Watch out, Elon Musk. These EV startups are trying to take Tesla
With a fortune of $ 145.9 billion in the press, Elon Musk, founder of electric car maker Tesla Inc. (NASDAQ: TSLA), has added over $ 100 billion to its net worth since January 2020. Tesla shares have risen, surpassing all analysts’ expectations and common sense, while its market capitalization reached $ 600 billion on December 7th. The company aims to sell 500,000 battery-powered vehicles by the end of this year. Tesla car products include the Model 3, the Model Y, the Model S and the Model X. The Model 3 is a four-door sedan. The Model Y is a sport utility vehicle (SUV) built on the Model 3 platform. The Model S is a four-door sedan. Model X is an SUV. Tesla has changed the car industry. But it is not the only manufacturer of electric cars on the global market. Some of the big, well-established manufacturers manufacture all-electric and hybrid-electric cars, which aim to keep Tesla at bay and prepare to enter the auto industry – to make a pie out of Tesla’s growing business. Founded in 2007, electric vehicle supplier Lucid Motors is based in California. The company develops software for monitoring individual battery cells, mechanical packaging and battery pack commands in plug-in vehicles, cars and aircraft. It is expected to be launched in early 2021, its first model, the Lucid Air price, will start at $ 69,000. According to Bloomberg, customer deliveries for Lucid Air Dream Edition will be produced at Lucid’s new plant in Casa Grande, Arizona and will begin in the spring of 2021. The manufacturer plans to open eight showrooms by the end of this year, including five showrooms will be in California. Peter Rawlinson, CEO of Lucid Motors, says the company has the technology, money and talent to compete with Tesla and promises to change the world by introducing new electric vehicles to the market, CNBC reports. Nikola Corp. Headquartered in Phoenix, Arizona, Nikola Corporation (NASDAQ: NKLA) designs and intends to manufacture electric hydrogen trucks for the commercial truck market. With hydrogen fuel cell technology, Nikola intends to build vehicles with similar benefits to electric vehicles. The advantage on which it is based is that it will take less time to recharge the vehicle and will have a greater autonomy. The company is a manufacturer of electric vehicles with electric and electric batteries, vehicle components, energy storage systems and hydrogen power station infrastructure. The first Nikola Tre semi-truck Nikola, a pioneer electric short-haul semi-truck, will be available to customers until 2021, the company claims. The carmaker was founded by Trevor Milton in 2015. Interestingly, he named the startup after Nikola Tesla, taking the first name of the famous inventor, because the last name was already taken by Elon Musk. Recently, Nikola has been in the news for all the wrong reasons, which could hinder his progress in getting additional investment and growth. According to the short-selling company Hindenburg Research, the company was misleading its investors about its electric vehicle technology. According to Bloomberg, law firm Schall has announced a class action lawsuit against Nikola over false and misleading information about the company’s technology. Nikola denied the allegations and said the information was unfounded. Milton resigned in September following allegations. NIO IncNio Inc. – ADR (NYSE: NIO) is a Chinese automobile manufacturer specializing in the design and development of electric vehicles. The company, which was launched in 2014, is headquartered in Shanghai. NIO is one of the most important Chinese companies in the EV segment founded by a Chinese entrepreneur William Li. NIO vehicles are large battery-powered SUVs. What differentiates NIO cars from others is its subscription purchase model to simplify battery ownership. Offer to rent it, and if the updated batteries are released, you can mount them in the car. It also offers a three-minute battery replacement service, which it calls BaaS. Speaking of NIO revenues, Q3 figures reached $ 666.60 million, an increase of 146.4%, by the end of September 2020. Gross profit rose 87.1% sequentially to $ 86.30 million. The company’s position in the market is also visible, as it announced the completion of the offer of 101,775,000 US storage shares in September. The company plans to use the net proceeds to buy back the shares, Yahoo! Finance. NIO started deliveries of its electric SUV in 2018 and 6-seater ES8 in 2019 in China. It officially launched the EC6 electric coupe SUV in 2019. Rivian Automotive California-based Rivian Automotive, founded in 2009, offers lightweight, aerodynamic cars, SUVs and trucks. With investments from Amazon.com, Inc. (NASDAQ: AMZN) and Ford Motor Company (NYSE: F), Rivian is to deliver the two electric vehicles, the RT1 and R1S SUV by mid-2021 with a price range of about $ 67,500, TechCrunch reported. The company is committed to delivering 100,000 electric vehicles to Amazon by 2030 as part of e-commerce giant Climate Pledge. In a recent statement, Rivian said he would make his driverless assistance system standard in every vehicle he builds. The driver assistance system will automatically steer, adjust speed and change lanes to order. The vehicles will have a driver monitoring system with a cab-oriented camera, which helps drivers to have a better driving experience. Rivian raised $ 2.5 billion in early 2020 to strengthen its position in the electric vehicle market and defeated Tesla and Nikola, CNBC reported. The company recently went through a bumpy trip as it received criticism from Michigan car dealers for selling vehicles directly to customers, something Tesla has already done. Fisker Founded by Henrik Fisker in 2016, Fisker Inc. (NYSE: FSR), based in California on the creation of luxury plug-in hybrid electric vehicles. Fisker’s first model, The Ocean, is a fully electric SUV that is expected to begin production in 2022. The Ocean will be available to consumers through a leasing package, optimized for driver comfort and accessibility. Its starting price is $ 37,499 and it has a long driving range of up to 300 miles. With a focus on solid-state battery technology, Fisker is looking for smaller battery packs and faster charging times. Car designer Henrik Fisker has been in the electric vehicle business for more than a decade. In 2012, Fisker designed an ultra-luxurious electric car called the Fisker Karma. It later stopped production and sold assets to a Chinese company after its battery supplier A123 Systems went bankrupt. The company plans to launch three new electronic passenger vehicles by 2025, including an EMotion-based sports sedan, a sports crossover and a pickup truck. Fisker claims that it will deliver each vehicle with platforms, battery packs and component systems. In China, Xpeng Inc. – ADR (NYSE: XPEV) is China’s leading intelligent electric vehicle company. Designs, develops and manufactures intelligent vehicles that are integrated with advanced internet, AI and autonomous driving technologies. In China, Xpeng vehicles are considered to be an alternative to Tesla models. Founded in 2015, the company’s current market valuation is approximately $ 35.3 billion. In August, the company raised $ 1.5 billion in IPOs in the United States. Xpeng has announced that it will implement LiDAR senses in its cars. It is said to improve its next-generation autonomous driving architecture with the vehicle’s high-precision object recognition performance. The new vehicles will be produced with up-to-date hardware, HD cameras, millimeter-wave radars, ultrasonic sensors, Lidar, high-precision positioning and mapping systems powered by a high-performance computing platform. Tesla sued its former engineer in 2019. for allegedly stealing the secrets of Autopilot and using them at Xpeng. The former employee later admitted that he uploaded his code on iCloud. In September 2020, Xpeng first exported its vehicle outside its home country, China. It entered the Norwegian market with G3 electric SUVs, marking the beginning of the competition with Tesla in Europe. It is the largest civilian logistics effort (C) 2020 Benzinga.com. Gasoline does not offer investment advice. All rights reserved.