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Tesla Motors Inc (TSLA) Gigafactory to Dwarf Other Electric Car Makers

Tesla Motors Inc (NASDAQ:TSLA) is expected to dwarf or hold back the normal growth of its competitors in the electric car industry through its planned gigafactory , according to recent report released by IDTechEx, an independent market research and consulting firm.

Global sales of hybrid and electric cars expected to triple by 2014

The market research firm predicted that global sales of hybrid and pure electric cars will increase three times to $178.9 billion over the next ten years. IDTechEx forecasted that the new models of hybrid cars in the United States will rise by 24%, in Europe 23% and East Asia 53%.

The report entitled “Hybrid and Pure Electric Cars 2014-2024: Technologies, Markets, Forecasts” indicated that the value of hybrid cars and pure electric vehicles in 2013were $43 billion and $2.3 billion respectively.



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