CHPT - Former Ford CEO: Tesla facing increased competition in EV market

Justin Sullivan/Getty Images News Mark Fields, a former CEO at Ford (F), said Tuesday that Tesla (TSLA) faces increased competition in the electric vehicle space as "everyone is coming to the party with great products." Speaking to CNBC, Fields also predicted that an expansion in the charging infrastructure represents the next major hurdle for the EV market. On Tesla's place in the industry, Fields noted that the Elon Musk-led company once controlled about 75% of the EV market, thanks to its first-mover advantage. However, with the release of viable products from established automakers, Tesla's share has dropped to about 50%, Fields said. Fields spotlighted three major barriers for EV acceptance by the general public: price, range and the presence of adequate charging infrastructure. Fields said automakers were working to bring down the price and improve the range of EV products. As a result, he viewed charging infrastructure as the "limiter"

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Former Ford CEO: Tesla facing increased competition in EV market