In April 2020, more Tesla vehicles were sold in the UK than any other make. The figures of car sales overall are still low due to the coronavirus pandemic, but electric vehicles took 34% of the market share last month. That’s impressive..
Other car manufacturers have a serious threat from Tesla, but this could happen in any industry. It pays not to be complacent.
You have to stay ahead of the curve, or be left behind.
The perfect example is Blockbuster and Netflix. As early as 2000, Reed Hastings (CEO of Netflix) approached former Blockbuster CEO John Antioco and asked for $50 million for the firm. What a missed opportunity! Simply sticking their heads in the sand thinking streaming would never replace video rental was not a smart move. Don’t be the next Blockbuster, ensure you are embracing the changes and disruptions in your own industry.
Elon Musk has always been a visionary, originally misunderstood, when he wanted to buy a ballistic missile from Russia to create rockets they laughed at him so he built it himself. Now Nasa use him to put thousands of rockets into orbit for satellites. This is true visionary behaviour. With Tesla, he saw where a car could be and he pushed to get the battery and car technology so good that now he supplies tech to these other motor companies. This is a smart move, so he now plays a huge part across the whole eco system.
If Musk wants to change something he is agile, and has used innovative ideas to help build not only Tesla but to propagate the use of electric cars in general. Tesla has 429 locations around the world, offers customers the ability to purchase and customise their model online and has its own network of Supercharger stations, places where drivers can fully charge their Tesla vehicles in about 30 minutes for free. This has all helped him to disrupt and change the market.
Where’s my market going? What is going to disrupt my industry?
These are the questions I would be asking myself right now. It pays to be one step ahead of the game, never be blinkered and assume things will stand still. Channel your inner Elon Musk.