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CBEP Literature Review Topics 2022/2023 Analysis of Tesla's Global Strategy Learning Journal (Component A) Section 1: Tutorial Notes Section 2: Article Review (based on the reading you will complete in your tutorials) Section 3: Supervision Notes Section 4: Reflective Essay Literature Review (Component B) Executive summary Introduction Managers, consultants, and academics are all aware that it has become standard practice in the era of globalization to investigate businesses, organizational structures, and strategies globally Being able to successfully compete in global marketplaces determines whether a corporation succeeds or fails in the twenty-first century The way a company competes on the international stage is known as its global strategy, and it is a key factor in determining how well it does there Management of multinational corporations must adapt to the interconnectedness of global marketplaces, where competition no longer takes place on a market-by-market basis, by developing a worldwide strategy A global plan must not only include a broad strategic direction but also include the worldwide coordination requirements for operations like procurement, R&D, production, and marketing Marketing strategy is possibly the most crucial element of a company's worldwide strategy since it assumes the function of direct engagement with consumers and rivals in the market The process of determining an organization's core mission, vision, and long-term objectives is known as strategic management Internationalization of organizations adds new elements to this strategic process In order to manage their increasingly complex operations in a globally changing environment, MNCs like Tesla, among others, need strategic management The process of Tesla's global business expansion, including in China, Europe, and Asia, is rapidly accelerating The worldwide market for electric vehicles still faces severe competition and is beginning to develop a strong sales force and win market share, despite the fact that the demand for automobiles there is declining This firm's strategic planning is centered on selecting the ideal financing and price options for a precisely defined market segment Tesla is specifically attempting to lower monthly payments to enable consumers to purchase new cars and to encourage pricing competition Companies with a worldwide strategy built on cost leadership, differentiation, and segmentation, like Tesla, concentrate on pressing economic requirements The majority of the added value in the items Tesla generally sells is found in upstream operations in the industry's value chain Corporate management may apply a consistent global strategy across countries since automotive goods are fundamentally distinct and not need to be adapted to satisfy the demands of a certain nation When a product is viewed as a generic good and does not need to be marketed based on brand, trademark, or support services, this tactic is also employed Initially controlled by well-known businesses, the car sector has now expanded to several emerging nations Retail brands in each country gradually increased their presence in terms of sales value Literature review 2.1 Some basic definitions Global Strategy The success of a firm in the global market is significantly influenced by its global strategy, which is here defined as how it competes in that market A global strategy is how management responds to the interconnectedness of the world's marketplaces, where competition no longer takes place on a market-by-market basis Cuervo-Cazurra et al (2017) noted that global strategy must not only have a broad, strategic direction but also indicate how international coordination of operations like procurement, R&D, production, and marketing must occur The marketing strategy is most likely the most crucial part of a company's overall strategy since marketing assumes the responsibility of communicating directly with consumers and rivals in the marketplace Over the past two decades, interest in global strategy and organization has increased in academics There are several ways to approach the issue, and consequently, numerous solutions for companies dealing with international competitiveness These viewpoints have, on the one hand, improved people's comprehension of the complexity of international competitiveness (Asmussen and Foss, 2022) The definition of a global strategy, however, as well as the reasons why a corporation selects a global strategy and the repercussions of that choice, are all subject to a great deal of ambiguity and uncertainty due to the difference of opinion Without a consistent framework to incorporate these many viewpoints, there will likely continue to be ambiguity and uncertainty, which will result in competing theories and discourage the application of knowledge to practice Consumers throughout the world are becoming more and more likely to desire the same goods and have comparable tastes The achievement of the economies of scale that global markets provide is the strategic necessity for internationally competitive enterprises in this new century As a result, global firms that sell standardized items in the same way everywhere in the globe will likely replace multinational corporations that treat each country's market independently (Glowik, 2017) The role global Strategy to the companies Instead of relying on a single technique, such product standardization, an effective global strategy must have a toolbox Utilizing economies of scale through global volume, setting priorities through quick and significant capital expenditures, and controlling interdependencies to produce synergies across many operations in diverse industries are a few of these The global strategic imperative is to alter the extent and breadth of competition by taking advantage of competitive advantages among interconnected national markets To be able to share investments in technology, branding, and distribution channels, a global approach requires a variety of product categories (Everett, 2014) Crosssubsidization between product lines and markets, global brand dominance, and a robust global distribution infrastructure are the three key components of the global strategic imperative Due to the fact that customers throughout the world are willing to set aside their preferences for high-quality goods, this capacity to make goods at the lowest possible cost has emerged as the primary source of competitive advantage high but inexpensive Manufacturing a single, uniform product and promoting it using a single, standardized marketing program is the best worldwide strategy (Godiwalla, 2018) 2.2 Review of related studies According to Brannen and Voisey (2012), companies develop their global strategies based on what they have learnt from their own experiences and from studying others, using the logic of comparison We suggest three forms of comparative learning for developing global strategies based on the literature and a thorough case study: seeking out best practices, revealing universals, and grounded strategizing Although sometimes implied, grounded strategizing as the method by which businesses learn from unexpected changes in the way their own global strategies are implemented remains largely unexplored and could be the most beneficial source of knowledge Godiwalla (2018) emphasizes the significance of strategic management in multinational corporations Global businesses may gain a lot from long-term, strategic advantages provided they are properly created and planned Global businesses succeed by exercising strategic leadership and taking advantage of national distinctions Establishing classifications of main strategic focuses will provide clarity in the construction of the global strategy mosaic of the global company Develop parallels in strategic and operational conditions among international subsidiaries This allows for the utilization of identical core strategy patterns among groups of overseas subsidiaries with comparable strategic and operational contexts (Virzi, 2018) The creation of an organizational culture that prioritizes cooperative partnerships, in which the head office and overseas subsidiaries pursue mutual respect, trust, and confidence among organizations, as well as unrestricted vertical and horizontal sharing of information, problem-solving experiences, industry knowledge, and national wisdom The primary focus of the global organization should be on establishing moral, strategic leadership at all levels and making investments in human capital Global corporations must regularly and holistically assess the environments of their international subsidiaries and make plans for future expansion and competitiveness (Topcu and Duygun, 2015) It is possible to research the differences between nations based on their infrastructure, human resources, political, legal, and economic systems, as well as their natural resources, distinctive or unique characteristics, and marketplaces Mohiuddin (2017) argued that a global organization would be more effective in its utilization of its resources as it successfully seeks to achieve its organizational goals if it understood and applied the comparative advantages among its countries of operations A global firm becomes more competitive by utilizing the resource profiles of the various nations and then basing its strategic and operational decisions on them The contingency frameworks show various organizational and infrastructural conditions that would require various key templates of strategies for the subsidiaries to operate well in them (Saritas and Penez, 2017) Global Strategy of Apple Apple's global strategy emphasizes that simplicity is the pinnacle of sophistication It takes a lot of effort to accomplish something straightforward, to fully comprehend the possible difficulties, and to develop delicate answers Digging into the depths of intricacy demands more than simply simplicity or the lack of clutter (Dębińska, 2022) To be able to eliminate extraneous components, Apple implements a procedure that involves analysis and a thorough examination of the nature of the product Apple uses differentiation to produce services that are customized for a particular overseas market and stand out from global competitors (Jamali, Shuxratovna and Kamolova, 2022) The business was able to build a significant global footprint thanks to this tactic In this talk, Apple will discuss how the company's tagline, "making technology so easy that everyone can be a part of the future," paves the way for the next wave of consumer technology The Apple company has done a fantastic job incorporating the idea of simplicity throughout their narrative They also utilized it to direct how they approached the purchasing process They work hard to ensure that customers get the greatest experience possible (Fámúwàgún, 2021) Global strategy of Microsoft Microsoft is divided into five main divisions: Windows & Live Windows Group, Server Software, Online Services, Microsoft Business, and Entertainment and Devices Each division focuses on a different product or service Each of these divisions had its own customer service department, research department, and sales division up until 2013 Because of this divisional structure, Microsoft did not have a unified global strategy in place across all five businesses until 2013 While most multinational corporations have strategic diversity initiatives, Microsoft's Global Diversity Initiative is the overarching strategy that includes all others (Lozupone, 2018) This is one key distinction between Microsoft's diversity initiatives and what may appear to be comparable initiatives at other multinational corporations A recent business mission statement referred to all other efforts as components of GDI (Chao and Kavadias, 2017) Microsoft highlights on its website the need of staying in tune with the market in a world where markets are becoming more varied, partially out of concerns for economic fairness and more out of a need to survive The corporation talks about GDI in three areas: inclusivity, which it defines as a way of fostering an engaged workplace; representation, which it characterizes as a way of developing a pipeline of future leaders; and innovation, which it summarizes as a method of fostering market excellence Microsoft views diversity and inclusion as a strategy to better match with local markets, which accelerates market penetration (Chao and Kavadias, 2021) Methodology This study was conducted to analyze Tesla's global strategy in the current period The primary method used in this study was based on secondary sources of information; including SWOT model of Tesla, Triple Bottom Line Balanced Scorecard of Tesla, Ratio analysis of key financial measures and the perspective of shareholders, Employee perspective of Tesla, CSR perspective of Tesla; and Analysis of Tesla's Global Strategy The data sources are collected from reliable secondary information sources The main analytical method is business environment analysis and business analysis is carried out The SWOT Model is a method of strategic analysis that aids in identifying strengths, weaknesses, opportunities, and threats in the market competition as well as in the process of creating a content strategy for a market project SWOT analysis is a tool that businesses may use to define investment goals and pinpoint objective and subjective elements that may influence how those goals are attained (Sammut and Galea, 2015) One of the processes in developing a company's business strategy is a SWOT Matrix study This strategy is helpful for businesses in developing local business strategies, but it also plays a significant role in developing global business plans to fulfill the demands of businesses (Fahmideh and Ramsin, 2015) SWOT analysis is a crucial phase in the process of developing a business strategy for an organization if it wants to establish and steadily grow its reputation and brand identity Using a SWOT structure that is simple to comprehend, present, and discuss, SWOT analysis assesses facts in a subjective manner and may be used in any decisionmaking process The resources and capabilities of the company and the competitive environment in which it works may be connected with the help of the SWOT analysis procedure (Teece, 2017) Nowadays, a lot of businesses are aiming for triple bottom line performance in terms of financial, environmental, and societal criteria Successful methods for such performance, however, typically call for new connections across a variety of participants in a variety of industries within a company's talent and supply chain For triple bottom line performance, the Balanced Scorecard (BSC), which was first created to explain and implement a single organization's strategy, has to be modified (Sukkar, 2017) The Customer perspective is changed to "Stakeholders" to reflect the interests of the various ecosystem participants, the Financial perspective is changed to "Outcomes" to include financial, environmental, and societal metrics, and Learning & Growth is changed to "Enablers" to reflect the new capabilities for collaboration and alignment Businesses are increasingly expected by society to contribute to the reduction of poverty, inequality, and environmental damage The task of making business a better partner with the state and civil society has been taken up by a number of business executives (Neri et al., 2020) In essence, business is not good at fixing society issues, and trying to so would hinder its ability to generate wealth and revenue through its own private profit-maximizing endeavors The straightforward design of the Balanced Scorecard has been the standard foundation for business strategy execution and management-by-objectives systems for three decades These potent tools will continue to support firms and their strategy execution methods for decades to come by expanding the viewpoints of the Balanced Scorecard and Strategy Map to reflect the larger role for business in society in the modern era (Barbosa, Castañeda-Ayarza and Ferreira, 2020) Analysis and evaluation 4.1 About Tesla Tesla, Inc is an enterprise headquartered in Palo Alto, California, United States established in 2003 Tesla is engaged in the manufacturing and distribution of electric cars, electronic components and other vehicles The Tesla Roadster was the first Tesla product to be produced As of 2012, Tesla has sold over 2000 Tesla Tesla Roadster vehicles in more than 30 different regions Then Tesla launched other vehicles; such as “Model Y, Model X, Model 3, Model S, Cyber Truck or Tesla Semi” (Tiwari, 2017) Currently, Tesla is expanding its strategic business with industries such as maintenance of energy systems for electric cars, solar energy, installation, replacement and production of auto components (Matsika, 2019) Tesla's strategic markets are in the US, China and Germany Tesla has a strategy and plans to expand operations in many other regions such as Europe, Asia Pacific and the Americas (Li, Lin and Xu, 2021) For stakeholders, financial and non-financial information is extremely important to underpin various economic decisions In particular, important information provided in this report includes Triple Bottom Line Balanced Scorecard, Ratio analysis of key financial measures and the perspective of shareholders, Customer perspective and CSR perspective Tesla's strategy is to provide consumers with electric products; as well as the goal of entering the worldwide car market with a line of cars aimed at affluent buyers After capturing a certain market share in the high-end product segment, Tesla offers lower-priced product lines in the affordable segment to increase competitiveness in the industry and market coverage (Tiwari, 2017) 4.2 Analysis of Tesla's business environment 4.2.1 SWOT model of Tesla Tesla’s Strengths: Any business's employees determine how successful it is It is one of the key components in Tesla Inc.'s incredible financial success The culture that celebrates diversity and fosters creativity at Tesla, has helped the company become a top employer (Thoma and Maine, 2019) Tesla nonetheless sold 936,172 vehicles to consumers in the fiscal year 2021, bringing in $53.8 billion in sales Due to the jump in deliveries and its $5.6 Billion profit, which exceeded that of the top five automakers combined, the company's market valuation soared to almost $1 Trillion (Toyota, Volkswagen, Daimler, Ford, and General Motor) In the race for the greatest electric cars, Tesla has surpassed every other manufacturer When measured by their range, Tesla's electric cars have shown to be the best at covering the most ground A recent research places Tesla among the top three for range The Tesla Model S can go up to 600 kilometers on a single battery charge The closest vehicle from a different manufacturer is the 520-kilometer-range Opel Ampera Tesla’s Weaknesses: As innovation standards rise, mechanical complexity and manufacturing risk will rise as well Launches of new cars and products, as well as manufacturing and production ramp-up, are all consistently delayed by Tesla (Cheong, Song and Hu, 2016) Due to its significant experimentation and intricate procedures, Tesla may suffer an uneven supply and demand in the future and be unable to keep up with the production ramp Tesla admits to being a "one-man show." Unfortunately, in order to give the business what it needs, Elon Musk has a lot on his plate Other projects within The Boring Company and Space Exploration Technologies Corporation, such as those involving space launch vehicles, are also extensively supported by Musk (Aslan, 2021) Tesla’s Opportunities: The company's biggest current potential is the underserved Asian market, which is currently in the automobile and renewable energy industries, especially given that Tesla intends to increase the size of its global market in order to boost both its market presence and financial stability (Kim, 2020) Tesla is expensive because of its particular reliance on innovation, which requires the most financial support to consider new technologies Tesla wants to manufacture its own battery cells Since the decision will allow the company to increase production rates while reducing prices, it might totally change the industry Currently, their primary source for batteries is Panasonic (Han, 2021) Tesla’s Threats: The corporation worries that one of the largest financial hits may come from product liability lawsuits, which are common in the automobile sector in particular Despite Tesla's excellent quality control and rigorous production standards, this specific sector is used to dealing with such accusations Tesla, Inc faces intense competition from hybrid, plug-in hybrid, and fully electric vehicles as well as autonomous driving technology Many manufacturers, including Volvo, Toyota, Ford, General Motors, and Mercedes-Benz in the luxury and economy categories, as well as BMW, Audi, Lexus, Mercedes, and BMW in the premium market, are ready for fierce competition The extraordinarily difficult engineering needed for new cars has repeatedly resulted in serious issues with Tesla's autos and other energy products Design flaws, manufacturing flaws, and other defects are frequently present in the faulty goods, and these might permanently affect the brand recognition of the firm US residents still feel uneasy strolling around autonomous vehicles (Bohunčák, 2022) Adults over the age of 55 make up the bulk of those who are scared of being around self-driving automobiles Home services, Global Superchargers with nearly 35,000 different locations; Wall Connectors at Destination Charging Sites with over 35,000 locations Tesla is building its entry into the mainstream market at a lower price point Especially in the Indian market when Tesla entered the previous stage Tesla built a domestic factory in India and consumed a huge investment (Gupta, 2020) If not exempt, India's import tax makes the Tesla Model 3, which starts at $44,000 in the US, costs $80,000 in India if the company wants to make a profit Therefore, Tesla has localized electric cars in this market Meanwhile, Tesla with the Tesla Model has been Europe's best-selling model with a sales volume of nearly 30,000 vehicles in 2021 at a competitive price Tesla is also boosting customer service by increasing its electric vehicle maintenance and parts replacement requirements Tesla vehicles offer specific self-maintenance instructions and a regular customer service call center, enabling customers to repair their vehicles on their own instead of having to go to the workshop In addition, Tesla also offers a Maintenance Plan at any time to receive a refund Tesla offers a comprehensive online app for quick customer acquisition and response (Lang, Reber and Aldori, 2021) Another problem with electric vehicles is battery life Tesla offers a battery called Gemini that allows the Tesla Model S to travel further than any other vehicle, even a gas car, and for a single refueling A Tesla vehicle equipped with this new generation of battery technology can travel more than 1,200 km on a single charge (Jeff, 2022) Stakeholder management: By monitoring and exposing the consequences of its operations and products, placing a strong focus on consumer safety and responsible sourcing, and putting its employees first to foster a healthy workplace culture, Tesla's CSR strategy takes into consideration the interests of all parties concerned Early money from investors was crucial to Tesla's development The capitalisation of the company is significantly influenced by these stakeholders Investors and shareholders have a vested interest in the development and success of the business Tesla workers are entitled to comprehensive medical coverage, a 401(k), and an abundance of paid vacation days We make investments in our employees through equity awards, stock discounts, and other rewards to help them their best work The company's legal actions and compliance as a stakeholder group worry governments Such government goals are suitably satisfied by Tesla's strong track record and strategic aspirations for global development Outcomes: Tesla's business goal in the next phase is still to ensure an increase in market share, thereby increasing revenue Currently, the quality of Tesla products is showing an important position when there have been many problems with the quality of service According to Reuters, Tesla now accounts for 75% of the share in 2021 and 79% in 2020 Tesla's long-term goal is to maintain car sales growth of 50% per year in the following years to fully account for the electric vehicle market in the world (Mark, 2022) In a move that is perceived as quickening cost-cutting, Tesla is shutting its office in San Mateo, California, where staff members have been working to improve the company's driver-assistance system Many workers at the San Mateo factory label Tesla automobiles to enhance driving assistance systems; they were primarily hourly employees and the vehicles were marketed as Autopilot (Lora, 2022) 4.2.3 Ratio analysis of key financial measures and the perspective of shareholders Overall, Tesla's liquidity index declined more; while the current ratio in 2021 is only 1.3753; while 2020 reached 1,875 The main reason comes from Elon Musk promoting investment strategies to build electric car factories in 2020 Tesla's debt structure is gradually leaning towards equity when the company has to mobilize a lot of resources to invest Tesla's debt structure has been declining sharply over the years; long-term debt in 2021 $5,245 billion; in 2020 is $9,607 billion; 2019 is $11.634 billion and 2018 is $9,404 billion However, the company's Current Liabilities increased more rapidly when the company went into operation and needed more capital to finance working capital The company's profit margin grew rapidly; including gross margin in 2021 reaching 25.3% higher than 21.02% in 2020 2021 Operating margin and EBIT margin doubled compared to 2020; especially Net profit margin increased times from 2.3% in 2020 to 10.25% in 2021 Asset turnover and inventory turnover increased slightly; when the company's car sales declined slightly Tesla's profits improved significantly, leading to an increase in the company's ROI and ROA Tesla Financial ratios from 2014 to 2022: Source: Macrotrends Tesla EV Sales By Year: Year Total Sales Vehicle Models Sold 2008 ~100 Roadster 2009 ~900 Roadster 2010 ~400 Roadster 2011 774 Roadster 2012 3,000 Roadster, Model S 2013 22,477 Model S 2014 31,655 Model S 2015 50,658 Model S, Model X (Q4 ’15) 2016 76,285 Model S, Model X 2017 103,181 Model S/X, Model (Q3 ’17) 2018 245,506 Model S/X, Model 2019 354,245 Model S/X, Model 2020 499,647 Model S/X, Model 3/Y 2021 936,222 Model S/X, Model 3/Y 2022 908,573 Model S/X, Model 3/Y Source: Licarco Essentially the majority of Tesla's financial performance is much higher than the industry, S&P 500 index businesses and sectors Tesla Inc Financial Strength Comparisons: TSLA Financial Strength Company Industry Sector S&P 500 Quick Ratio (Q3 MRQ) 0.86 0.47 0.38 0.59 Quick Ratio (Q3 TTM) 0.86 0.38 0.41 3.58 Working Capital Ratio (Q3 MRQ) 1.46 1.57 1.37 0.98 Working Capital Ratio (Q3 TTM) 1.41 1.41 1.37 7.95 Working Capital Per Revenue 0.12 0.21 0.16 2.06 Leverage Ratio (Q3 MRQ) 0.85 3.63 2.58 7.98 Tangible Leverage Ratio (Q3 MRQ) 0.86 3.84 3.98 15.27 Interest Coverage (Q3 MRQ) 69.6 9.16 11.31 6.31 Interest Coverage (Q3 TTM) 55.02 5.38 10.45 8.68 Source: CSIMarket For investors, financial performance is important because it has a huge impact on the stock value and dividend payout prospects of the company In addition, Tesla has not paid dividends in recent years Therefore, the price of a growth stock is a long-term goal for investors or shareholders of the company rather than a source of dividend income Tesla stock is a favorite among retail investors around the world, and has maintained its impressive growth from the electric vehicle market outlook Especially in the period of 2022, the company's shares fluctuate strongly Tesla shares surged while investors reacted extremely positively to billionaire Elon Musk's move to "terminate" Twitter's acquisition in July 2022 Meanwhile, in early 2022, The company's stock price also rose sharply from the strong increase in sales and profits of Tesla However, by the end of 2022, the decline took place in the context that the entire US stock market also went down Source: Yahoo Finance 4.2.4 Employee perspective of Tesla Tesla's working environment is not considered to be quite employee-friendly in regards to personnel policy procedures and employee dismissal decisions (Perkins and Murmann, 2018) After the Tesla CEO announced plans to fire around 10% of the workforce owing to worries about the state of the US economy, the business has now announced a new timekeeping policy Elon Musk declared that all workers must report to the office with a minimum of 40 hours of labor every week by the middle of 2022 Three months since Tesla's statement - Elon Musk was made so far there is still not enough space and resources to implement the new work policy (Chris, 2022) The harshness has caused Tesla's staff morale to drop, especially for those who were allowed to work remotely before the pandemic After expanding its staffing in recent years, Tesla built and focused on building international hubs and a factory in Texas But this electric car company has not yet built enough new offices; While facilities in Nevada and California not have the necessary equipment, office workers and long-term contract workers cannot come to the office for up to 40 hours a week 4.2.5 CSR perspective of Tesla The Corporate Social Responsibility Policy is a formal statement of businesses' commitment to managing the social, environmental and economic impacts of their operations CSR policy includes specific objectives to ensure that businesses fully comply with regulations to protect and avoid impact on the natural environment Basically, Tesla's goal is to promote the transformation of electric car technology to be more environmentally friendly (Matsika, 2020) The promotion of production and consumption of electric cars is synonymous with the goal of reducing greenhouse gas emissions and green transportation In addition, Tesla also promotes factory operations and office facilities powered by solar electricity rather than electricity from fossil energy or nuclear power Tesla's supply chain is guaranteed to be sustainable and environmentally responsible Tesla is also fully compliant with OECD regulations and the organization's “Guidelines for Responsible Sourcing from High Risk and Conflict Affected Areas” (Tesla, 2021) 4.3 Analysis of Tesla's Global Strategy The business is also now building a "gigafactory" with the intention of producing a massive quantity of lithium-ion cells that might be used to power electronics and up to 500,000 automobiles annually The US is where the corporation sells its cars the most It very recently expanded internationally; the first Tesla vehicle was shipped to Europe in August 2013 and Asia in April 2014 It was originally beneficial for the company to enter the Asian market, where there are affluent individuals who want to buy luxury cars that stand out from those of their peers The concern that customers have that they won't be able to recharge their cars if they go too far, or range anxiety, poses certain challenges for the business In Europe, Norway, a country renowned for its environmental protection, saw the highest success In addition, Tesla Motors was given official assistance in Norway, where it became the most popular brand Additionally, the company sells its automobiles in a number of other European nations The map of Tesla Motors' global network provides further information on the location of the company's foreign activities Map of Tesla Motors’ global network: Source: Tesla 4.3.1 Fulfilling the Mission of the Company The Tesla Motors corporation decided to enter the foreign market for a variety of reasons First, it is important to note that the company's website states that its purpose is to produce and market a product that would enable a more sustainable use of the environment Environmental issues are quite important when it comes to the transportation business; according to certain data, this industry is responsible for about 70% of the world's oil consumption as well as for around 57% of carbon dioxide emissions that are harmful to the environment Promote the adoption of electric vehicles everywhere, not only in the US, as environmental problems are a worldwide issue (Amankumars, 2020) 4.3.2 Market Access Interests It should be noted that the business reported a significant net loss for the quarter ending in March 2011; overall sales were reported as $49 million, but net losses came to around $48.9 million This indicates that for the company to grow prospective sales and begin turning a profit, it was essential to expand into the global market Furthermore, it is crucial that several nations pay attention to environmental issues on a global scale Governments are prompted by environmental consciousness to offer certain unique benefits to the businesses who support the development of environmentally friendly technology (Bapal, 2020) As was already indicated, Tesla Motors was able to get a number