Five Electric Vehicle Makers That Are Racing to Build the Future of the Auto Industry
Tesla has made headlines as its stock price hits new highs, which has led it to become the most valuable automaker in the world. The electric vehicle company’s climb to the peak of the auto industry illustrates the growing demand for electric cars, which are being embraced by both legacy automakers and disruptors alike.
While Tesla seems to get all the press, it isn’t alone in creating innovative electric car solutions as a host of startups are also flooding the segment in an attempt to bring clean energy to the auto market. Here are a handful of electric vehicle brands that are looking to disrupt the auto industry in 2020 and beyond.
Founded in 2009, Rivian made a name for itself promising a lineup of electric trucks like no other. Since then the company has expanded its operation to make electric vans, which has caught the attention of Amazon. The e-commerce titan ordered 100,000 electric vans from Rivian in September 2019 and led an investment round worth $700 million in December 2019. Rivian has continued its streak of successes and just last week it announced that it had raised another $2.5 billion in funding. The electric truck maker expects its first orders of its electric vehicles to ship to clients in late 2020.
Lucid Motors was founded in 2007 and began construction on a manufacturing facility in December 2019. This facility will be used to build its Lucid Air electric sedan, which it will begin to sell on September 9, 2020.
In early July 2020, the company revealed its plan to sell and service its vehicles through a network of 20 of its own "studio" locations spread throughout North America. These storefront and service locations will launch in 2021.
Nikola is working to bring the clean fuel revolution to the heavy-duty applications and trucking industry with its fully-electric and hydrogen fuel cell semi-trucks and pickup truck. The company was founded in 2014, and in March 2020 it announced it would merge with VectoIQ Acquisition Corporation, which resulted in the combined company being listed on the NASDAQ exchange. Nikola has seen strong demand for its electric heavy duty trucks, as in 2018, Anheuser-Busch ordered up to 800 Nikola trucks, which the company will begin to deliver in 2020.
Henrik Fisker’s first electric car attempt was Fisker Automotive, which was founded in 2007. The company ran into financial trouble in 2012, which caused it to cease production and declare bankruptcy in 2013. The company’s assets were later sold to the Wanxiang Group in 2014, which launched a new company called Karma automotive.
Fisker, rebooted his namesake car company as Fisker Inc in 2016 and the company plans to go public later this year thanks to a $2.9 billion merger with Spartan Energy Acquisition Corp, which is backed by Apollo Global Management. The electric car maker is on schedule to launch the Fisker Ocean SUV in 2022.
Karma Automotive was created from the ashes of Fisker Automotive in 2014 by the Wanxiang Group, and just this month raised $100 million to continue its electric vehicle efforts. As of 2019, Karma Automotive has already delivered over 500 units of its inaugural Revero electric sport sedan, which retails starting at around $140,000,. The company is also looking to launch a high-horsepower GTE version, as well as an even more expensive supercar.
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