宿 务 亚 典 耀 圣 心 学 校

SACRED HEART SCHOOL – ATENEO de CEBU

H. Abellana St., Canduman, Mandaue City

Class no.: 38 Score:

Name: Dasha Angelica Tiu Date: 03/06/23
Section: 11-Caritas Teacher: Mr. Julius Cesar Cudera

PRODUCT DESCRIPTION

Tesla Incorporation, formerly known as Tesla Motors, was founded to create an electric sports
automobile and is now one of the fastest-growing companies in the world for selling high-quality
cars known as Tesla. It was first established in July 2003 by Engineers Martin Eberhard the Chief
Executive Officer (CEO) and Marc Tarpenning the Chief Financial Officer (CFO) later on co-
founded by Elon Musk who made a $30 million investment in the startup and served as the
company's chairman starting in 2004 (B. Schreiber et al., 2023).

Tesla began to gain significant popularity and recognition in the mid-2010s when it first released
The model S around 2012 and gained success with its first mass-produced electric vehicle (A.
Wu, 2022). It gained great recognition for its range, performance, and design, and it contributed
to promoting Tesla as a top contender in the automotive industry. Tesla's popularity has grown,
and it has become the company's most popular vehicle, helping to broaden its client base beyond
the premium sector. Tesla has also received recognition in recent years for its innovative
technology and emphasis on sustainability, which has resonated with consumers who are more
worried about the environment and climate change (Tesla, 2023). While Tesla's ascent to
popularity has been relatively quick, it has been propelled by a number of factors, including
innovative technology, excellent branding, and an emphasis on sustainability, as well as rising
demand for electric vehicles in general.

Industry Description

The car industry, also known as the automotive industry, is a worldwide phenomenon that
designs, develops, manufactures, and sells automobiles. And since then, it had always been a
great benefit for the people because of its purpose. Such that it provided us with convenient
transportation, freedom, and innovation, which has also evolved over the years as technology
advanced and became more accessible to everyone.

It is also a very complex and highly competitive industry that involves a range of stakeholders,
comprising major manufacturers such as Toyota, Rolce Royce, Volkswagen, and many more and
as well as when it comes to suppliers, distributors, and dealerships. And despite the industry’s
problems and uncertainties, it is still an important part of the global economy, producing jobs and
contributing to economic growth in many nations across the world.

Current Market Analysis

Tesla's revenue increased by 71% in the year 2021, hitting approximately $54 billion. As their
goal is to expand the company’s market segments and enhance their automobiles into accessible
and affordable to a wider customer base. According to Statista’s Demographic audience analysis,
it had a great effect on the brand’s marketing success among its targeted audience as they
continue to divide the target market into several viewpoints (Start.io, 2022).

At this time, Tesla is one of the most valuable automakers in the world with its current market
value of over $600.45B as of March 7, 2023 (YCharts, 2023). Its market value has always been
enhanced by its leadership in the electric vehicle industry, This is why Tesla is one of the most
demanded car brands because of its focus on innovation and sustainability. The company has
continued to invest in new technologies such as self-driving capabilities and battery storage
solutions, which has helped it maintain its competitive edge.

Furthermore, their latest model, Model Y, has already been announced to become the world's
best-selling automobile in 2023 (R. Nagaraj, 2022). With the characteristics included in this
brand-new model, it will undoubtedly become the most demanded and customer-preferred
product. And their sales are expected to increase and as well as produce about a million of Model
Y annually by the end of the year.

Competition

However, despite its uproar success in the industry, it still cannot avoid being surpassed by
various competitors all over the world. It will be based on how people will oversee the product if
it matches their expectations and as well as the convenience of purchasing the product.
Additionally, the fact that Tesla is only available in America, Europe, and some places in Asia
like China, it is very rare in some countries to ever purchase the product. Here in the Philippines,
Toyota is a very well-known car brand and is also a rising competitor that offers high-end quality
cars each year.

In the Philippines, Toyota is one of the best-selling cars because of its inexpensive pricing. And
aside from that, people can also benefit by selling used Toyota automobiles as their quality can
still be bought second-hand. And in addition to their improvement is when they introduced New
Toyota Versions like the Toyota Hilux, Toyota Innova, and other vehicles. Unquestionably,
Toyota has earned a reputation and become a stronger and more chosen brand than others
because its products are dependable (Carousell, 2019).

Toyota has been in business for over 90 years now. This mainly originated from Nagoya, Japan,
and just like any other business it has expanded and grown all over the world (Britannica, 2023).
Currently here in the Philippines, there are already a lot of Toyota branches being established in
certain locations that are visible to potential customers. They have specific operating hours and
usually, it is open in the daytime, and the place is always welcome for walk-in customers if they
to take a look at the product. Overall, Toyota’s long-term experience in the industry and its
competitive background, and its unique marketing strategy, it has continued its game that up until
now is a threat to other leading companies in the car industry, especially Tesla.
References

Tesla, Inc. (n.d.). Encyclopedia Britannica. https://www.britannica.com/topic/Tesla-Motors

Tesla's got the keys: A history of its success. (2015, June 19).
Investopedia. https://www.investopedia.com/articles/personal-finance/061915/story-behind-teslas-
success.asp

Tesla Motors receives 'Environmental leadership' award from global green USA. (n.d.).
Tesla. https://www.tesla.com/blog/tesla-motors-receives-environmental-leadership-award-global-green-
usa

Tesla market cap. (n.d.). YCharts. https://ycharts.com/companies/TSLA/market_cap

Start.io | Tesla target market analysis and segmentation - Brand overview. (2022, July 11). Start.io - A

Mobile Marketing and Audience Platform. https://www.start.io/blog/tesla-target-market-

analysis-and-segmentation/

Why is Toyota car the most reliable used car brand in the Philippines? (2022, March 13). Carousell

Philippines Blog. https://blog.carousell.ph/autos/why-is-toyota-car-the-most-reliable-used-car-brand-in-

the-philippines/

Toyota Motor Corporation. (2023, March). Encyclopedia

Britannica. https://www.britannica.com/topic/Toyota-Motor-Corporation