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Elon Musk Unfazed by Daimler's EV Push, but Should He Be? – CCN.com, Crypto Coins News

Elon Musk Unfazed by Daimler's EV Push, but Should He Be? – CCN.com, Crypto Coins News


                                                                     

                    

elon musk

Tesla CEO Elon Musk praised Daimler on Twitter for announcing plans to shift all development efforts to EVs as Mercedes goes fully electric. | Credit: Reuters / Mike Blake

                        

Another super-heavyweight car manufacturer is entering the EV ring, as Daimler announces plans to focus on battery-powered engines rather than gasoline. Tesla CEOElon Muskcongratulated the company on their decision, despite the fact an armada of electric Mercedes is undoubtedly on its way to saturate an Increasing crowded marketplace.

Electric is the future! Congratulations Daimler !!https://t.co/Zg2VSj4tjO

– Elon Musk (@elonmusk)September 19, 2019

Elon Musk Upbeat Despite Prospect of More Mercedes EVs

The trend away from gasoline among German automakers is growing increasingly clear. Audi has already promised12 fully electric vehicles by 2025, but Daimler, the parent company of luxury brand Mercedes, appears to be going even further than their longtime rival.

Elon Musk’s upbeat response is different fromhis reaction to other announcements from German competitors. The mercurial Tesla boss seems unconcerned about the prospect of yet more competition in the luxury EV market.

Tesla Trucks Stand to Lose the Most From Daimler Decision

When you look at the facts, perhaps Musk should be concerned. Daimler’s brands extend far beyond luxurious SUVs and sedans. In particular, it is the world of trucking and deliveries where Tesla is facing a surge of competition.Daimler AGowns five truck brands: FUSO, Freightliner, Western Star, BharatBenz, and Mercedes-Benz. The recent shift suggests all these companies may sport an electric power-train, directly competing with Tesla’s planned fleet of trucks. Add to this the fact thatAmazonjust put in an order for100 K delivery trucks from Rivian, and the outlook is increasingly tricky for Elon Musk’s growing brand.

Trump’s California Emissions Rollback May Be a Win for Tesla Stock

It seems possible that Daimler’s announcement was partially triggered by Donald Trump’s recent decision to roll back California’s emissions waiver. This waiver allowed the U.S. ‘ wealthiest and most populous state to employ tighter standards on car emissions than other states. To keep California’s air quality improving, the state mayweaponize electric vehicle rebatesto try and negate the adverse effects of less clean combustion engines. Such a move might not be necessary if reports are correct that many automakersplan to revoltagainst Trump’s decisions.

The potential benefits of more subsidies for a fully EV manufacturer like Tesla are clear. Elon Musk must be rubbing his hands at the prospect of an electric rebellion on the West Coast.Tesla stockmay also be relishing the possibility of more government incentives, as it has risen over 1% since the story broke.

Tesla, Elon Musk, Daimler, Trump, California Emissions
Tesla stock has proven resilient to Daimler’s EV announcement and appears to have received a boost from the prospect of more California subsidies. | Source: Yahoo Finance

While many have pared down their forecasts for TSLA stock based on rising competition, the crucial Model 3 continues to perform well in sales. Though Daimler’s commitment to battery power almost guarantees a smaller market share for Elon Musk (particularly his trucks), the resiliency of Tesla shares suggests investors have been anticipating major rivals entering the fray for some time.

Last modified (UTC): September 19, (9:) ******************************************************************* (PM)                                                                            

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