Business strategy tesla assignment part10

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Humber College *

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525

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Economics

Date

Nov 24, 2024

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pdf

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Uploaded by tastyyum9

1. General Industry Analysis A major player in the world economy, the automotive industry has been struggling since 2020 because of the COVID-19 epidemic and semiconductor shortages. In 2021, around 11.3 million automobiles were withdrawn from production globally due to these interruptions. Even with the falling demand, the high costs, and the shortage of key elements for vehicles, the automotive industry has begun recovering, with 66.7 million cars to have been sold in 2021 and more in 2022 and 2023. Although there is growth, the sector is changing due to several notable developments, such as the electrification of vehicles, including cars, trucks, vans and even transportation vehicles like buses and semi-trucks. Additionally, advancements in autonomous driving technology, enhanced vehicle communication, and the growth of shared mobility. The Automotive Industry also must cope with things like new technology that is rapidly changing, regulatory limitations, and the need to consider environmental effects and sustainability. Leading electric vehicle manufacturer Tesla is negotiating these market trends and obstacles. Tesla has succeeded in forging a solid position in the automobile sector despite the obstacles to entrance. Strategic planning for Tesla needs to consider the company's ties with suppliers, buyers' bargaining power, the danger of alternatives, and competitive rivalry. The industry has several changes that have occurred over the last few years, most notable post-COVID-19 which changed the industry forever, and more changes that will evolve over the next years, that will revolutionize the industry as a whole. These shifts bring with them opportunities for creativity and adaptability, but they also carry with them several issues that require attention. As noted earlier, Tesla has successfully navigated these industry trends and obstacles, as seen by its tremendous financial growth.

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