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TeslaMotors
The Tesla Model TRX
Tanja Kuehni, Elisa Lokmagozian, Andrew Mirto, Erik Sharp
Bus 306-02October 20, 2013
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ContentsSituation Analysis.....................................................................................................................................2
Market Summary.....................................................................................................................................2
Market Analysis.......................................................................................................................................3
Demographics......................................................................................................................................3
Geographics.........................................................................................................................................4
Psychographics....................................................................................................................................4
The Market..............................................................................................................................................5
Market Needs......................................................................................................................................5
Market Trends.....................................................................................................................................6
Market Growth....................................................................................................................................7
SWOT Analysis.........................................................................................................................................7
Strengths.............................................................................................................................................7
Weaknesses.........................................................................................................................................8
Opportunities......................................................................................................................................8
Threats.................................................................................................................................................9
Competition...........................................................................................................................................10
Product Offering....................................................................................................................................11
Keys to Success......................................................................................................................................12
Critical Issue...........................................................................................................................................13
Bibliography...........................................................................................................................................14
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Situation Analysis
The car industry is criticized daily for the environmental damages produced by its
products. Furthermore, the cost to operate these products (gasoline and maintenance) is a rising
issue for consumers. TeslaMotors wishes to enter a specific part of the car industry: the pickup
truck market. The truck industry has attempted to provide solutions for the arising issues
mentioned, such as hybrid trucks and more fuel-efficient models. However, combustion, diesel,
and even hybrid pickup trucks increase greenhouse gas emissions every day (Fortenbaugh, n.d.).
Furthermore, it would be beneficial to provide a pickup truck that does not run on fossil fuel. For
the reasons listed above, TeslaMotors will introduce a fully electric pickup truck named the
Model TRX. Since it will not run on fossil fuel, it will be more environmentally friendly than all
of the current pickup trucks on the market. With careful analysis of the market, the Model TRX
will be available to consumers by 2015.
Market Summary
With the increasing number of vehicles sold each year, there is a greater need for an eco-
friendly line of vehicles (EDTA, n.d.). All pickup trucks on the market, hybrid, combustion, or
diesel, use a source of fossil fuel. Therefore, there is a need for a consistent source of renewable
fuel. Finally, with a fully electric line of vehicles on the road, there would be less emissions and
a boost in the economy with the money saved from gas expenses.
The market for a fully electric truck falls into the personal transportation vehicle market.
In 2010, the global financial crisis caused a decline in the production of vehicles by 9 percent;
however, the car industry responded the year after with a 22 percent increase in production.
Since then, there has been a steady three percent yearly growth (EDTA, n.d.). The demand for a
new fuel source is responsible for an increased popularity of electric vehicles. Hybrids offer a
decreased reliance on fossil fuels; however, an electric automobile eliminates the reliance of
fossil fuels altogether, which is one of the many reasons for the expansion of the electric vehicle
market. In 2012, the total number of vehicles sold was over 14 million, of which electric drive
models made up 3.38 percent (EDTA, n.d.). In 2013, year-to-date, approximately 11 million
vehicles have been sold, and there was a 3.90 percent increase for all electric drive models
(EDTA, n.d.). This illustrates a growing need and desire for electric vehicles. With new designs
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and recent advances in technology, Tesla’s Model TRX has the ability to gain a significant
market share. This information gathered on the automobile market provides insight for the
execution of Tesla’s Model TRX, taking into consideration the business-to-consumer and
business-to-business strategies.
Market Analysis
DemographicsThe Model TRX will target a specific type of demographic. For starters, it will be on the
expensive end of a vehicle. Therefore, the target market will be tailored towards individuals who
earn a relatively high income. Although household income will be a main concern for targeting a
specific market, the gender and family orientation will be of concern as well.
Household IncomeA 2013 Nissan Versa S can be sold at $12,780, which would make it one of the cheapest
new cars on the U.S. market (Healey, 2013). On the other hand, there are cars on the market that
cost over a million dollars. The Model TRX will not be on either end of the spectrum. Based on a
rough estimate and the base price of $62,400 for Tesla’s Model S ("Facts," 2013), the Model
TRX may range from $70,000 to $120,000. That being said, the targeted consumer will have an
annual household income of at least $150,000 and up. This will narrow the market down greatly.
According to the U.S. Census Bureau, in 2010, the top 10 percent of U.S. households reported an
annual household income of $135,000 or more (‘2011 annual social’, 2011). Thus, based simply
on annual household income, the pickup truck will target less than 10 percent of U.S.
households.
GenderThe marketing for Tesla’s Model TRX will be geared towards men. Based on a market
survey about the Model TRX, men showed a higher interest than women (Kuehni, Lokmagozian,
Mirto, & Sharp, survey, October, 2013). Only 21 percent of the females surveyed displayed
interest in the truck, whereas 79 percent of all male respondents expressed their interest.
Therefore, gender plays a significant role in the marketing of our product.
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Family OrientationAccording to the same market survey, more individuals that are married with children
expressed interest in the Model TRX than those that do not have children. Therefore, the
marketing will target individuals married with children. However, singles will not be
unaccounted for because a significant portion of the singles expressed interest, as well.
Nonetheless, more single individuals would need to be surveyed before a solid conclusion can be
made about that specific demographic.
GeographicsAccording to data gathered for a Model TRX market survey, the density of regions (rural,
city, or suburban) did not affect the interest for a Model TRX (Kuehni, et al., survey, October,
2013). However, regions that are more outdoor oriented are favorable places to market to, as well
as regions with a higher average income distribution compared to the total income distribution in
the U.S.
Outdoor Oriented RegionsNearly two thirds of the people surveyed mentioned that they would use the truck for
outdoor recreation. Therefore, it would be wise to market the truck to regions where people
spend more time outdoors. Furthermore, high density regions that are known for their outdoor
qualities are a perfect place to market the Model TRX. An article provided by Forbes Magazine
lists 40 of the best domestic cities to spend time outdoors. At the top of the list are cities such as:
San Francisco, San Diego, San Jose, and Jacksonville (Ruiz, 2008). Although these cities are
outdoor oriented, only the regions of a higher than average income distribution will be the most
successful to market to. The product will be marketed to these areas and the areas surrounding.
PsychographicsThe behavioral factors of individuals affect how the Model TRX will be marketed. For
example, the Model TRX market survey unveiled that there is a trend relating to the activities
that the truck will be used for. Additionally, the perceived economic status of our targeted
demographic is similar throughout the group.
Use of the TruckAccording to the market survey, 70 percent of the respondents reported that they would
use a Model TRX for outdoor recreation (Kuehni, et al., survey, October, 2013). Although, only
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17 percent of the individuals that own a truck mentioned that they use their truck for recreation.
Nonetheless, when people envision themselves driving a truck, the majority expects to use it for
outdoor recreation. Therefore, the Model TRX will be marketed towards the outdoor oriented
individual. This will send a message aimed towards the type of individuals that envision an
outdoor use of a truck, which will generate a larger response.
Upper-Middle ClassThe targeted demographic that makes over $100,000 of annual household income view
themselves as upper-middle class, with the exception of a few individuals that would categorize
themselves as part of the middle class (Kuehni, et al., survey, October, 2013). Based on an
estimate from the U.S. Census Bureau, the individuals that make over $100,000 are well over the
25th percentile of average household income in the U.S., which would put these individuals in the
upper-class range (2011 annual social, 2011). However, that is not the way that the targeted
demographic perceives itself. Therefore, the Model TRX will target individuals who consider
themselves as part of the upper-middle class. Thus, the Model TRX will not be ridiculously
lavish or super-powered like the cars on the market that are worth millions, but rather, it will
have a clean look and be subtly luxurious. The truck will make a statement, but it won’t cost a
lifetime savings.
The Market
Market NeedsRecently, the car industry offers solutions that support “green thinking”, such as hybrid
and electric cars. However, what the market is lacking is a zero-emissions solution for the pickup
truck market—a market that provides a highly criticized car, said to be one of the most damaging
to the environment. An electric pickup truck by TeslaMotors would draw significant interest due
to brand recognition. Also, current pickup truck drivers may be intrigued by the idea. It will be
the perfect solution for those who would like the convenience of a pickup truck, but have not
purchased one due to the impact on the environment.
A survey has been conducted in order to verify these assumptions and to enquire if an
electric pickup truck by TeslaMotors would gain substantial market share. Fifty-five percent of
all respondents stated that they would be interested in the Model TRX, regardless of the vehicle
they currently drive. Seventy-one percent of current pickup truck drivers voiced an interest in
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this solution by TeslaMotors. Tesla’s name recognition has increased in popularity, which is
reflected by the high number of people who have already heard of the company (85 percent).
When asked what they would want to change about their current car, 82 percent of respondents
mentioned that they would like it to be more fuel efficient, and 30 percent wished it be more
environmentally friendly (refer to Figure 1). The electric Model TRX will satisfy these wishes
(Kuehni, et al., survey, October, 2013).
Better mpg
more room
Interior luxury
Better for the environment
Off road or towing capabilities
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
82%
18%
15%
30%
9%
Figure 1: If you could change or add any characteristics to your vehicle, what would it be?
(Kuehni, et al., survey, October, 2013).
Market TrendsPeople’s increasing concern for the environment is a major trend that provides
opportunity for the Model TRX. TeslaMotors has proven to be a leading company in tackling
environmental concerns through its environmentally friendly automobiles. Furthermore,
TeslaMotors will appeal to even more customers by offering the Model TRX to the market.
Since a vehicle is a source of self-expression, the message conveyed by the Model TRX will
portray a “green” lifestyle. Nonetheless, average consumers are not the only customers that may
take an interest in this product. Many businesses use pickup trucks as company vehicles, which
creates a vast opportunity for the Model TRX. This product can be marketed towards companies
that are engaged in environmental protection and want to create a positive image.
Furthermore, gasoline prices are likely to remain high, which will result in many people
reconsidering their gasoline consumption. The U.S. Energy Information Administration (EIA)
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projects an average price of $3.37 per gallon nationwide for the year 2014 (EIA, 2013). In a
short-term perspective, these high prices might seem insignificant compared to the high price of
an electric vehicle. Therefore, it is imperative that potential customers be educated about the
long-term benefits of electric vehicles in order to increase their willingness to pay a premium
(Martschenko & Gabriel, 2013).
Market GrowthCompared to last year, electric car sales increased by more than 50 percent in the first
half of the year 2013. This growth can be explained by a better overall understanding of how
electric vehicles work, and how they are beneficial for both the customer and the environment.
Also, advancements in technology have led to lower car battery prices, which is a trend that is
expected to continue over the coming years. Due to lower production costs and increasing
awareness of electric car benefits, growth in the electric car market will be expected (Bigelow,
2013). For TeslaMotors, earnings are expected to grow 108.81 percent in 2013 and projections
display substantial growth over the next five years (Nasdaq, 2013).
According to Shanbhag (2013), the reason why Tesla has such great potential for the
future is the fact that Tesla provides solutions for problems that will gain a greater importance in
the coming years. The depletion of the environment and the scarcity of energy resources ask for
continuous innovation and for the use of renewable energy sources—the one thing Tesla
specializes in.
SWOT Analysis
StrengthsProducing an electric pickup truck fits into a market niche that possesses quite a few
strengths. A fully electric truck is not available in the market for consumers yet. We have a
strong marketing strategy that recognizes the consumer need for a more sustainable, yet stylish,
pickup truck.
TeslaMotors was founded recently, in 2003, by a group of engineers in Silicon Valley.
One aspect that makes Tesla such a strong company is its talented team of founders. Tesla’s goal
is “to accelerate the world’s transition to electric mobility with a full range of increasingly
affordable electric cars. We're catalyzing change in the industry. Tesla vehicles and electric
vehicles (EV’s) powered by Tesla are fun to drive and environmentally responsible” (About
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Tesla, 2013). It currently produces (or is producing) all-electric, high performance vehicles such
as the Roadster, Model S, and Model X.
Tesla is a very innovative company and its ability to create these vehicles proves its
effective research and development process. Tesla has built a small, but loyal, customer base that
isn’t like any other car company. Its customers tend to be financially comfortable, interested in
sports cars and car performance, and concerned about the environment. Most importantly, Tesla
“will help lessen global dependence on petroleum-based transportation and drive down the cost
of electric vehicles” (About Tesla, 2013). By producing the Model TRX, we can utilize and build
upon Tesla’s reputation, skills, and unique technology, which will open up an array of
opportunities.
WeaknessesWhile Tesla is a strong company with an excellent reputation, it has its weaknesses. One
weakness is its popularity. Tesla does not have much brand recognition yet, which is most likely
due to the fact that its cars are expensive and that the company is still fairly new and trying to
expand. Tesla’s high-priced cars can turn away potential customers and pose as a weakness.
Many consumers cannot justify spending so much money on a car, even if it may save them
money in the long run.
Another weakness is the battery life of a Tesla, or any electric car for that matter. A Tesla
does not have unlimited driving mileage. This poses problems to those who want to take longer
road trips into more remote areas (Noland, 2013). The batteries must be recharged every few
hundred miles (Lampton, 2008). This is a weakness because many people either do not want to
hassle with charging their car when on the road, or they simply cannot charge given their
location. If a Tesla’s batteries are depleted, the owner is stuck on the road and must be towed.
Charging also takes hours at a time for a complete, full charge at any regular plug-in outlet
(Tesla, 2013).
Tesla car batteries possess another weakness besides their mileage range. As with any
battery, the Tesla batteries can only be charged so many times before they cannot hold charge
any longer. For example, the lithium-ion battery pack in the Roadster has an average lifespan of
five years, or 100,000 miles (Lampton, 2008). Once dead, the battery will need to be replaced at
the expense of the consumer. Additionally, the “dead” battery needs to be disposed of which
there isn’t an environmentally friendly way to do this.
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OpportunitiesOne of the biggest market trends today is the idea of more fuel-efficient vehicles. The
prices of oil and gasoline are unpredictable; however, they are expected to remain high (EIA,
2013). Consumers are concerned with these prices and are searching for better alternatives
(Kuehni, et al., survey, October, 2013). As automotive technology continues to improve and
more cars are produced that have a better gas mileage, what is better than a car that does not
operate using gasoline? The Model TRX will be fully electric and targeted towards consumers
who need the convenience of a pickup truck, while also needing a superior alternative to
gasoline. All of the trucks on the market today are gasoline-powered and do not have efficient
gas mileage. For example, the 2013 Ford F150 has an EPA estimated MPG of 17/23
(city/highway), which is low when compared to smaller cars, yet it is among the most fuel
efficient pickup trucks today (Ford, 2013). The Model TRX has a great opportunity here because
owners will no longer have to pull into a gas station to fill the tank.
Another big opportunity addresses the recent market trend for consumers and businesses
to be environmentally friendly. The care and protection for the environment is a concern that is
somewhat overlooked by gasoline-powered vehicles. However, Tesla vehicles have zero
emissions, making it an appealing alternative to ordinary vehicles (About Tesla, 2013).
Battery producing companies for all kinds of products are an emerging market as well.
Research on longer lasting lithium-ion batteries is improving battery life for many consumer
products (Fisher, 2013). A breakthrough in battery technology will improve the life of a Tesla,
which will turn the company’s weakness into a strength.
ThreatsA potential threat to the Model TRX could occur if the price of gasoline were to drop,
and stay relatively low. Current pickup truck owners would most likely keep their pickup trucks
and the price of filling the tank wouldn’t hurt as many people financially. Also, people who are
in the market for a new pickup truck would most likely purchase a less expensive one, such as
the Ford F150, rather than a luxurious electric truck.
Furthermore, if there were to be a downturn in the economy, people would be less
inclined to purchase vehicles, especially luxurious ones. When money gets tight, people tend to
be cautious and save their money. In this case, it is unlikely that an average consumer would
purchase a Model TRX.
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Suppliers for Tesla batteries are limited (Motavalli, 2013). By adding a new line to
Tesla’s vehicles, Tesla will have an even more increased demand for batteries. However, there
aren’t enough batteries in production currently. This poses as a threat for the Model TRX. For
example, each Tesla Model S battery pack uses more than 7,000 cylindrical 18,650 cells in its
battery pack. These cells are unique and different from the ones used in other electric car
batteries (Motavalli, 2013). Production of batteries solely for the Model S might contribute to 40
percent of global cylindrical battery production (Fisher, 2013). Also, Elon Musk, CEO of
TeslaMotors, explained that even if the company used other existing sources of battery cells, it
would still limit Tesla to only a few hundred thousand cars a year (Motavalli, 2013). Without
enough batteries, Tesla’s rate of expansion will be hindered. If Tesla cannot produce enough
vehicles because of this, sales will be affected.
Finally, an obvious threat to Tesla is its competition.
Product OfferingThe product offered is a fully electric Model TRX that is environmentally friendly, but it can
still be utilized similar to any of the current combustion, diesel, and hybrid trucks on the market.
The main focus with this new truck design is to provide a solution regarding the negative
environmental impacts of trucks and to relieve consumers of the reliance of gasoline. This is
done by creating a 100 percent electric truck, while maintaining the versatility, power, and style.
The Model TRX would have the same motor as the Model S P85. It gets up to 265 miles range,
has 416 horsepower, and reaches speeds up to 130 MPH (Musk, n.d.). This makes the
introduction of the product to the assembly lines very simple, and it gives the truck the
performance package at the stock model base. Therefore, the masses would flourish at the idea of
a sleek truck design with the power of the Model S P85 that has become so popular.
The ordering process is simple for a new buyer, as well as the experienced Tesla customer. It
all begins at a store near you or simply on the Tesla webpage. Once the order is placed and
processed, the customer is given an estimate, and the product is ready to drive after two to three
months. There are multiple personalization options available for the Model TRX. These include,
but are not limited to:
Ride height
Wheel size
Rim selection
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Color
Interior design/color
Tire selection
Interior audio
Light packages
There are multiple ways of charging the Model TRX as well. As long as there is an outlet
present, the ability to charge the truck is endless. The charging time of the battery is dependent
on the type of outlet available, based on voltage emitted. When the vehicle is delivered, a Tesla
specialist will explain how to use the mobile connector (Musk, n.d.). There are many adaptors
available for charging. The main adaptor is the standard household outlet adaptor, which has
plenty of power to fully charge the Model TRX overnight. For those long road trips with shorter
periods of time to charge, there are supercharge stations that are soon to be placed along all
major interstates in the country and have the ability to charge about half of the battery in twenty
minutes (Musk, n.d.). Everything that is ordered from Tesla is thoroughly tested before delivery
to the customer.
With any purchase of the Model TRX, there is a four year or 50,000 mile warranty. For
the electric motors, there is an eight year, unlimited mile warranty that protects all of the
consumers after purchase. With the warranties comes a maintenance plan provided by the local
Tesla dealer. This will take care of the customers need to plan regular scheduled maintenance on
the vehicle, ensuring total customer satisfaction and maximum life of the Model TRX.
Keys to SuccessIn order to gain market share in the truck industry, there are key factors that will aid the
Model TRX’s success. The most obvious factor is the 100 percent electric power of the truck.
The electric power of the Model TRX will eliminate the reliance of fossil fuel for customers,
which will lead to savings. Furthermore, the projected sales growth of Tesla displays that the
niche market for fully electric vehicles is rapidly growing (Nasdaq, 2013), as well as the increase
of sales in the truck industry (Stoddard, 2013). Due to this information, it would be wise to
increase the width of Tesla’s product mix, leading towards a beneficial release of the Model
TRX.
Given the recent gas prices, and the need for renewable energy, the demand for fully
electric vehicles will rise, resulting in two more keys to success for the Model TRX. Another
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factor that will help the Model TRX in the automobile market is the convenience of a 90 second
fully charged battery swap. At a recent demo of the new battery swap stations, Musk gave a great
show that was documented by Rogowsky in a Forbes article:
With the driver remaining in the car, an automated machine disconnected the battery,
removed it, and replaced it with a fully charged one. Simultaneously — on video — a
Tesla employee was filling a gas tank at what Musk claimed was the fastest gas station in
L.A. At the 1:33 mark, the Tesla pulled away, while the gas-powered car continued
filling. Musk apologized for making folks wait and then the crowd roared as a second
Tesla drove out from behind a curtain and also had its battery swapped (this time it took
about 96 seconds). That car also drove off before the gas fill-up was completed, which
occurred after about 4 minutes. (Rogowsky, 2013)
Finally, Model TRX offers individuals and corporations the ability to show case
corporate social responsibility and the convenience of recharging a vehicle on site or simply
switch out batteries at a local supercharge station. As of late, Americans have shown a deep
desire to save the environment and use renewable resources.
Critical IssueUnfortunately, there are always factors that may cause issues and obstruct the Model
TRX from performing well in the new market. The major issue we may encounter is the slow
manner in which the economy is recovering. Unlike major competitors that have already
established economies of scale, the Model TRX is at a higher price, leaving it only available to a
small market that would not be able to support the production. This would leave the major target
market of the blue collar workers and the day-to-day truck user out of the market and may cause
the Model TRX to be dropped from future production. All of these issues leave Tesla and the
Model TRX vulnerable.
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