721-479 -24-

Exhibit 11 Comparison of the Tesla Model 3, BYD Han and Toyota Prius

Electric Accel-
Horse- Fuel Economy
Price Type Seats battery eration Charge time (at
Top Speed (city/highway/ Est. Range Drive
power pack (0 to 60 home)*
combined)
capacity mph)

2023 Tesla
Model 3

132/138/126 8.5 hrs at

RWD $42,990 Electric 5 271 50 kWh 5.8 sec 140 mph 272 mi (EPA) RWD
MPGe 220/240V

113/118/107 Dual-Motor 10 hrs at

Performance $53,990 Electric 5 455 82 kWh 3.1 sec 162 mph 315 mi (EPA)
MPGe AWD 220/240V
2023 BYD Han*

13 hrs (0 to
BYD Han ~$34,300 Electric 5 unavail 83 kWh 3.9 sec 112 mph ~118 mpg ~374 mi AWD
80%)

2023 Toyota
Prius
644.1 mi (city)
Prius LE $28,545 Hybrid 5 194 0.9 kWh 7.1 sec 115 mph 57/57/56 MPG 632.8 mi FWD n/a
(highway)
514 mi (city)
Prius XLE AWD $33,390 Hybrid 5 196 0.9 kWh 7.1 sec 115 mph 49/49/50 MPG 525 mi AWD n/a
(highway)

Source: See endnote.218

Note: AWD = All-wheel drive. RWD = Rear-wheel drive. All models shown are sedans. *All figures for the 2023 BYD Han are estimated values as there are differing specs and
statistics published on various car review websites.
 721-479 -25-

Exhibit 12 Online comments about Legacy Car Companies and Tesla

Pro-Legacy Car Companies / Anti-Tesla Pro-Tesla/ Anti-Legacy Car companies

I have had 8 BMW cars myself. … What is special about them, I think, is that they really
stick to their roots. Which is having the best engines in the industry, best weight [Reasons I bought a Tesla]: 1) Driving experience: instant acceleration, 2) Technology
balance…, driving comfort, and being able to read and predict what the car is about to and OTA [over-the-air] updates, 3) Carpool lane,* 4) No more stopping for gas.
do when driving on the edge.
After so many years laughing off the lack of competition, I warn those still laughing that
the competition is here, no joke! Tesla must compete not only on power train but also on
overall quality, on price, on service... things Tesla doesn't lead. There will come a time ‘What will the differentiator be?’ For starters, the Supercharger Network.
soon enough when all EVs will reach 250-300 miles per charge. What will the
differentiator be? 2 seconds to the next stop light? Gimme a break!
BMW have been around for over a century, wars, trade wars, depressions, recessions,
Look, I’m hoping BMW figures out when and how to accelerate their EV production. I’ve
currency fluctuations, labour strife, to mention a few. Get back to me when Tesla hit 30.
been a customer for a while now.,,just because they have been great, doesn’t mean
If & when Tesla are around after 30 yrs.
they will remain on top. There’s dozens of Kodaks & Blackberrys out there as examples.

I'd bet on BMW here. Not having a dedicated [electric vehicle] platform [and] using a
The other manufacturers had to be dragged kicking and screaming to take EVs
proven platform doesn't seem like a huge deal. Ultimately, they just have to have
seriously. Thus, unless their vehicle were to be significantly superior to Tesla’s (at a
something close enough until Tesla kills itself. BMW knows they are playing the long
similar price point), then I choose Tesla.
game.†
The Model 3 Wins. So, at the end of the day, if you qualify for that full tax credit, the
The Prius lasts forever and has Toyota quality of build…Also check out the Chevy Bolt
Model 3 RWD is less expensive per mile with all things considered. That makes the
and they Hyundai Kona. I think the electric market will adjust to the new Tesla prices so
Model 3 the clear winner, and it makes so much sense to drive the Model 3 over the
if you can wait…If Tesla goes away due to Musk I’d expect a consumer electric
Prius, because it's a pure electric vehicle, which is better for the environment. The Tesla
company like apple or LG or GE (Chinese owned) to buy them or Tesla to be merged
Model 3 also has better software and superior technology, and if you have solar panels
into a legacy manufacturer.
on your home, this cost could actually go lower.
Remember that I’m going to that service center a few times less with my Model X
Tesla ‘Customer Service’ support is the worst. … If it's a concern (and it should be as it's
compared to my BMW X3. I found that I needed to get service about 3 times more often
next to impossible to avoid needing at least once), I would not buy a Tesla.
with the BMW for oil changes, brake pad replacements, oil filter issues, failing water
pump… the list seems endless.

I like the sound and feel of an ICE. Fast golf carts are not for everyone. I know one day I feel gas-powered sport cars will only become something to appreciate, but not really
we'll all be driving electric cars (well, autonomously at least), so I'll enjoy good old gas- something you choose because it performs better. Maybe going the way of a Rolex or
burning cars while I can. I'm in no rush to get rid of driving. Hublot because those watches have tons of moving parts that are appreciated, but not
bought for the reason of having the most accurate time.

Source: See endnote.219

Note: Comments have been lightly edited for spelling/grammar and clarity. *In the US and elsewhere, electric vehicles were often permitted to use high occupancy vehicle lanes
(carpool lanes), regardless of occupancy. †As of March 2021, BMW planned to have its own EV-focused (though not exclusively EV-dedicated) platform by 2025.
 721-479 -26-

Exhibit 13a Income Statement for Tesla Motors (in US$ million)

2022 2021 2020 2019 2018 2017 2016 2015 2014

Total revenues 81,462 53,823 31,536 24,578 21,461 11,759 7,000 4,046 3,198
Automotive revenue 71,462 47,232 27,236 20,821 18,515 9,641 6,351 3,741 3,007
Energy generation and storage 3,909 2,789 1,994 1,531 1,555 1,116 181 14 4
Services and other 6,091 3,802 2,306 2,226 1,391 1,001 468 291 187

Total cost of revenues 60,609 40,217 24,906 20,509 17,419 9,536 5,401 3,123 2,317
Automotive cost of revenues 51,108 33,393 20,259 16,398 14,174 7,433 4,750 2,823 2,146
Energy generation and storage 3,621 2,918 1,976 1,341 1,365 875 178 12 4
Services and other 5,880 3,906 2,671 2,770 1,880 1,229 472 287 167

Gross profit 20,853 13,606 6,630 4,069 4,042 2,222 1,599 924 882

Research and development 3,075 2,593 1,491 1,343 1,460 1,378 834 718 465
Selling, general and administrative 4,122 4,490 3,145 2,646 2,835 2,477 1,432 922 604
Total operating expenses 7,197 7,083 4,636 4,138 4,430 3,855 2,267 1,640 1,068

Income (loss) from operations 13,656 6,523 1,994 (69) (388) (1,632) (667) (717) (187)

Source: Casewriter estimates based on Tesla company reports, accessed December 14, 2017, March 2021 and February 2023 via SEC.gov

Note: The 2016 results include the consolidated results of SolarCity. Its impact on Revenue and Cost were less than $100 million each.

Automotive revenue includes sales of vehicles, sales of regulatory credits to automotive manufacturers, and other deliverables such as free access to the Supercharger network
and over-the-air software updates, as well as automotive leasing revenue. Services and other revenue = sales of electric vehicle powertrain components and systems to other
manufacturers, maintenance services, and sales of pre-owned vehicles.
 721-479 -27-

Exhibit 13b Income Statement for Toyota Motors (in US$ million)

USD Millions
For the year ended March 31 2022 2021 2020 2019 2018 2017 2016 2015 2014
USD to Yen FX (Apr-Mar) 113.75 106.03 108.73 110.85 110.81 108.36 120.10 109.95 100.24

Sales revenues
Sales of products 255,585 236,518 254,708 253,544 247,460 238,219 221,052 232,942 242,544
Financial services 20,273 20,157 19,984 19,128 17,681 16,461 15,437 14,749 13,760
Total sales revenues 275,858 256,675 274,693 272,672 265,141 254,679 236,489 247,691 256,304

Costs and expenses

Cost of products sold 213,189 199,947 212,491 211,002 203,962 198,809 178,647 190,229 199,404
Cost of financial services 10,172 11,151 12,708 12,560 11,630 10,994 9,570 8,415 8,109
Selling, general and administrative 26,162 24,848 27,426 26,850 27,891 26,472 24,510 24,031 25,924
Total costs aand expenses 249,523 235,946 252,626 250,412 243,483 236,274 212,726 222,675 233,437
Operating income 26,335 20,728 22,067 22,260 21,658 18,405 23,763 25,016 22,866

Income before income taxes 35,081 27,657 25,688 20,618 23,649 20,246 24,840 26,310 24,352

Net income attributable to Toyota Motor Corp 25,055 21,176 18,727 16,986 22,507 16,898 19,256 19,766 18,188

Volume of Vehicles Sold to Unconsolidated Dealers (thousands of units)

Worldwide Total 8,230 7,646 8,955 8,977 8,964 8,971 8,681 8,972 9,116

Volume of Retail Sales (thousands of units)

HEV 2,603 2,482 1,903 1,860 1,584 1,467 1,398 1,197 1,246
MHEV 5 7 3 5
PHEV 90 112 49 57 47 51 3 7 20
FCEV 4 6 2 2 2 3 2 1 0
BEV 24 14 3 0 0 0 0 0 1
Electrified Total 2,726 2,622 1,960 1,924 1,633 1,521 1,403 1,205 1,267
% HEV of Electrified Total 95.5% 94.7% 97.1% 96.7% 97.0% 96.5% 99.6% 99.4% 98.3%
% Electrified to Total Toyota and Lexus Sales 28.5% 27.3% 22.5% 19.8% 17.1% 16.2% 15.2% 13.1% 13.9%

Toyota and Lexus Retail Vehicle Sales 9,567 9,615 8,692 9,714 9,542 9,384 9,224 9,189 9,147
Total Retail Vehicle Sales (units) 10,483 10,496 9,528 10,742 10,594 10,386 10,175 10,151 10,231

Source: See Endnote220

Note: Financials were converted from Japanese Yen (JPY) to US Dollars (USD) for comparison purposes and may differ from other official reports. Exchange rates
from X-Rates USD to Yen based on monthly averages from Apr to Mar each year. Unit sales in Toyota’s financial statements are to unconsolidated dealers. Retail
sales of Toyota, Lexus and other brands owned by the company are shown separately and were only reported in more recent years.
 721-479 -28-

Exhibit 14 Quotes from Toyota executives on Electrified Vehicles

Oct 1997: “The Prius is our challenge for technological revolution. And we would like to present a new value to the auto industry for the
upcoming 21st century.”221 - Hiroshi Okuda, Toyota President (1995-1999)

Apr 2004: “Any carmaker who says hybrid cars can't be profitable. I would tell them to start looking for a new line of work.”222 - Hiroshi Okuda,
Toyota Chairman (1999-2006), Toyota President (1995-1999)

Aug 2004: “Steady success is good, but it can foster serious weaknesses. Complacency sets in, customer focus declines, creative ideas dry up and
before you know it, you are in trouble. The sense of crisis we feel, despite increasing sales and profits, stems from out fear that we have not kept
up.”223 - Fujio Cho, Toyota President (1999-2005)

Feb 2008: “I’m constantly trying to drive home the message that long-lasting success is elusive. Our corporate DNA is about always challenging
ourselves to do better. The moment we let down our guard, the fall could come very fast.”224 - Katsuaki Watanabe, Toyota President (2005-2009)

Oct 2009: “Protecting the environment, improving safety and applying information technology are the three avenues of innovation we must travel
in order to keep up with change and seize the opportunities it presents. We now have sold about 150,000 hybrid vehicles worldwide, giving us a
global hybrid market share of about 90 percent…Toyota is strong, but we have not been known for speed and agility in the past. However, all we
need to do in order to succeed is adjust faster than our competitors. That's why I constantly point out the importance of speed. The more time we
spend preparing to take action, the more likely we will be missing in action.”225 - Hiroshi Okuda, Toyota Chairman (1999-2006)

Sep 2012: “We believe that there is social demand for the plug-in hybrid. But our efforts to let the customers know what it is have not been
enough.”226 Takeshi Uchiyamada, Toyota Head of R&D (2003-2013)

Oct 2013: “Today I wish to call on the industry to sell five million hybrids in the US by the end of 2016. It's only when we put ourselves under the
same kind of intense pressure we faced in developing the Prius that we can achieve great goals. That's what it takes. I want our industry to achieve
this goal. Some people say hybrid vehicles such as the Prius are only a bridge to the future. But we think it could be a long bridge and a very sturdy
one. There are many more gains we can achieve with hybrids.”227 - Takeshi Uchiyamada, Toyota Chairman (2013-), Head of R&D (2003-2013)

Nov 2014: “It was a big challenge when we first introduced the Prius, or hybrid car, in 1997. And it’s an even bigger challenge this time because
there is no infrastructure, and we’re trying to lead.”228 - Yoshikazu Tanaka, Chief Engineer of Mirai

Apr 2015: “If you were to charge a car in 12 minutes for a range of 500 km (310 miles), for example, you're probably using up electricity required to
power 1,000 houses. That totally goes against the need to stabilize electricity use on the grid. Toyota isn't denying the benefits of EVs. But we think
the best way to use them is to charge them at night (to avoid peak power consumption hours), and use them for short distances during the day. Of
course, there are technological hurdles that need to be cleared to make this commercially viable.” 229 - Yoshikazu Tanaka, Chief Engineer of Mirai

Jan 2018: “Now I realize that battery electric, or all electric vehicles, are what everybody's talking about these days…But what's not often mentioned,
is that today, less than 1% of all vehicles sold in the U.S. are battery electric, so there is much work to be done to increase consumer demand for all
electric vehicles. And that's why we are also working on new solid-state battery technology, that we believe will make them smaller, lighter, and
 721-479 -29-

most importantly, for both consumers and automakers, much more affordable. This new form of electrification, combined with our Mobility Services
Platform from Toyota Connected, and our autonomous technology from TRI, are the key components in our vision of future mobility services and
mobility commerce.”230 - Akio Toyoda, Toyota President (2009-2023)

Apr 2020: “It is thanks to our hybrid sales that Toyota is well on its way to meeting the 95g/km target set by the EU for 2020 and 2021 in Europe,
where CO2 regulations are the toughest in the world. In addition, our full hybrids are also incredibly effective at running without emissions for the
majority of the time in cities.”231 - Matt Harrison, Executive Vice President of Toyota Motor Europe

Apr 2020: “Of course, we must work hard on improving battery performance and lowering costs (of BEVs), which we are doing. But we must avoid
having no plan until we overcome the hurdles related to both BEVs and FCEVs. In the meantime, we can contribute by continuing our work on
HEVs.”232 - Shigeki Terashi, Chief Officer of Toyota Motor Corporation

Nov 2020: “Tesla says that their recipe will be the standard in the future, but what Toyota has is a real kitchen and a real chef. We are losing when
it comes to the share price, but when it comes to products, we have a full menu that will be chosen by customers. They aren’t really making something
that’s real, people are just buying the recipe. We have the kitchen and chef, and we make real food.”233 - Akio Toyoda, Toyota President (2009-2023)

Dec 2020: “[If the Japanese government bans gas cars too quickly}, the car industry's business model will collapse. Achieving zero emissions is
difficult without a large reform in the national government's policies on energy. At the current rate, we would be unable to make cars in Japan.” -
Akio Toyoda, Toyota President (2009-2023)

Mar 2021: “[We] hydrogen as an effective fuel for the future…However, because of slower than anticipated infrastructure development and resulting
limits on the number of vehicles that can be introduced to the market, we are still only half-way to achieving widespread adoption of FCEVs.’”234 -
Yoshikazu Tanaka, Chief Engineer of Mirai

Dec 2021: “If the energy that powers vehicles is not clean, the use of an electrified vehicle, no matter what type it might be, would not result in zero
CO2 emissions…We want to leave all people with a choice, and rather than where or what we will focus on, we will wait a little longer until we
understand where the market is going.”235 - Akio Toyoda, Toyota President (2009-2023)

Dec 2022: “I believe we need to be realistic about when society will be able to fully adopt Battery Electric Vehicles and when our infrastructure can
support them at scale. Because just like the fully autonomous cars that we were all supposed to be driving by now, I think BEV's are just going to
take longer to become mainstream than the media would like us to believe. And frankly, BEV's are not the only way to achieve the world's carbon
neutrality goals. People involved in the auto industry are largely a silent majority. That silent majority is wondering whether EVs are really OK to
have as a single option. But they think it's the trend so they can't speak out loudly.”236 - Akio Toyoda, Toyota President (2009-2023)

Jan 2023: “A carmaker is all that I am, and I see that as my own limit. [The next CEO] has a mission to transform Toyota into a mobility company. I
expect this new team to go beyond the limits that I cannot break through. I’ve never said BEVs are wrong. BEVs are an important option. However,
they may not be the only option. That point just didn’t get across.”237 - Akio Toyoda, Toyota President (2009-2023)

Feb 2023: “We need to drastically change how we do business…We've seen the kind of EVs we are aiming for," Mr. Sato said. "Now that the timing
is right, we will accelerate that development with a new approach.”238 – Koji Sato, Toyota President (2023-)
 Tesla Motors in 2023: “Electrified” Competition 721-479

Glossary
BEV A purely electric vehicle with zero emissions, such as those made by Tesla. BEVs had more powerful motors than hybrids,
Battery electric vehicle and were much quieter than cars with internal combustion engines.
EV The term ‘electric vehicle’ was typically used to refer to both purely electric vehicles (which could include both battery
Electric Vehicle electric vehicles and fuel cell electric vehicles) and plug-in hybrid electric vehicles.
FCEV have a pressurized hydrogen storage tank which is fed into a fuel cell to produce electricity and power an electric
FCEV
motor. After the electricity is generated, water vapor is emitted from the vehicle. The battery pack is used to recapture and
Fuel-cell electric vehicle
redistribute energy during the operation; most FCEVs do not have a plug-in capability to charge the battery.
Vehicles with both an internal combustion engine and an electric motor and battery pack. They could store small amounts of
HEV
electric power, which was used to assist the combustion engine and improve their fuel economy. Full hybrids could also run
Hybrid electric vehicle
on electricity only, although typically only at low speeds and limited distances. HEVs could not be plugged in to charge.
ICE
Internal combustion Internal combustion engines combined fuel (typically gasoline) with air to release energy.
engine
MHEV
MHEVs had an internal combustion engine and battery pack. The main difference between an MHEV and HEV was that
Mild Hybrid Electric
MHEVs battery could not run on electricity alone.
Vehicle
PHEV
Plug-in hybrid electric vehicles had both an internal combustion engine and an electric motor, could be plugged in to charge
Plug-in hybrid electric
the battery. They could run on electricity alone, but used gas for longer trips.
vehicle
Batteries that did not use liquid electrolytes, such as those contained in the lithium-ion batteries used by many EV
manufacturers. Solid-state batteries had the potential to be lighter and cheaper than those with liquid electrolytes, with
Solid-State Battery
greater energy density. Many companies were working on solid-state battery cells, but as of early 2021, none had a working
prototype for EVs.
ZEV ZEVs were any vehicle that had no emissions when driving and operating. BEVs and FCEVs were usually classified as
Zero-emission Vehicles ZEVs.

Sources: See endnote.239

Tesla Motors in 2023: “Electrified” Competition 721-479

Appendix A: Representative Competitors

Legacy car companies

BMW (Germany) Among the legacy high-end car manufacturers, BMW was relatively early to
the electric vehicle game, though fell behind in later years. In 2013, it launched the i3, an EV for city
use with a range of about 100 miles. In 2016, the i3 sold 25,000 units, making it the third-best selling all-
electric car that year.240 In late 2016, BMW announced that it would start developing electrified versions
of its complete line-up.241 By 2020, the BMW Group had 13 electrified models on the market (including
BEVs and PHEVs; see the Glossary for definitions). It sold about 193,000 electrified vehicles in 2020,
and aimed to double that figure in 2021, while expanding its lineup to 25 electrified models (with over
half of them fully electric) by 2023.242 In China, BMW had partnered with Great Wall Motor Co. to build
a joint factory (with completion expected in 2022) and work together on BEV development. 243 In
February 2023, BMW announced an $800 million plant in Mexico 244 and launched a pilot fleet of iX5
hydrogen FCEV cars stating: “[FCEVs are] a potential addition to the drive technology used by battery-
electric vehicles.”245

Daimler AG/ Mercedes Benz (Germany) In October 2020, Daimler announced that
Mercedes-Benz would shift its strategy toward a focus on electric vehicles. 246 It aimed for the entire
lineup of Mercedes-Benz cars to have an electric variant by 2022, 247 and for electrified vehicles to
comprise more than 50% of its global sales by 2030.248 Daimler was also developing a proprietary car
operating system, which it planned to launch in 2024,249 and working on solid-state batteries in
partnership with Hydro-Québec.250 In 2018, Geely bought a 9.69% stake in Daimler. 251 By 2021, Daimler
and Geely had also formed a joint venture to develop electrified versions of the Smart brand of
vehicles,252 and partnered to develop hybrid powertrain systems.253 At the end of 2021, Daimler and
Mercedes-Benz split into two separate companies with Mercedes-Benz focusing on high-end passenger
cars and Daimler on trucks and commercial vehicles. 254 In 2023, Mercedes-Benz announced the
development of a high-power charging network in Europe, North America and China. 255

Ford (US) Founded in 1903256 and formerly known as one of the Big Three US automakers (with
General Motors and Fiat Chrysler), 257 Ford held about 14% of US vehicle sales market share in 2020. 258
In February 2021, Ford announced that it was doubling its EV investment to $22 billion though 2025,
and that it would invest $1 billion to transform its factory in Cologne, Germany into a center for EV
production in Europe.259 Ford’s all-electric vehicles included the Mustang Mach-E SUV, starting at
$42,895,260 and an electric version of its F-150 pickup truck, starting around $70,000.261 The company
also developed an electric version of its Transit cargo van—the top-selling van in the US since 2015—
which was popular among businesses such as plumbers and delivery companies. 262 Ford began
introduced the all-electric Transit in 2020 and sold about 6,500 units in 2022.263 At least some of Ford’s
future EVs would be built using Volkswagen’s MEB platform. 264

Fisker/Karma (US/China) Fisker Automotive, based in Irvine, California, was a producer of

electric sports cars started by Henrik Fisker, 265 a car designer who had worked on the Tesla Model S
before founding the company.266 Fisker designed its own car body, but outsourced almost everything
else, including the design and manufacturing of the powertrain. 267 In late 2013, Fisker filed for
bankruptcy, and in 2014 its assets were acquired by the Chinese company Wanxiang, 268 which
relaunched its luxury hybrid sedan under the Karma brand.269 As of March 2021, Karma Automotive’s
Revero PHEV (also available as the Revero GT PHEV) started at about $130,000.270 It had a range of 80
miles on just the battery pack, or 360 miles with the aid of its gas generator.271 The company was also
developing commercial EVs with partner B-ON.272 Fisker had started another separate company and
was preparing to launch the Fisker Ocean EV priced between $37,499 and $70,000.273

31
 Tesla Motors in 2023: “Electrified” Competition 721-479

Geely/Volvo (China/Sweden) In 2010, the private Chinese automaker Zhejiang Geely

Holding purchased the Swedish vehicle company Volvo. 274 In 2019, Volvo began selling only hybrids
or electric vehicles, and in March 2021, it vowed to sell only purely electric vehicles by 2030.275 It also
planned to begin selling vehicles entirely online, instead of through dealerships.276 In early 2021, Geely
partnered with the Chinese internet search company Baidu—already a leader in autonomous vehicle
technology—on EV development.277 Geely had also partnered with Daimler on hybrid powertrains,
and had recently announced a scalable EV platform.278 In addition to Volvo, Geely Holding owned the
Malaysian Brands Proton and Lotus, as well as the Polestar brand of luxury electric cars, 279 the all-
electric version of which had a range of 288 miles and started at $48,400 in 2023. 280 Volvo had
announced its intentions to launch six new BEVs through 2026 covering its major models.281

General Motors (GM)(US) Founded in 1908282 and formerly known as one of the Big Three
US automakers (with Ford and Fiat Chrysler),283 GM held about 17% of US vehicle sales market share
in 2020.284 In 2011, GM introduced the Chevy Volt PHEV,285 which was discontinued in early 2019 after
selling more than 150,000 total units. 286 In 2017, GM introduced the Chevy Bolt, an all-electric
hatchback that sold for $37,495 and had a range of 238 miles.287 In January 2021, GM announced that
by 2035, it would sell only vehicles with zero tailpipe emissions.288 It aimed to produce 30 new plug-in
models and to have 40% of its US lineup be fully electric vehicles by 2025.289 In 2021, GM created a new
division called BrightDrop to serve the e-commerce and home delivery markets.290 Brightdrop’s fully
electric EV600 delivery van—which had a 250-mile range—was set to begin deliveries in late 2021.291
GM was in the process of building a $2.3 billion battery factory in Ohio in partnership with South
Korea-based LG Chem Ltd. 292 It was also involved in the autonomous vehicle business through its
subsidiary, Cruise, which began testing driverless vehicles in San Francisco in December 2020.293 GM
had a joint venture with SAIC Motor and Liuzhou Wuling Motors Co Ltd. in China, SAIC-GM-Wuling
or SGMW, which sold cars under the Wuling and Baojun brands for $5,000 to $10,000 USD. 294 GM’s
had developed its Ultium EV architecture dating back to 2018 and viewed it as a flexible platform to
be used across its entire range of cars and trucks. 295

Honda (Japan) Honda was a Japanese motorcycle and car manufacturer founded in 1946.296 It
also sold power products such as power generators, lawnmowers, and snow blowers.297 Honda aimed
for electrified vehicles to comprise two-thirds of its global auto unit sales in 2030.298 As of early 2021,
Honda sold a number of hybrid vehicles, as well as PHEV and hydrogen fuel cell versions of its Honda
Clarity sedan.299 In 2020, Honda introduced the all-electric Honda e, a “city car” with a range of about
100 miles that started at the equivalent of $33,900 in the UK.300 The car was available in Europe and
Japan, but the company had no plans to bring it to the US. 301 The company had leased a fully-electric
Clarity model in the US in 2020, but soon discontinued it, perhaps because its 89-mile range did not
appeal to consumers.302 In China, Honda had partnerships with GAC Group and Dongfeng Motor
Group,303 and worked with the battery supplier CATL on electric vehicle batteries.304 In January 2023,
Honda rolled out its prototype in partnership with Sony for the EV Afeela with enhanced
entertainment features throughout the vehicle. 305

Hyundai/Kia (South Korea) Hyundai and Kia were sister companies, with Hyundai Motor
Company owning 33.88% of Kia in early 2021.306 Although it already had a platform designed for new
energy vehicles including hybrids, BEVs, and PHEVs, in 2020 Hyundai introduced the Electric-Global
Modular Platform (E-GMP) specifically optimized for BEVs. This platform aimed to help the
company’s BEVs achieve a range of about 300 miles (on the European WLTP test cycle). 307 It would
serve as the basis for 23 new Hyundai, Kia, and Genesis EVs to be released beginning in 2021, and for
the robotaxi developed by Motional, Hyundai’s autonomous vehicle joint venture with the auto
supplier Aptiv.308 In Q1 2020, Hyundai and Kia gas vehicles held 8.9% of the global ICE vehicle market,

32
Tesla Motors in 2023: “Electrified” Competition 721-479

whereas their electric vehicles held 9.9% of the global EV market. 309 One of Hyundai’s most popular
EVs was the Kona BEV, a subcompact SUV which in 2023 started at $33,550 and had a 258 mi range.310

Renault/Nissan/Mitsubishi The automakers Renault (France), Nissan, and Mitsubishi (Japan)

had formed a global alliance in 1999.311 The three companies also owned Alliance Ventures, a strategic
venture capital fund headquartered in Amsterdam that invested in new mobility, autonomous driving,
connected services, and EV technology.312

 Renault (France): In 2021, Renault stated on its website that “almost one vehicle in every four
sold in Europe is a Renault.” By 2022, the company would have eight purely electric and twelve
electrified vehicle models.313 One popular BEV was the Renault Zoe, first launched in 2012,
which in 2020 started at £26,495 (=$32,914)314 in the UK and had a quoted range of 245 miles on
the European WLTP cycle (though it was probably closer to 190 miles in practice). 315 The Zoe
was the best-selling EV in Europe in 2020,316 but was not sold in the US.317

 Nissan (Japan): In 2007, Nissan had started the most ambitious BEV project yet by a mass car
producer: the Nissan Leaf.318 Over the next few years, Nissan and Renault invested over US$5.6
billion in the project.319 The Leaf, a fully electric mid-sized family sedan, was designed from the
ground up as an electric car to leverage the benefits of the EV technology.320 Developing the car
took three years, which was much faster than Nissan’s standard four-year development cycle,
despite it being a completely new car. 321 While the Nissan Leaf was launched in 2010 to great
reviews, sales in 2013 were just below 50,000, 322 far lower than expected.323 Still, the Leaf
continued to be sold for many years, and was the seventh most popular BEV globally in 2020,324
with a starting price of $32,550 and a range of 150 miles.325 The company’s 2023 Nissan Ariya
electric SUV had a starting price of about $43,190 Ariya with a range of approximately 304
miles.326

 Mitsubishi (Japan): In July 2020, Mitsubishi announced a plan to focus on the southeast Asian
market and on strengthening its PHEV models over the next three years. 327 More broadly,
Mitsubishi aimed for EVs to make up 50% of its total sales by 2030.328

SAIC Motor (China) The Chinese state-owned automaker SAIC Motors was founded in 1997
and headquartered in Shanghai.329 In 2020, it sold 5.6 million vehicles, 320,000 of which were new
energy vehicles.330 SAIC had partnerships with Volkswagen and General Motors; 331 it also owned the
UK-based automaker MG Motor.332 SAIC’s joint venture with GM and Liuzhou Wuling Motors Co
Ltd., known as SAIC-GM-Wuling, SGMW, or Wuling, sold cars under the Wuling and Baojun brands
for $5,000 to $10,000 USD.333 In January and February 2021, the Wuling Hong Guang Mini EV was the
bestselling car in the world, with 56,000 global sales in those two months, compared to 35,200 global
sales for the Model S. 334 The Hong Guang Mini, which was only sold in China, had a price of
approximately $4,900,335 a top speed of 62 mph, and a range of 106 miles on a single charge.336

Stellantis (Netherlands) Stellantis was formed by a merger between the French PSA Group
(formerly PSA Peugeot Citroen) and the Italian-American Fiat Chrysler Automobiles (FCA). 337 As a
result, it owned a large number of brands including Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Lancia,
Maserati and Ram (from FCA) and Citroen, DS, Opel, Peugeot and Vauxhall (from PSA Group). 338
Stellantis officially began operations in January 2021.339 It planned to focus heavily on BEVs and was
striving to have more than 75 models representing 5 million units by 2030. 340 As of March 2023,
Stellantis had four dedicated BEV platforms. 341

Tata Motors (India) Tata Motors was owned by the holding company Tata Group, whose EV-
related companies included Tata AutoComp (which made battery packs for EVs), Tata Chemicals

33
 Tesla Motors in 2023: “Electrified” Competition 721-479

(which made lithium-ion battery cells), and Tata Power (which made charging infrastructure). 342 In
2008, Tata Motors bought the British brands Jaguar (luxury cars) and Land Rover (SUVs) from Ford
Motor Company.343 As of early 2021, Tata Motors offered a wide range of vehicles including passenger
cars and semi-trucks, and held the largest share of commercial vehicles in India, at 45%.344 It offered
electric versions of its Tigor sedan (194 mi range, priced at 9.6 lakh or about $13,135) and Nexon SUV
(194 mi range, 14 lakh /$19,156), and planned to introduce several more BEVs in the coming years. 345
Under the Jaguar brand, it also offered the Jaguar I-Pace all-electric SUV, which cost about $72,575, had
an EPA-rated range of 234 miles, and could accelerate from zero to 60 mph in 4.3 seconds.346

Toyota (Japan) Toyota’s Prius, first released in Japan in 1997, was the world’s first mass-
produced gasoline-electric hybrid vehicle.347 In 2012, Toyota began selling a PHEV version of the
Prius,348 and by 2017, the company had sold over 10 million hybrid vehicles (of various models)
globally.349 As late as December 2020, Toyota’s president said that purely electric vehicles (BEVs) were
overhyped, suggesting that mass adoption would strain Japan’s electricity grid and make cars
unaffordable for the average consumer.350 However, in February 2021, Toyota said it wanted electrified
vehicles (including hybrids) to account for 40% of new vehicle sales by 2025, and expected them to
account for “nearly 70%” by 2030.351 It also stated that by 2025, all Toyota and Lexus models globally
would have an electrified version.352 Please see the “Spotlight on Toyota” section in the case for more
details.

Volkswagen Group (Germany) In November 2020, Volkswagen Group (VW) announced its
plan to spend €73 billion on EV and digital technology over the next five years, including about €35
billion on BEVs and €11 billion to develop hybrid versions of existing models. 353 VW CEO Herbert
Diess—who had come to the company in 2015 in the wake of a scandal over its manipulation of diesel
emissions data—wrote of VW’s need to “change utterly” into a digital company.354 He even described
an April 2020 workshop called “Mission T,” in which leaders from VW, Audi, and Porsche had met to
talk about how they would catch up with Tesla, including by creating a separate organizational unit
called the Artemis project to focus on EV technology.355 VW had already created a dedicated platform
for electric vehicles called the Modular Electric Drive matrix (MEB), 356 which it offered to other car
manufacturers to help offset the costs of EV development.357 In late 2019, it began production on the
first model built on the MEB, the ID 3 electric hatchback.358 The ID 3 was not offered in the US,359 but
its successor, the ID 4—an electric SUV—was manufactured and sold in the US starting at $37,495 with
a range of 208 miles.360

Chinese startups
China was the largest market for EVs, with 6.7 million sold in the country in 2022. 361 The Chinese
government had previously offered subsidies on EVs, worked to ensure good terms on car loans, and
supported the building of charging stations.362 Although Tesla was the leading pure BEV producer in
China,363 Tesla also faced increasing competition from a number of Chinese competitors.364 In addition
to the companies discussed below, major Chinese EV startups included XPeng, Li Auto, and WM
Motor.365

BYD BYD roots dated back to 1995 when it began producing batteries. 366 Established in
Shenzhen, Guangdong Province in southeast China by Wang Chuanfu, BYD was an acronym for
“Build Your Dreams”367 In 2003, BYD expanded to automotive manufacturing by acquiring a neglected
automaker from an industrial conglomerate368 and then further diversified into other lines of business
such as solar cell manufacturing and cellphones; at the core of all business lines were batteries since all
BYD divisions depended on energy storage in one way or another.369

34
Tesla Motors in 2023: “Electrified” Competition 721-479

BYD Auto started by reverse engineering well-built cars such as high-end Mercedes and released
its first plug-in hybrid EV (the F3DM) in 2008, the same year Warren Buffett bought 10% of the
company.370 In 2010, the company entered into a long-term relationship with Daimler to develop EVs
under the Denza name for the Chinese market.371 Leveraging an internal design team, BYD released its
Qin line in 2013 and proceeded to name all future lines after former Chinese dynasties. One such
example was the BYD Han EV, a stylish four-door sedan that had a driving range of 374 miles and
could accelerate 0 to 60mph in 3.9 seconds.372 Prices in China started at 229,800 yuan (US$34,300) and
reached 279,500 yuan (US$41,716) for the four-wheel drive premium version.373 It also made electric
vehicles like buses and utility vans,374 and had phased out traditional fossil-fuel cars by 2022.375 BYD
partnered with the Chinese ride-hailing company Didi Chuxing to build EVs specifically designed for
ride-hailing.376 The two companies released the first such model, the D1 van, in November 2020. 377
BYD also had a joint venture with Toyota to research and develop BEVs,378 and a joint venture with the
Japanese company Hino Motors to develop commercial BEVs for the Asian market. 379 In 2022, BYD
sold 1.86 million cars (approximately half BEVs and half PHEVs) representing a 214% increase from
2021.380 Company revenues were estimated at 400 billion yuan (US$59 billion) and net income at 17
billion yuan (US$2.5 billion) in 2022.381

NIO NIO was a Shanghai-based EV startup founded in 2014.382 Though it neared bankruptcy in
2019,383 in 2020, NIO received a combined $2.7 billion bailout from state-run companies.384 By February
2021, its valuation had shot up to over $80 billion, putting it ahead of Ford and GM,385 though it had
yet to be profitable, and lost thousands of dollars on each car sold.386 NIO promoted battery swapping
as an alternative to recharging, and claimed that it would build another 1,000 operational battery-swap
stations by the end of 2023, taking the total to 2,300 stations.387 The company manufactured few parts
itself, but instead sourced them from other Chinese manufacturers.388

Tech Giants In Nov. 2020, the ecommerce giant Alibaba partnered with SAIC Motor to create
the EV manufacturing company Zhiji Motor. 389 Alibaba had also funded the EV startup XPeng, 390 as
well as the autonomous vehicle startup AutoX, which began driverless testing in December 2020.391 In
early 2021, the internet company Baidu set up a joint venture with Geely to work on new energy
vehicles. 392 Baidu had also been working on autonomous driving since 2017. 393 By 2021, it had
launched EV robotaxi fleets in several Chinese cities, including Beijing. 394

Tiny Cars In addition to traditional motor vehicles, there was a booming Chinese market for
tiny, golf cart-like electric cars, which went no faster than 35 mph, cost between $600 and $2,500, and
occupied a regulatory gray zone, with no license required to drive them. 395 Many of these cars were
originally made by small, local manufacturers that also made scooters, although larger brands had
since emerged.396

USA startups
Rivian Founded in 2009 and headquartered in Michigan, Rivian focused on electric trucks and
SUVs. As of 2023, it offered two models: the R1T, a pickup truck with a starting price of $73,000 and a
range between 260-400 miles depending on the choice of battery, and the R1S, an SUV with a base price
of $78,000 and 260-390 miles of range.397 In early 2019, Amazon led a $700 million investment in Rivian,
and in September it placed an order for 100,000 delivery vans, in a push to convert its fleet to fully
renewable. Rivian raised $1.3 billion in 2019, including a $500 million investment by Ford, $2.5 billion
in 2020, and $2.65 billion in 2021.398 In March 2021, Rivian launched a plan to build a network of fast-
charging stations to allow long-distance travel in the US. The network was expected to consist of 600
stations totaling more than 3,500 chargers.399

35
 Tesla Motors in 2023: “Electrified” Competition 721-479

Lucid Motors Lucid Motors began operations in 2007 as a battery technology and EV
powertrain company with the goal of manufacturing batteries and powertrains for other
vehicle manufacturers. In late 2016, however, the company announced the goal to develop
the Lucid Air, a luxury EV with a projected range of 410 miles and a starting price of
$89,050.400 In 2020, Lucid announced plans for an electric SUV with deliveries scheduled for
2023.401 And in February 2021, the company unveiled a plan to offer a smaller, more affordable
automobile to compete with Tesla’s Model 3 by 2025.402

Nikola Motor Company Headquartered in Phoenix, AZ, and founded in 2014, Nikola
focused on electric trucks, both battery and fuel-cell powered. As of 2023, it offered the TRE
model in BEV and FCEV versions.403 In May 2018, Nikola filed a lawsuit against Tesla alleging
that the Tesla Semi infringed on a number of patents related to windscreen, door, and
bodywork design.404 The company sought $2 billion in damages. In 2022, Nikola dropped the
lawsuit.405 In 2020, Nikola announced an SUV, called Badger. GM had agreed to manufacture
the Badger and had signed a non-binding agreement to take an equity stake in Nikola when
some damaging news reports about Nikola led the two companies to cancel the deal. 406 This
also led Nikola to cancel the Badger and refund any order deposits.

36