Deep Dive: Contenders for King of EV
Electric Vehicles are the future, and never before has the market for automobiles been so open to competition. For decades, the same companies dominated this industry. Still, the change in their core technology has created opportunities for numerous challenges to arise.
General Motors has been heavily investing in the electric car movement and has plans to bring back the Hummer brand to assist it in moving into the market. It has its own batteries and works with numerous other traditional automakers and EV startups using these partnerships to increase its interest in the electric car industry. Its advantage is manufacturing know-how, strong technology, and recognizable brands.
Nissan's Leaf was much of the world's the first introduction to electric cars. Although it was early to release an electric car, Nissan has yet to embrace the change or develop any competitive advantage.
Volkswagen's battery technology has the potential to be industry-leading. With long range and charge times, the biggest concern for many consumers, Volkswagen could be a dark horse in the race of electric dominance. It has a strong brand known for high quality and with potentially revolutionary battery technology could surpass many of the traditional and startup automakers.
Ford has plans to release electric versions of the Mustang and F-150. Those brand names' value will attract customers despite Ford licensing most of its electric vehicle technology.
Toyota, like Nissan, was early in the market but has yet to build a competitive advantage or strong electric car brand.
Volvo's Polestar 2 is arguably the best electric vehicle on the market today. While its popularity has yet to explode, it is the first car to use Google's autonomous driving technology and has been very well reviewed.
Lordstown is a company based in Ohio that claims it will be the first to release an electric pickup truck. The company has had strong support from the Trump administration. It works out of an abandoned GM plant in Ohio, providing valuable jobs to the local community. Its car is priced at $52,500 and should be available in early 2021.
Lucid's Air is marketed as a superior version of Tesla's Model S. With a longer range, faster acceleration, and luxurious interior. Peter Rawlinson, the former chief engineer of the Model S, leads Lucid's engineering team. The Saudi Arabia Public Investment Fund financially backs the company.
Tesla is the current market leader with its Model S, Model 3, Model X, Model Y, and Roadster, leading the way in their respective categories. The company itself has a recognizable leader in Elon Musk and has successfully changed public opinion and brought about the automotive industry revolution.
Nikola was seen as a close competitor to Tesla in many new markets including semis and pickup trumps. However, its recent scandals have soured public opinion, and it is yet to be seen if the company will be able to release any product at all.
Rivian is working with Amazon, providing the company with electric vans. It expects to launch its pickup truck in 2021. Its partnership with Amazon makes Rivian an exciting company to watch. Amazon has shown an interest in dominating as many markets as possible and recently acquired autonomous driving company Zoox.
Nio is a Chinese auto manufacturer which is following a similar strategy to Tesla. The company had numerous financial issues in 2019 but has rebounded in 2020 and delivered record numbers. It plans to expand to Europe and North America. Its biggest obstacle may be the continuing trade war between China and the U.S.
Canoo is a B2B electric car startup that is aiming to license its technology to existing manufacturers. This unique business model is one that other companies such as Rivian and Nikola use alongside building a consumer brand. Canoo currently has deals with Hyundai and Kia.
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