Benzinga
Watch Out, Elon Musk. These EV Startups Are Trying To Take On Tesla
With a $145.9 billion fortune at press time Elon Musk, the founder of the electric car manufacturer Tesla Inc (NASDAQ: TSLA), has added more than $100 billion to his net worth since January 2020. Tesla’s shares have been going up, beating every analyst’s expectations and common sense, while its market capitalization reached $600 billion on Dec. 7. The company is aiming to sell 500,000 battery-powered vehicles by the end of this year. Tesla’s automotive products include Model 3, Model Y, Model S, and Model X. Model 3 is a four-door sedan. Model Y is a sport utility vehicle (SUV) built on the Model 3 platform. Model S is a four-door sedan. Model X is an SUV.Tesla has changed the auto industry. But it isn’t the only electric car manufacturer in the global market. Some of the large, established automakers are making fully electric, and hybrid-electric cars aiming to keep Tesla at bay and are getting ready to enter the automotive industry – to take a pie out of Tesla’s growing business. Lucid MotorsEstablished in 2007, electric vehicle provider Lucid Motors is based in the state of California. The company develops software for monitoring individual battery cells, mechanical packaging, and controls for battery packs in plug-in vehicles, automobiles, and aircraft. Expected to launch in early 2021, its first model, the Lucid Air price, will start at $69,000. According to Bloomberg, the customer deliveries of the Lucid Air Dream Edition will be produced at Lucid’s new factory in Casa Grande, Arizona, and will begin in the spring of 2021. The manufacturer has planned to open eight showrooms by the end of this year, out 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 into the market, CNBC reports. Nikola CorpBased out of Phoenix, Arizona, Nikola Corporation (NASDAQ: NKLA) designs and plans to manufacture hydrogen-electric trucks, targeting the commercial trucking market. With the hydrogen fuel cell technology, Nikola plans to build vehicles with similar benefits to electric vehicles. The advantage, which it’s counting on, is that it will take less time to recharge the vehicle and will have a longer range. The company is a manufacturer of battery-electric and electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.Nikola’s first model Nikola Tre semi-truck, a pioneer battery-electric semi-truck for the short-haul trucking sector, will be available to customers by 2021, the company claims.The vehicle manufacturer was founded by Trevor Milton in 2015. Interestingly, he named the startup after Nikola Tesla, taking the famous inventor’s first name, as the last name was already taken by Elon Musk.Recently Nikola has been in the news for…
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