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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, the founder of electric car maker Tesla Inc (NASDAQ: TSLA), has added more than $ 100 billion to his net worth since January 2020. Tesla shares rose, beating all analysts. expectations and common sense, as its market cap hit $ 600 billion on Dec. 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. 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 changed the auto industry. But it is not the only electric car maker in the global market. Some of the big, well-established automakers are making all-electric and hybrid-electric cars in an attempt to keep Tesla at bay and are preparing to enter the auto industry – to get a cake from Tesla’s growing business. Lucid Motors Established in 2007, electric vehicle supplier Lucid Motors is based in the State of California. The company develops software to monitor individual battery cells, mechanical packaging, and battery pack controls in rechargeable vehicles, automobiles and aircraft. Scheduled to launch in early 2021, its first model, the Lucid Air price, will start at $ 69,000. According to Bloomberg, customer deliveries of Lucid Air Dream Edition will be produced at Lucid’s new factory in Casa Grande, Ariz., And will begin in the spring of 2021. The manufacturer plans to open eight showrooms by end of this year, five of which will be in California. Peter Rawlinson, CEO of Lucid Motors, says the company has the technology, the money and the talent to compete with Tesla, and promises to change the world by bringing new electric vehicles to the market, CNBC reports. Nikola Corp Based in Phoenix, Arizona, Nikola Corporation (NASDAQ: NKLA) designs and plans to manufacture hydrogen powered electric trucks, targeting the commercial trucking market. With hydrogen fuel cell technology, Nikola plans to build vehicles with similar advantages to electric vehicles. The advantage, on which he relies, is that it will take less time to recharge the vehicle and will have a longer range. The company is a manufacturer of battery-powered electric and electric vehicle transmissions, vehicle components, energy storage systems and hydrogen refueling station infrastructure.The first Nikola Tre semi-trailer model, a semi -Pioneer battery-electric truck for short-haul trucking The automaker was founded by Trevor Milton in 2015. Interestingly, he named the start-up after Nikola Tesla, taking the first name of the famous inventor, as the name was Already taken on by Elon Musk. Recently, Nikola made headlines for all the wrong reasons, which could hamper his progress in terms of further investment and growth. According to short-selling firm 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 in relation to false and misleading information about the company’s technology. Nikola denied the charges and said the information was baseless. Milton resigned in September over the allegations.NIO IncNio Inc – ADR (NYSE: NIO) is a Chinese automaker specializing in the design and development of electric vehicles, headquartered in 2014 and headquartered in in Shanghai. NIO is one of the leading Chinese companies in the electric vehicle segment founded by Chinese entrepreneur William Li. NIO vehicles are large battery-powered SUVs. What sets NIO’s cars apart from others is its subscription-based purchase model to simplify battery ownership. He offers to rent it, and if updated batteries are released, you can have them installed in your car. It also provides a three-minute battery replacement service, which it calls BaaS. Speaking of NIO revenue, third quarter numbers reached $ 666.60 million, a gain of 146.4%, at the end of September 2020. Gross margin increased 87.1% sequentially to $ 86.30 million. The company’s stock market position is also noticeable as it announced the finalization of the offer of 101,775,000 US custodian shares in September. The company plans to use the net proceeds to buy back stakes, reports Yahoo! Finance. NIO began deliveries of its electric SUV in 2018 and the 6-seater ES8 in 2019 in China. The company officially launched the EC6 electric coupe SUV in 2019. California-based Rivian Automotive, founded in 2009, Rivian Automotive offers light and aero cars, SUVs and trucks. With investment from Amazon.com, Inc. (NASDAQ: AMZN) and Ford Motor Company (NYSE: F), Rivian is set to deliver its two EVs, an RT1 pickup truck and an R1S SUV from here mid-2021 with a price range of around $ 67,500, TechCrunch reported. The company has pledged to deliver 100,000 electric delivery vehicles to Amazon by 2030 as part of the e-commerce giant’s Climate Pledge. In a recent statement, Rivian said he will make his hands-free driver assistance system standard in every vehicle he builds. The driver assistance system will automatically steer, adjust speed and change lanes on command. The vehicles will be fitted with a driver monitoring system with a cab facing camera helping 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 had a bumpy ride as it received criticism from Michigan auto dealers for selling vehicles directly to customers, which Tesla has already done.FiskerFiskerFounded by Henrik Fisker in 2016, California-based Fisker Inc (NYSE: FSR) is focused on creating luxury plug-in hybrid electric vehicles. Fisker’s first model, The Ocean, is a fully electric SUV slated for production in 2022. The Ocean will be available to consumers on a rental package, optimized for driver convenience and affordability. Its starting price is $ 37,499, and it has a long range of up to 300 miles. With a focus on solid-state battery technology, Fisker is aiming for smaller batteries and faster charge times. automotive Henrik Fisker has been in the electric vehicle business for over a decade. In 2012, Fisker designed an ultra-luxurious electric car called the Fisker Karma. It later halted production and sold assets to a Chinese company after its battery supplier A123 Systems filed for bankruptcy. The company plans to launch three new electronic passenger vehicles by 2025, including a sports sedan based on the EMotion concept, a sporty crossover and a pickup truck. Fisker says it will deliver each vehicle with platforms, batteries and component systems.XpengHeadquartered in China, Xpeng Inc – ADR (NYSE: XPEV) is the Chinese leader in intelligent electric vehicles. It designs, develops and manufactures intelligent vehicles that are integrated with advanced Internet, AI and autonomous driving technologies. In China, Xpeng vehicles are seen as 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 when it went public in the United States. Xpeng has announced that it will be implementing LiDAR senses in its cars. It claims it will improve its next-generation autonomous driving architecture through the vehicle’s high-precision object recognition performance. New vehicles will be produced with improved 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 Autopilot program secrets and using them at Xpeng. The former employee later admitted to uploading his code to his iCloud, and in September 2020, for the first time, Xpeng exported his vehicle out of his home country, China. It entered the Norwegian market with the G3 electric SUVs, marking the start of competition with Tesla in Europe.Image: Courtesy of Lucid MotorsSee more Benzinga * Click here for Benzinga options * UK Braces For Pfizer COVID-19 Vaccine Rollout, Calls This is the biggest civil logistics effort (C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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