Why are traditional car companies competing with each other to provide various offerings of hybrid or electric cars to its customers?

Question

05-07-2022
Engineering

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Why are traditional car companies competing with each other to provide various offerings of hybrid or electric cars to its customers?

Sagot :

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suchetasVT suchetasVT · Answer 1 · 2022-07-07T05:52:35-04:00

Traditional car companies are competing with each other to gain a competitive advantage in the business field over other companies by offering hybrid or electric cars to their customers.

What do you mean by competitive advantage?

Competitive advantage is referred to as elements that permit a business enterprise to provide items or offerings higher or extra affordable than its rivals.

These elements permit the effective entity to generate extra income or advanced margins as compared to its marketplace rivals.

Thus, Traditional car companies are competing with each other to gain a competitive advantage in the business field over other companies by offering hybrid or electric cars to their customers.

Learn more about competitive advantage:

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What do you mean by competitive advantage?

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