For more than a decade, the only major player in the electric vehicle (“EV”) space has been Tesla. With an 81% market share in the United States and 15% globally, Tesla is arguably the largest EV company and the most valuable automaker on the globe. Valued at around $300 billion, Tesla surpassed established automakers such as Toyota, General Motors, Ford and Volkswagen. However, despite cornering the U.S. market, Tesla Inc. (NASDAQ: TSLA) may be facing steep competition in the future from the following EV stocks.
NIO Inc. Like Tesla, NIO Inc. (NYSE: NIO) has cultivated a cult following by developing premium, luxury cars with impressive designs. Referred to as the Tesla of China, NIO is one of the largest EV companies in China and is ranked three out of 115 stocks in the Chinese industry. The company is planning on expanding into the European market. And unlike plenty of EV start-ups that have a hard time securing funding, NIO has more than enough capital.
Over the course of two funding rounds, the firm raised $1.30 billion, which will be used to further the research and development of automated technologies. NIO has also pioneered a subscription-based “battery as service” (“BaaS”) model that allows customers to buy EVs and battery packs separately with the option of leasing the battery.
Xpeng is another Chinese company that has been making waves in the electric vehicle space. The start-up raised $2 billion in an IPO in late August this year, with the capital being spent on enhancing comfort over performance. Although its newest vehicle, the P7, has been compared to Tesla’s Model 3, especially based on the outward appearance, Xpeng doesn’t develop premium electric vehicles as Tesla does.
Instead, the Chinese firm has set its eyes on customers in areas that lack well-developed infrastructure and are prone to traffic jams. Its electric vehicles will be designed to maximize comfort and provide a smooth driving experience over horsepower. Although Xpeng currently holds just 1% of the EV market, it is poised to increase its market hold to 7% by 2025.
Hyliion is a relatively new Texas-based EV that develops electric trucks and is giving Tesla a run for its money. It was initially believed that electric trucks may not be viable due to issues with range and power, but they are now poised to hit the roads by 2030, ultimately overtaking gas-powered trucks by 2040. The firm has also emerged as a leader in the electric powertrain space, developing a powertrain system that it claims has more than two and a half times the range of a Tesla semi. However, its biggest challenge will be raising enough capital to scale up operations.
As you can see, investors and EV buyers will soon be spoiled for choice as the competition within the industry gathers steam. Interesting times lie ahead.
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