This company created a car called the Lucid Air, which is an electric car based in California that has been named MotorTrends 2022 car of the year. New entrants would have to try and move passed this barrier and would struggle to do so with the upfront costs that come along with it.Īn example of a new entrant into the electric car market would be Lucid Motor Company. Brands that are already established like Tesla or Mercedes benefit from what they economy has likes about them. Creating something that people like and would be willing to move towards is a difficult thing to do. Along with that, establishing your brand in this market would take a long time. ![]() This doesn’t come easy or cheap, so being able to do this takes time and money to complete properly. The barriers that are involved with this are the research, development, and design of a car. ![]() ![]() The threat of new entrants in the industry with Tesla are low due to the barriers that are in place and the amount of competitors that already exist within the market.
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