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Benzinga
Watch out, Elon Musk. These EV startups are trying to take on Tesla
With a fortune 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 have risen, beating all analysts’ expectations and common sense, while its market capitalization reached $ 600 billion on December 7. The company aims 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. The Model 3 is a four-door sedan. The Model Y is a sports utility vehicle (SUV) built on the Model 3 platform. The Model S is a four-door sedan. The Model X is an SUV. Tesla has changed the auto industry. But it is not the only electric car maker on the world market. Some of the big established automakers are making all-electric cars and electric hybrids with the goal of keeping Tesla at bay and preparing to enter the auto industry, to get a pie out of Tesla’s growing business. Lucid Motors Established in 2007, electric vehicle provider Lucid Motors is based in the state of California. The company develops software to monitor individual battery cells, mechanical packaging, and controls for battery packs in plug-in vehicles, cars and aircraft. Expected to launch in early 2021, its first model, the Lucid Air price, will start at $ 69,000. According to Bloomberg, customer deliveries of the Lucid Air Dream Edition will occur at Lucid’s new factory in Casa Grande, Arizona, and will begin in spring 2021. The manufacturer has planned to open eight showrooms by the end of this year. of which five showrooms will be in California. Peter Rawlinson, CEO of Lucid Motors, says the company has the technology, cash and talent to compete with Tesla, and promises to change the world by bringing new electric vehicles to market, CNBC reports. Nikola Corp Based in Phoenix, Arizona, Nikola Corporation (NASDAQ: NKLA) designs and plans to manufacture hydrogen electric trucks, targeting the commercial truck market. With hydrogen fuel cell technology, Nikola plans to build vehicles with benefits similar to electric vehicles. The advantage, which it has, is that it will take less time to recharge the vehicle and it will have a greater range. The company is a manufacturer of battery and electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen filling station infrastructure. The first model of Nikola Tre, a pioneering battery-electric semi-trailer for short-haul transport. The vehicle manufacturer was founded by Trevor Milton in 2015. Interestingly, it named the startup after Nikola Tesla, taking the name of the famous inventor, since the last name had already been taken by Trevor Milton. Elon Musk: Nikola has been in the news recently for all the wrong reasons, which could hinder your progress in terms of getting more investment and growth. According to short-selling firm Hindenburg Research, the company was misleading its investors about its electric vehicle technology. According to Bloomberg, the Schall Law Firm has announced a class action lawsuit against Nikola regarding false and misleading information about the company’s technology. Nikola has denied the allegations and said the information was unfounded. Milton resigned in September following the accusations. 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 based in Shanghai. NIO is one of the leading Chinese companies in the electric vehicle segment founded by Chinese businessman William Li. NIO vehicles are large, battery-powered SUVs. What makes NIO cars different from others is their subscription purchase model to simplify ownership of the battery part. It offers to lease it, and if updated batteries are released, you can install them in your car. It also provides a three-minute battery change service, which it calls BaaS. Speaking of NIO revenue, third quarter figures reached $ 666.60 million, an increase of 146.4%, at the end of September 2020. Gross profit increased 87.1% sequentially to 86.30 millions of dollars. The position of the company’s shares in the market is also notable, as it announced the completion of the offering of 101,775,000 US depository shares in September. The company plans to use the net proceeds to buy back shares of shares, Yahoo! Finance. NIO started deliveries of its electric SUV in 2018 and the 6-seater ES8 in 2019 in China. Officially launched the EC6 electric coupe SUV in 2019. California-based Rivian Automotive, Rivian Automotive, founded in 2009, offers lightweight and aerodynamic cars, SUVs and flatbed trucks. With investment from Amazon.com, Inc. (NASDAQ: AMZN) and Ford Motor Company (NYSE: F), Rivian will deliver its two electric vehicles, the RT1 pickup and the R1S SUV in mid-2021 with a price range of around $ 67,500, TechCrunch reported. The company has pledged to deliver 100,000 electric vehicles to Amazon by 2030 as part of the e-commerce giant’s Climate Pledge. In a recent statement, Rivian has said it will make its hands-free driver assistance system standard on every vehicle it builds. The driver assistance system will steer, adjust speed, and change lanes automatically when prompted. The vehicles will have a driver monitoring system with a camera facing the cabin that will help 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 beat Tesla and Nikola, CNBC reported. The company recently went through a bumpy ride as it received criticism from Michigan auto dealers for selling vehicles directly to customers, which Tesla has already been doing.FiskerFounded by Henrik Fisker in 2016, Fisker Inc (NYSE: California-based FSR) focuses on creating luxury plug-in hybrid electric vehicles. Fisker’s first model, The Ocean, is an all-electric SUV expected to begin production in 2022. The Ocean will be available to consumers through a lease 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 aiming for smaller battery packs and faster charge times. business for more than a decade. In 2012, Fisker designed an ultra-luxury electric car called the Fisker Karma. It later halted 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 a sports sedan based on the EMotion concept, 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 smart electric vehicle company. Designs, develops and manufactures smart vehicles that integrate with advanced Internet, AI and autonomous driving technologies. In China, Xpeng vehicles are considered an alternative to Tesla models. Founded in 2015, the company’s current market valuation is around $ 35.3 billion. In August, the company raised $ 1.5 billion in its IPO in the US Xpeng has announced that it will implement LiDAR senses in its cars. It says it will enhance its next-generation autonomous driving architecture with the vehicle’s high-precision object recognition performance. The new vehicles will be produced with updated hardware, HD cameras, millimeter wave radars, ultrasonic sensors, Lidar, high-precision positioning and mapping systems powered by a high-performance computing platform. Tesla sued his former engineer in 2019 for allegedly stealing the secrets of the Autopilot program and using them on Xpeng. The former employee later admitted to uploading his code to his iCloud.In September 2020, for the first time, Xpeng exported his vehicle outside of its home country of China. It entered the Norwegian market with the G3 electric SUVs, ushering in competition with Tesla in Europe. It is the ‘largest civil logistics effort’ (C) 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.
