Move over Tesla, there’s a new player in the electric vehicle market that is doing brisk business, at least in the month of May.
That’s when Audi launched its first electric vehicle the e-Tron SUV. It sells for $75,000 and in its first month 856 e-Tron vehicles were sold in the U.S. According to reports, the vehicle now accounts for close to 5% of Audi’s sales. Tesla sold 1,000 Model X vehicles in May while Jaguar sold 228 vehicles in the same period. Both are direct competitors to the e-Tron.
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While 856 e-Tron vehicles sold isn’t huge, it does mark the first real competitive threat to Tesla and its electric vehicle dominance.
For years the automotive industry has been working to chip away at Tesla’s market share and bring a competing vehicle to the market. Audi appears to be the first to match Tesla when it comes to luxury although critics say it still falls short of the Model X.
Audi e-Tron Doesn't Beat Tesla on Mileage
The big difference is the mile range between the two vehicles. The Audi e-Tron has a 204-mile range. That compares to the Model X which has a 325-mile range and the Jaguar I-Pace which can go 234 miles without needing a charge.
But what the company gives up in mileage customers get back in charging speed. Audi said the e-Tron can charge at 150 kilowatts at high-speed public charges. That, says Audi results in the fastest charging speed of any electric SUV in the market. It will take a driver ten minutes to get a 54-mile charge and thirty minutes for 163-mile charge. The electric SUV comes with all-wheel drive and the ability to tow as much as 4,000 pounds.
Audi may not be able to boast the speediest charging for too long. Tesla is gearing up to launch its Supercharger V3 network. When it's available, Model 3 sedans will be able to charge at speeds of as much as 250 kilowatts. According to reports, Audi said it's next electric vehicle the e-Tron GT, which is a sports car, will charge at an impressive speed of as much as 350 kilowatts.
Vehicles Manufactures are All In with Electric Vehicles
Audi isn’t the only automobile manufacture going after the electric vehicle market in a big way. Earlier in July Ford and Volkswagen announced a joint venture to collaborate on their self-driving and electric vehicle efforts. The two companies plan to share intellectual property and hardware in an effort to compete. VW is going to invest $2.6 billion into Argo AI, Ford's self-driving car venture and Ford plans on building an electric car from VW's MEB electric vehicle platform.