The Wall Street Journal tells me that Tesla has now overtaken Ford as the second largest car maker in the US by market value. General Motors is ahead but may now be glancing in the rear view mirror.
Is this a “seismic shift” in the industry as WSJ puts it – a “growing belief that internal-combustion engines will be replaced by electric motors as the primary power source for automobiles”? Others disagree, seeing more hype than substance. Currently, Tesla produces fewer than 100,000 cars a year, compared with Ford’s millions. But are we on the brink of a major innovation-led change?