Introduction
In the spring of 2017 the market cap of Tesla reached 59 billion U.S. dollars, compared to 52 billion U.S. dollars for General Motors and 44 billion U.S. dollars for Ford. As the stock price had risen 65 percent in the first few months of 2017 alone, many people thought this was overpriced and likely to be temporary but nevertheless, it happened and stunned market watchers. Reactions to this phenomenon were ambivalent because Tesla was in everyone’s mind, at a key point of transition. To advocates of electric vehicles (EVs), Chairman Elon Musk had clearly demonstrated market demand for electric vehicles, at least at the upper end of the price range—that is, a niche (Tepper 2017). On the other ...
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