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Hyundai Motor Co (OTC:HYMTF) and Kia Corp (OTC:KIMTF) have been accelerating their electric vehicle (EV) efforts, prompting speculation about their potential to challenge Tesla Inc (NASDAQ:TSLA).
What Happened: On Monday, during a recent episode of CNBC’s Last Call, Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, weighed in on the matter. “These are cheaper vehicles than Tesla, and certainly not as good,” Gerber said. “When I’m watching March Madness, I’m seeing ads for these vehicles, and that will entertain consumers into looking at these vehicles.”
Despite the competition, Tesla’s stock has been performing well. On Mar. 30, a Tesla bull, Ross Gerber, argued that the company already offers a $25,000 car, a used Model Y. This suggests that Tesla is already catering to the demand for more affordable EVs.
Why It Matters: The South Korean government has been taking measures to support its domestic automakers. In February, a new EV policy was introduced to bolster Hyundai and Kia’s position in the face of competition from Tesla and Chinese automaker BYD Co Ltd (OTC:BYDDY).
Despite the challenges, Hyundai has been making strategic moves to stay competitive. In November, the company announced a 25% wage hike for its production teams in Alabama and Georgia, a move aimed at retaining its skilled workforce.
On the other hand, Tesla has been facing its own set of challenges. In March, long-time Tesla bear and GLJ Research CEO Gordon Johnson raised concerns about a potential production slump at Tesla following the company’s warnings of upcoming price hikes.
Read Next: Elon Musk’s ‘Reputational Downfall’ May Lead To Potential Sales Dip For Tesla: Report
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