Electric vehicles are the result of rapidly evolving technology and innovation within the motor industry. With the sale of electric cars quickly increasing, it shows that the demand of these vehicles is also on the rise. However, with the demand comes the need for further development.
While some big companies spend huge sums of money battling patent wars to protect their own assets, Elon Musk, the CEO of electric car maker Tesla motors is opening its patent portfolio of the electric car to other car makers to encourage innovation and accelerate electric car technology.
The competition in the auto industry is fierce as several auto makers continuously fight to keep their position in the marketplace but with this compliant act, it may actually encourage research and development at a faster pace and the rapid progression of electric car technology.
Car manufacturers currently face a number of challenges where efficiency of the electric vehicle is concerned and in an effort to advance this technology, Tesla may be hoping to get the support that it needs to meet a common objective in electric car development.
High component vehicle costs are amongst the list of barriers in electric vehicle adoption and of then course, with an increase in the number of electric vehicles, there’ll be the need for more charging stations as currently there is an insufficient number for the long term construction of electric cars.
Tesla’s business model doesn’t only include selling electric cars within the auto industry but also providing technology to other companies. By opening their patent portfolio, they would benefit from becoming providers of other products and services by expanding their current supply to bigger car makers.
Although Tesla’s patent sourcing might be thought of as an unusual move, if rivals pull together, combine knowledge and share technology, it may motivate others to do the same and inspire more positive outcomes.
If other auto makers begin developing electric cars at a faster pace, it means cleaner carbon emissions. However, it’s questionable whether the production of electric cars will begin in the near future?
With large corporations having Tesla electric car patent portfolio at their fingertips, investment in this technology could quickly increase and add value to the electric vehicle, in addition giving huge publicity to Tesla.
So, how will this shape the future of electric cars in the future? With careful strategy, the potential growth in electric car technology could soon lead the way in the automotive industry.