Tesla is still the benchmark for electric vehicles, while some competitors will fail or get bought, according to former Ford CEO.

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• Former Ford CEO Mark Fields said that Tesla remains the EV market leader.
• CNBC reported that he said Thursday that smaller players in the field could fail or be bought out by rivals.
• Fields stated that it is only going to get more difficult, particularly at the higher end of the price range, where there is fierce competition.

Mark Fields, former chief executive of Ford, stated that Tesla remains the standard for electric vehicles and that smaller players could be beaten or absorbed by larger competitors.

On Thursday, he told CNBC's Squawk Box that Lucid and other smaller companies are at risk of being bought out by larger companies in the expanding EV maker community.

Fields stated that he believed every automaker still considers Tesla the leader at this point.

He identified revenue losses for Lucid Corp. and Nikola Corp. as alarming signs. These companies have been affected by supply chain bottlenecks which have slowed production.

Lucid and other companies that price vehicles in high-end ranges, where there is stiff competition from major incumbents like Mercedes or BMW, will find it increasingly difficult.

Fields stated that "one thing is certain – these companies will continue to require capital to grow and expand their businesses." "Some companies will succeed and others will need to be purchased by larger players."

Fields also highlighted Tesla's ability control vertical integration during production, which has allowed them to be "the masters of their own destiny and the costs."

Fields stated that when you combine this with their brand, which is held high in regard [because] they are a first mover they continue to receive a premium."

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By: bevans@insider.com (Brian Evans)
Title: Tesla is still the benchmark in EVs, and some rivals will fail or be bought, says former Ford CEO
Sourced From: markets.businessinsider.com/news/stocks/tesla-top-ev-company-maker-rivals-ford-ceo-elon-musk-2023-2
Published Date: Thu, 23 Feb 2023 20:12:54 +0000

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