What is Tesla's force for Threat of Substitutes in Porter's Five Force Analysis?
Answer : Tesla Incorporation is major automotive company specializing in electric car manufacturing and energy company which is based in america.
As per Porter's five force analysis, threat of substitutes means when a new product or service is a substitute of some existing product or service and that new product is providing more value to its users resulting in decreasing the demand for the old product or service. For example: Mobile phones replacing telephones as they were providing more facilities and convenience.
In case of Tesla major substitutes are:
1. Technological development in this field : Although it is has not happened yet but in near future with better technologies the cost of green vehicles will be reduced which will create the number of competitors for Tesla.
2. Public transports : Not to a great extent but public transports are kind of substitutes of Tesla's cars. People who care about the environment tends to prefer them as it is a cheaper option.
3. Hybrid cars: Other than electric cars, many hybrid cars are also in developing stage creating a substitute for a electric cars.
What is Tesla's force for Threat of Substitutes in Porter's Five Force Analysis?
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