Three Electric Vehicle Companies Making an Impact Across the Electric Vehicle Marketplace

June 09, 2022

By: John Tomblin, Senior Solutions Architect
TempeBizz, a division of Sofvue, LLC
Printed with permission of Data Titan, Sofvue LLC, and the author

Electric vehicles (EV’s) have completely changed the automotive landscape, and like the continued growth of mobile app companies in Tempe, the electric vehicle marketplace shows no signs of slowing down anytime soon. Statistics show that the number of electric vehicles is expected to grow from 4,093,000 units in 2021 to 34,756,000 units in 2030, growing at a CAGR of 26.8%, assuming of course that lithium can still be mined, shipped and used to produce electric batteries.

The primary reasons for the increase in (EV) manufacturing stems mostly around the perception that purchasing an EV helps the environment, but that’s another topic for another article. There’s currently a lot of debate right now about the actual co2 emissions produced by EV’s, not from the tailpipe, but from the co2 produced in the making of lithium batteries.  That said and assuming EV’s produce a net positive gain for the lowering of co2 in the environment, the bigger concern these days is fuel… and it’s insane rise in price YOY in 2021 and 2022.  As of June 2022, there are already hundreds of electric vehicle companies, but only a few are making a significant impact, namely, Tesla, Lucid Motors, and Rivian.

Let’s look at each of these growing giants.

1- Tesla

Tesla is undoubtedly the market leader in the EV industry, and thanks to Elon Musk, the company is always top-of-mind since Elon is no wall flower.  He’s always in the news, making all sorts of statements and garnering responses from all over the world, and why not?  The guy owns Tesla, SpaceX, The Boring Company, and soon, maybe, Twitter.

As of April 2022, Tesla has a market cap of $1.018 trillion, and we can expect it to increase exponentially in the coming years.

What makes Tesla different from its competitors is its business model. Tesla’s model focuses on direct sales and service instead of franchised dealerships. Additionally, the company has given a lot of attention to rolling out charging stations all across the country, the biggest hurdle to mass adoption of electric vehicles, as well as continually improving upon the ability to extend the mileage range of a single charge.   Moreover, Tesla also offers home services by sending its technicians directly to your home for vehicle maintenance, while in other cases, offer remote vehicle maintenance.  Case in point, with the Tesla Model S, an owner can upload data from their vehicle wirelessly, enabling technicians to view and fix problems from their service desk, without ever seeing the vehicle.

Tesla also created a fully electric semi-truck that can go up to 400 miles on a 30-minute charge, with plans on increasing it to more than 600 miles by 2023.

2- Lucid Motors

Lucid Motors is the second largest electric vehicle company in the United States, located outside San Francisco in Newark, the company has a market cap of $36.45 billion (as of April 2022).

Previously named Antieva, Lucid Motors was founded in 2007 by Bernard Tse and Sam Weng. However, it wasn’t until 2019 that they opened their first manufacturing factory.  Lucid is one of the top electric vehicle car companies in the USA.  This can be attributed to the fact that they stay completely sold-out of pre-orders for their Lucid Air Sedans, a sports-car-class vehicle. Lucid’s batteries also have a higher rating that Tesla, capable of 4.5 miles per kWh versus Tesla’s 4 miles per kWh.  However, unlike Tesla, Lucid has no plans to build and operate its own charging network. This will lessen their capital investment, and to offset the charging issues that come as a result, have partnered with Volkswagen-owned Electrify America to offer charging options to its customers.

3- Rivian

Last but not least, Rivian is the third biggest electric vehicle company with a market cap of $35.85 billion (just behind Lucid motors).

Rivian has more pre-orders and a higher annual production target than Lucid motors, but unlike its rivals Tesla and Lucid, Rivian focuses more on pickup and SUV vehicles. The one issues Rivian faces is they don’t build their own engines or charging stations, but for people looking for an electric vehicle with off-roading capabilities, nothing beats Rivian. Virtually all its vehicles are loaded with a quad-motor system capable of producing 800 hp and 900 lb.-ft pounds of torque.

Wrapping Up

Time will tell whether Tesla will remain the reigning champion, or if Lucid Motors and Rivian can narrow the gap. All three manufacturers offer best-in-class electric vehicles with a long battery life, and just like these companies, TempeBizz offers best in class mobile app and software development services for businesses across Tempe, and Maricopa County. We develop feature-rich, custom mobile apps, along with outstanding customer service and support. To learn more, give us a call at 623-845-2747.

References:

LINK:  https://www.marketsandmarkets.com/Market-Reports/electric-vehicle-market-209371461.html

LINK: https://companiesmarketcap.com/electric-vehicles/largest-ev-companies-by-market-cap/

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