Biggest Revolution in Motoring since Henry Ford
We are in the middle of the biggest revolution in automobile motoring since Henry Ford’s first production line started turning back in 1913, and EVs are set to take over gas-powered vehicles!
Jaguar plans to sell only electric cars from 2025, Volvo from 2030, and now the British sport scar company Lotus said it would follow suit, selling only electric models from 2028. Many industry observers believe we have already passed the tipping point where sales of EVs will very rapidly overwhelm petrol and diesel cars.
In this article we’ll give brief summary of 10 potential giants of the Electronic Vehicle industry and why they are set to take over the automobile industry. Who are these companies? What are they up to? What are their futures?
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Rivian Automotive, Inc.
Ticker (NASDAQ): RIVN
Rivian Automotive, Inc. is an automotive technology company. The Company designs and manufactures vans, trucks, and sports utility vehicles, as well as offers software solutions, IT, repair, and maintenance services. Rivian Automotive serves customers in North America and the United Kingdom.
Founded in 2009 by Robert Scaringe, Rivian is based in Irvine, California, with its manufacturing plant in Normal, Illinois, and other facilities in Palo Alto, California; Carson, California; Plymouth, Michigan; Vancouver, British Columbia; Wittmann, Arizona; and Woking, England. Additionally, Rivian has plans to build another US$5 billion factory in Georgia. The company raised over US$13.5 billion in financing following its IPO in November 2021, which also saw investor recognition that it could become a major competitor to Tesla
Instead of focusing on luxury sedans, Rivian, one of the most popular car types in the EV industry, has developed more adventurous, off-road EVs. Rivian currently has two models: the R1S and the R1T. These electric vehicles are hailed as the first electric pickup truck and the first electric adventure vehicle. They boast off-road capabilities, stylish interiors, and design features that blend in more with traditional vehicles when compared with the aggressively unique Tesla models. The R1T was just released in 2022, so you can expect the number of vehicles sold to increase in the years to come.
Lucid Group, Inc.
Ticker (NASDAQ): LCID
Lucid Group, Inc. is an American electric vehicle manufacturer headquartered in Newark, California. The company was founded in 2007. Lucid mainly developed battery technology in its early years but began the development of its first car in 2014. A prototype of the Lucid Air fully electric car was unveiled in December 2016.
Lucid Air production was expected to start in spring 2021. In November 2020, The Lucid Air Pure was announced with 406 miles of projected range and 480 horsepower, and a starting price of US$77,400. The full range of models includes Lucid Air Touring, Grand Touring, and Dream Edition versions. The top-spec cars have an output of over 1,000 horsepower.
Lucid Motors aims to combine sustainability with luxury, developing smart electric vehicles that display all the features of traditional luxury cars. Lucid Motors’ vehicles are capable of 0-60 miles per hour in less than 2.5 seconds and have a charging time of around only 20 minutes. They also feature smart ecosystems that enable voice control, mobile connectivity, and cutting-edge GPS technology.
Li Auto Inc.
Ticker (NASDAQ): LI
Li Auto Inc., also known by its founder’s name Li Xiang, is a Chinese electric vehicle manufacturer headquartered in Beijing, with manufacturing facilities in Changzhou. The company builds electric vehicles that use range extenders for a power supply. Li Auto has vehicle manufacturing, engineering, and design services located in Changzhou, Jiangsu Province with corporate headquarters and research and development located in Beijing. In 2020, the company debuted on the Nasdaq and raised over a billion dollars with its initial public offering, as Wall Street placed big bets on EV stocks and on the future of mobility.
The company currently offers two models: Li Auto One and Li Auto L9. The Li Auto One is a luxury mid-size crossover SUV by Li Xiang, and it is also the first vehicle from the Chinese automobile manufacturer. Debuted in 2019, this vehicle carries a price tag ranging from $29,000 to $76,000 and was one of China’s top-10 sellers across all fuel types in 2020.
The Li Auto L9 is a luxury full-size crossover SUV by Li Xiang, and it is also the second vehicle from the Chinese automobile manufacturer. As of 2022, it has the longest electric range of any PHEV in the world – 215 km in the NEDC cycle, just above the BMW i3, which gives you 203 km in the EPA cycle.
Ticker (NYSE): XPEV
Xpeng, or Xiaopeng Motors, was founded in 2014 — two years after the Tesla Model S came out — in Guangzhou, China. The company is headquartered in Guangzhou, with offices in Mountain View, California, United States, and is publicly traded on the New York Stock Exchange. Without a doubt, it took the idea of “copying what Tesla did” to a potentially obsessive level. Many laughed off the company early on when its first prototype so clearly resembled a Tesla in both exterior design and interior design & features. However, aside from putting on a pretty face at some auto shows and in marketing materials, Xpeng was focused on executing.
The EV carmaker currently offers four models: XPeng P5 sedan, XPeng P7 sedan, XPeng G3i SUV, and XPeng G9 SUV. The vehicles are known for producing stylish and quick EVs which have a stunningly low price for the specs, design, and features that they offer. XPeng has already made its mark on the Chinese automobile industry and is set to expand across other countries soon.
Ticker (NYSE): NIO
NIO, Inc. is yet another Chinese multinational automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles. The company is known for its development of battery-swapping stations for its vehicles as an alternative to conventional charging stations. That technological breakthrough has revolutionized the automobile industry forever and laid the foundations for EVs to take over from traditionally-powered vehicles.
Although Tesla tends to dominate the headlines when it comes to electric vehicles, NIO is emerging as a top contender in the race for clean transport. The firm has extended its reach globally during its five years in operation and, although lesser-known than its US rival, has contributed more than most to the market of battery-powered cars. In addition, it also has a large research and development department dedicated to developing next-generation technologies in connectivity, autonomous driving, and AI.
Back in 2019, NIO announced the launch of its most recent car model, the five-seater ES6 SUV, initially on sale only in Beijing, Shanghai, and Guangzhou. The company has put out many models on the market, ranging from sports cars like the EP9 to SUVs like EC6, ES6, ES8, and sedans like ET7, with plans to launch more SUVs and sedans as well as introduce an all-electric minivan into the Chinese market.
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Ticker (NYSE): FSR
Fisker, Inc. has had a long and tumultuous rise to the top but it has made its way there. Fisker Automotive was an American company known for producing the Fisker Karma, which was one of the world’s first production luxury plug-in hybrid electric vehicles. It debuted at the 2008 North American International Auto Show, and the first deliveries were in 2011. Production of the Fisker Karma was suspended in November 2012 due to the bankruptcy of its battery supplier.
In 2016, Chinese auto parts conglomerate Wanxiang would rename the holding company for the assets of Fisker Automotive to Karma Automotive. Henrik Fisker, the founder, former chairman, and former CEO, of Fisker Automotive, retained the Fisker trademark and the Fisker logo, and launched a new, separate company called Fisker Inc with the aim to “get people out of the gasoline cars and into electric cars.”
The American electric car startup Fisker recently held the European debut of its Ocean SUV at the Mobile World Congress in Barcelona. The vehicle sold out within hours. The main reasons being its incredible price range, starting at €41,600, and the ability of the car to accelerate from 0 to 96kmph in 6.9 seconds with a range of 630 km. Some other amazing features include a solar roof capable of providing up to 2,000 miles of charge per year and a battery system capable of charging the home in case of a power outage.
Ticker (NASDAQ): ARVL
Arrival Automoitve Ltd is a British electric vehicle manufacturer headquartered in London, UK, of primarily lightweight commercial vehicles. R&D takes place at their facility in Banbury, Oxfordshire. In December 2020, Arrival established its North American headquarters in Charlotte, NC, USA.
The manufacturer is focused on transitioning the transportation industry to a zero-emissions model by building affordable and accessible electric vehicles. In addition to passenger cars, Arrival also builds electric vans and buses. The company partners with government organizations and corporations to help them become more sustainable and energy-efficient.
Arrival claims that their electric vehicles are the first EVs that cost the same as petrol and diesel equivalents. The company has created an electric vehicle platform that can be scaled to make many variants in multiple vehicle categories. In June 2020, Arrival announced a new passenger bus designed for coronavirus-era social distancing.
It was announced that Arrival had raised $118 million from US funds manager BlackRock Inc in October 2020, adding to previous investment from Korean automaker Hyundai Motor Co and sister company Kia Motors Corp of $111 million. In November 2020, it was announced that Arrival would list on NASDAQ by merging with special-purpose acquisition company CIIG Merger Corp.
Lordstown Motors Corp.
Ticker (NASDAQ): RIDE
Lordstown Automotive was founded in 2018 by Steve Burns of the Workhorse Group, Lordstown Motors is an electric vehicle EV innovator developing high-quality light-duty commercial fleet vehicles, with the Endurance all-electric pick-up truck as its first vehicle being launched in the Lordstown, Ohio facility. Lordstown Motors has engineering, research, and development facilities in Farmington Hills, Michigan, and Irvine, California, to support customers in these regions.
The Lordstown Endurance is an in-development all-wheel-drive, electric pickup truck. Its design includes independent wheel hub motors on all four wheels. The AWD hub motor system aims to reduce the amount of moving parts with no wheel axles or a transmission. In October 2021, Lordstown Motors announced a $230 million deal to sell the former GM plant to Foxconn Technology Group, which would become a contract assembler for the company’s Endurance pickup truck.
In October 2021 Foxconn unveiled three new prototype vehicles: the model 3 SUV scheduled to go on sale in 2023 in Taiwan, an electric bus that is planned to be tested in select cities in 2022, and a new electric sedan.
Ticker (NASDAQ): GOEV
Canoo, Inc. is an American automotive startup based in Bentonville, Arkansas that develops and manufactures electric vehicles, and plans to sell a lifestyle vehicle in the year 2022. The company also plans to produce commercial electric vehicles such as vans for the vehicle rental and ride-sharing services.
Canoo has created an innovative new system for electric vehicle ownership by offering its customers cars on a subscription basis. From personal vehicles to cargo delivery trucks, Canoo’s many EV offerings support both individual and corporate clients sustainably in their transportation needs. The company has engineering services located in Torrance, California, near Los Angeles, California. The company has operations in Justin, Texas.
Just this month, Canoo began testing for the Crew Transport Vehicles it is developing for NASA’s upcoming Artemis Moon mission. The American startup in April won a $147,855 contract to provide the vehicles to the program, which requires that they be delivered by June 2023.
Ticker (NASDAQ): NKLA
Nikola Corporation is an American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions. It presented several zero-emission vehicle concepts from 2016 to 2020. The company went public on June 4, 2020. Like the much larger Tesla, Inc., the company is named in honor of Nikola Tesla but is not related to the inventor. Nikola Corporation is based in Phoenix, Arizona.
In February 2022, the company projected deliveries of between 300 and 500 of its first battery-electric semi-trucks — known as the Nikola Tre — to customers. The company delivered its first two battery-electric trucks in December 2021. Nikola has publicly announced a number of zero-emissions vehicle design concepts since 2014 and unveiled a few concept vehicles that the company aims to develop for public sale.
These include a hydrogen-fueled Class 8 truck called the Nikola One, a hydrogen-powered semi-truck concept aimed at the European market – Nikola Tre, a utility-task vehicle by the name of Nikola NZT, a military-grade fully-electric tactical off-highway vehicle called Nikola Reckless, among many others.
Despite the fraud indictment of its CEO, the company remains committed to its previously announced milestones and timelines and is focused on delivering Nikola Tre battery-electric trucks later this year from the company’s manufacturing facilities.
So, which of these companies do you think will leave the greatest mark and change the automobile industry forever? Let us know in the comments below.