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Watch out, Elon Musk. These EV startups are trying to take on Tesla
With assets of $ 145.9 billion at press time, Elon Musk, founder of electric car maker Tesla Inc (NASDAQ: TSLA), has added more than $ 100 billion to his net worth since January 2020. Tesla’s shares have soared, exceeding all analysts’ expectations and common sense, while its market cap hit $ 600 billion on Dec. 7. The company plans to sell 500,000 battery-powered vehicles by the end of this year. Tesla’s automotive products include the Model 3, Model Y, Model S, and Model X. Model 3 is a four-door sedan. The Model Y is a Sport Utility Vehicle (SUV) built on the Model 3 platform. Model S is a four-door sedan. Model X is an SUV. Tesla changed the auto industry. However, it is not the only electric car manufacturer in the world market. Some of the big, established automakers are making all-electric and hybrid-electric cars to keep Tesla in check and are preparing to get into the automotive industry – to thwart Tesla’s growing business. Lucid Motors Founded in 2007, the electric vehicle provider Lucid Motors is based in the US state of California. The company develops software for monitoring individual battery cells, mechanical packaging and controls for battery packs in plug-in vehicles, automobiles and aircraft. The first model, the Lucid Air price, is expected to hit the market in early 2021 and will start at $ 69,000. According to Bloomberg, customer shipments of the Lucid Air Dream Edition will be manufactured at Lucid’s new facility in Casa Grande, Arizona, and begin in the spring of 2021. The manufacturer plans to open eight showrooms by the end of this year. Five of these will be showrooms 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 bringing new electric vehicles to market, reports CNBC. Nikola Corp Nikola Corporation (NASDAQ: NKLA), headquartered in Phoenix, Arizona, designs and plans to manufacture hydrogen-electric trucks for the commercial truck market. With hydrogen fuel cell technology, Nikola plans to build vehicles with benefits similar to electric vehicles. The benefit it relies on is that it takes less time to charge the vehicle and has a greater range. The company is a manufacturer of battery-electric and electric vehicle drives, vehicle components, energy storage systems and the infrastructure for hydrogen filling stations. Nikolas first model Nikola Tre-semitrailer, a pioneer of the battery-electric semitrailer for short-haul trucks. The vehicle manufacturer was founded in 2015 by Trevor Milton. Interestingly, he named the startup after Nikola Tesla and took the first name of the famous inventor as the last name was already taken over by Elon Musk. Nikola recently got on the news for all the wrong reasons, which could hinder his progress in terms of further investment and growth. The company has misled investors about its electric vehicle technology, according to short seller Hindenburg Research. According to Bloomberg, the law firm Schall has announced a class action lawsuit against Nikola related to false and misleading information about the company’s technology. Nikola denied the allegations, saying the information was unfounded. Milton resigned in September on the allegations. NIO IncNio Inc – ADR (NYSE: NIO) is a Chinese automobile manufacturer specializing in the development and development of electric vehicles. Founded in 2014, the company is headquartered in Shanghai. NIO is one of the leading Chinese EV companies founded by a Chinese entrepreneur, William Li. NIO’s vehicles are large, battery-powered SUVs. What sets NIO’s cars apart from others is the subscription purchase model to make it easy to own the battery part. It offers to lease it, and when updated batteries are released you can have them installed in your car. It also offers a three minute battery change service that it calls BaaS. In terms of NIO revenue, its third quarter ended September 2020 numbers hit $ 666.60 million, up 146.4%. Gross profit increased sequentially 87.1% to $ 86.30 million. The company’s equity position in the market was also felt when it was announced that the offering of 101,775,000 US securities account shares was completed in September. The company plans to use the net proceeds to buy back stakes, reports Yahoo! Finances. NIO started shipping its electric SUV in 2018 and the 6-seater ES8 in China in 2019. The EC6 electric coupe SUV was officially launched in 2019. Rivian Automotive Founded in 2009, the Californian company Rivian Automotive offers lightweight and aerodynamic platform cars, SUVs and trucks. With investments from Amazon.com, Inc. (NASDAQ: AMZN) and Ford Motor Company (NYSE: F), Rivian will ship its two electric vehicles RT1 Pickup and R1S SUV by mid-2021 in a price range of around $ 67,500, TechCrunch reported . The company has pledged 100,000 electric delivery vehicles to Amazon by 2030 as part of the e-commerce giant’s Climate Pledge. In a recent statement, Rivian announced that it would make its hands-free driver assistance system standard in every vehicle it builds. The driver assistance system steers automatically, adjusts the speed and changes lanes on command. The vehicles have a driver monitoring system with a camera in the cab that helps drivers have a better driving experience. Rivian raised $ 2.5 billion in early 2020 to bolster its electric vehicle market position and beat Tesla and Nikola, CNBC reported. The company recently had a bumpy ride when it was criticized by auto dealers in Michigan for selling vehicles directly to customers, which Tesla has already done. Fisker, California-based Fisker Inc (NYSE: FSR), founded by Henrik Fisker in 2016, is focused on creating luxury plug-in hybrid electric vehicles. Fisker’s first model, The Ocean, is an all-electric SUV expected to start production in 2022. The Ocean will be available to consumers via a leasing package optimized for driver comfort and accessibility. It starts at $ 37,499 and has a range of up to 300 miles. With an emphasis on solid-state battery technology, Fisker strives for smaller batteries and faster charge times. Car designer Henrik Fisker has been in the electric vehicle business for more than a decade. Fisker designed a luxury electric car called the Fisker Karma back in 2012. He later ceased production and sold assets to a Chinese company after battery supplier A123 Systems filed for bankruptcy. The company plans to launch three new electronic passenger cars by 2025, including a sports sedan based on the EMotion concept, a sports crossover and a pickup truck. Fischer claims to equip every vehicle with platforms, battery packs, and component systems in China, Xpeng Inc – ADR (NYSE: XPEV) is China’s leading smart electric vehicle company. The company designs, develops and manufactures intelligent vehicles that are integrated with advanced internet, AI and autonomous driving technologies. In China, the Xpeng vehicles are considered an alternative to Tesla models. Founded in 2015, the company has a current market valuation of around $ 35.3 billion. In August, the company raised $ 1.5 billion when it went public in the United States. Xpeng has announced that it will incorporate LiDAR senses into its cars. It says it will enhance its next-generation autonomous driving architecture with the vehicle’s high-precision object recognition performance. New vehicles are being manufactured with improved hardware, HD cameras, millimeter wave radars, ultrasonic sensors, lidar, high-precision positioning and map systems based on a high-performance computer platform. Tesla sued its former engineer in 2019 for allegedly stealing the secrets of the autopilot program and using it on Xpeng. The former employee later admitted to uploading his code to his iCloud. In September 2020, Xpeng exported its vehicle outside of its home country of China for the first time. It entered the Norwegian market with G3 electric SUVs and marked the beginning of competition with Tesla in Europe. Image: Courtesy of Lucid Motors See more of Benzinga * Click here for Benzinga option deals * UK Braces For Pfizer COVID-19 Vaccine Rollout, Calls It’s Biggest Civil Logistics Effort (C) 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.