Top 6 Electric Vehicle Manufacturers To Look Out For
The electric vehicle market has been growing exponentially over the years and will continue to grow due to the government committing to reducing its carbon footprint. A major contributor to global warming is internal combustion engines in vehicles. Many countries are investing in infrastructure to support the supply and demand for electric cars. In the United Kingdom, there is an estimated 31.8 million cars on the road all pumping carbon monoxide into the atmosphere contributing to global warming. Converting those internal combustion cars into electric cars will decrease the amount of carbon monoxide going into the atmosphere.
Many car manufacturers are ramping up their production of electric cars and innovating new technologies to increase battery life. At this moment in time, electric cars are priced much higher than affordable cars, making electric cars currently out of reach for the masses. Like any new technology, over time prices will decrease and start to become more affordable due to advancements in production to make it more cost-efficient to the manufacturer. Many vehicle manufacturers are solely dedicated to manufacture electric cars that will be major contributors to the green revolution that will happen around the world. Here are the top 6 largest electric vehicle manufacturers.
Tesla
Founded in July 2003 and the number one electric car manufacturer that brought in $31.53B in revenue in 2020. With many models for purchase, Tesla is leading the pack and setting the standard for all-electric car manufacturers with their modern and innovative car line-up. They also have their electric car-charging network that provides faster charging than other electric car charging networks. The company is expanding into trucks, taxis, and lorries to cater for all types of drivers while innovating their battery technology.
Rivian
Rivian was founded in 2009 and the company is first setting their sights on the electric sport utility vehicle market that can be used both on-road and off-road. In 2019 both Amazon and Ford have invested in this company to help develop their vehicles. Amazon has also ordered 100,000 electric delivery vans to help their company to transition into eco–friendly vehicles. The company is looking into creating an exclusive charging network. Rivian will be a company to look out for considering their backing from Amazon and Ford Motor Company. However, they still haven’t released any vehicles for sale as of yet.
Lucid Motors
Founded in 2007, Lucid Motors are planning to develop all-electric, high-performance luxury vehicles. The company delivered their Lucid Air to the first group of 20 reservation holders. The company is developing an SUV vehicle and expanding its battery technology division. Lucid Motors have partnered up with Electrify America to use their charging network. Lucid Motors haven’t recorded any revenue but looks like it will start to ramp up production and make its Lucid Air vehicles available for sale in the next few years.
NIO
Founded in 2014, the Chinese company NIO specialises in electric vehicles. They have developed a wide range of sedans and SUV vehicles that are available for purchase with many more in the pipeline. In 2016, the company was given an ‘Autonomous Vehicle Testing Permit’ by the California DMV allowing it to test and develop autonomous driving cars in California. We may see an emergence of autonomy from NIO in the future. The company announced a revenue of $2.53B in 2020.
XPeng
Founded in 2014, the Guangzhou, China-based company is an electric car manufacturer that first launched its SUV in 2018. XPeng has launched a vehicle for hire with its vehicles to serve Guangzhou. The company is slowly expanding its operations and vision with the company designing a flying car planned to be launched in 2021. The company announced $0.91B revenue in 2020 however gained more investment from the likes of Alibaba and Qatar Investment Authority.
Li Auto
Li Auto was founded in 2015 and with reported revenue of $1.47B in 2020. So far the company only lists one model at the moment. The company debuted on the Nasdaq and raised over a billion-dollars. Although it seems the company is at the start of its journey, with further development and investments the company will expand to different electric car sectors.
Summary
The electric car market is looking to explode as we get closer to 2030 as countries look to transition from combustion cars to electric cars. As countries find ways to decrease the emission of greenhouse gases into the atmosphere, electric cars will be a major contributor to the green revolution. Over the years electric car technology will improve therefore improving the range and decreasing the cost to produce an electric. The decrease in cost will reflect on the price of electric cars and help motivate people transition to electric cars. As car manufacturers continue to expand and develop their cars, the government will need to facilitate the improvement in infrastructures to supply to rise in electric cars that will emerge on roads. From charging networks, roadside recovery to electricity networks, governments will need to increase investment in these areas to help everyone transition to electricity and reduce their carbon footprint.
Still don’t know about Electric Cars, check out my What to know about electric cars blog post to gain a better understanding.