http://cascadepolicy.org/pdf/env/FMPonElecVehicles_100109a.pdf

24

Zenlea, D. (2013). 2013 automobile of the year: Tesla model s. Retrieved from

http://www.automobilemag.com/features/awards/1301_2013_automobile_of_the_year_te

sla_model_s/viewall.html

25