Electric vehicles (“EV”) may be a relatively new technology, but EVs are poised to take over the transportation sector over the next couple of decades. With a large section of the world hell-bent on reducing emissions from the transportation sector, we are looking at a future where a large chunk of the cars on the road are zero-emission EVs. For the past decade or so, Tesla has been the most dominant EV maker in the game, proving that it’s possible to develop and mass produce electric cars, and selling more EVs than any other company.
However, Tesla may not be able to hold its top position for longer. Aside from other startups such as Mullen Technologies Inc. (NASDAQ: MULN) that also plan on developing EVs for the market, established automakers are going all-in on electrification. And unlike the startups, automakers such as General Motors and Ford won’t be starting from scratch; they already have manufacturing facilities and extensive contacts along the supply chain that can ease their gradual transition from internal combustion engine cars to electric vehicles.
American car manufacturers have already begun offering electric cars to the public, and they plan on significantly ramping up EV production in the next couple of years to meet increasingly strict emission standards. Still, that doesn’t discount the efforts electric vehicle startups have made. In China, EVs are already making a dent in overall vehicle sales, thanks to a variety of EV incentives as well as an extensive network of charging stations. Christian Shepherd, a Financial Times reporter who is currently cruising the streets of Beijing in a NIO ES6, says that for decades China has tried and failed to have a car brand with global recognition.
BYD, a manufacturing company in Shenzhen, China, was part of the first wave of carmakers that dipped their toes into the EV space. The second wave, which includes NIO, Xpeng, Li Auto and WM, is following the model Tesla used to conquer the young EV sector. In the United States, it is the rest of the automotive industry against the California-based Tesla, says FT reporter Claire Bushey, who drives a Ford Mustang Mach-E. Bushey says Tesla may have had some quality-control problems, but that’s quite understandable because it’s a new company.
As the industry matures, she says, the companies that make the right decisions and the right moves will hang around for another generation while those that don’t will fade into obscurity.
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