A recent report from StockApps.com shows that Tesla spent more than twice as much as their nearest competitor on research and development per vehicle sold in 2020.
According to the report, the EV maker spent an average of $2,984, with Ford coming in at $1,186, Toyota at $1,063 and General Motors at $878.
The article goes on to suggest that these additional funds are necessary in working to advance EV range and keep pace with evolving technology.
The article also compared R&D costs to advertising spending.
Thanks in part to Elon Musk’s ability to generate plenty of promotional interest on his own, Tesla spent $0 on advertising in 2020.
The company’s peers averaged $485 in advertising spend per car sold.