17 EV Companies To Watch

The electric vehicle (EV) market is one of the fastest-growing markets globally. With the rising concern over climate change and carbon emissions, governments across the world are incentivizing the adoption of EVs. The global EV market is expected to reach a valuation of $800B+ by 2027, growing at a Compound Annual Growth Rate (CAGR) of over 22% from 2021 to 2028. In this article, we will take a closer look at the competition in the EV space and the strategies adopted by startups and legacy automotive companies to gain a foothold in the market.

1. Tesla: Tesla is perhaps the most well-known & strongest EV company, founded in 2003 by Elon Musk with the goal of accelerating the world's transition to sustainable energy. The company's EV strategy is to produce premium electric vehicles that offer superior performance with long-range capabilities and innovative technology. Tesla currently offers several models, including the Model S, Model X, Model 3, and Model Y, as well as the upcoming Cyber Truck and Semi. Tesla is investing heavily in battery technology and aims to produce its own batteries through its Gigafactory network. Tesla's Autopilot system & FSD Beta is considered one of the most advanced driver assistance systems on the market due to its extensive data set from over a million vehicles equipped with Autopilot, which is constantly analyzed and used to improve the accuracy and reliability of the system. This, coupled with its comprehensive suite of safety features and sophisticated software, including features such as Navigate on Autopilot makes it a significant step forward in the development of safer and more efficient driving technology, although it still requires active supervision from the driver currently.

2. Rivian: Rivian is an American EV startup that was founded in 2009. The company's EV strategy is to offer high-performance electric vehicles with off-road capabilities, catering to the growing demand for electric vehicles in the outdoor and adventure market.  Rivian has raised over $10.5B in funding and is backed by big names like Amazon. Rivian released two models, the R1T pickup truck and R1S SUV, with plans for additional models in the future.

3. Lucid Motors: Lucid Motors is an EV startup that was founded in 2007. The company's focus is on producing luxury electric vehicles that are performance-oriented, with long-range capabilities. Lucid Motors has raised over $4.5B in funding and has been backed by Saudi Arabia's Public Investment Fund. Lucid Motors' strategy is to target the luxury sedan and suv market to compete directly with Tesla and traditional automakers like Mercedes-Benz and BMW. Lucid Motors released its first model, the Lucid Air, with plans for additional models in the future.

4. General Motors: General Motors (GM) is one of the largest automotive companies globally. The company has been in the business for over a century and is known for producing iconic brands like Chevrolet, Cadillac, and Buick. GM's strategy is to produce a wide range of EVs that cater to different segments of the market. The company plans to introduce 30 new EV models globally by 2025, with the goal of becoming carbon-neutral & achieving zero emissions by 2040.

5. Volkswagen: Volkswagen is a German automotive company that is known for producing iconic brands like Volkswagen, Audi, and Porsche. The company has been in the business for over 80 years and is one of the largest automakers globally. Volkswagen's strategy is to produce a wide range of EVs that cater to different segments of the market. The company plans to invest over $86B in electric and autonomous vehicles by 2025, with a goal of producing 1.5 million EVs by 2025. VW plans to launch 70 electric models by 2030 and has set a target of achieving carbon neutrality by 2050.

6. Ford: Ford is an American automotive company that is known for producing iconic brands like Ford, Lincoln, and Mercury. The company has been in the business for over 100 years. Ford's strategy is to produce a wide range of EVs that cater to different segments of the market with the Mach-E & F-150 Lightning. The company plans to invest $22B in EVs & $7B toward autonomy by 2025 and introduce 40 new EV models globally.

7. NIO: NIO is a Chinese EV startup founded in 2014 that focuses on producing electric vehicles with advanced technology. The company's EV strategy is to offer high-performance electric vehicles with cutting-edge technology, including features like advanced driver assistance systems and artificial intelligence. NIO currently offers several models, including the ES6 and ES8 SUVs, as well as the EC6 coupe.

8. BMW: BMW is a German luxury car manufacturer that has been in the industry for over a century. The company has been producing EVs for over a decade, and its current EV lineup includes the i3, i4, and iX models. BMW's EV strategy is to produce premium electric vehicles. The company plans to introduce at least ten new EV models by 2025. BMW also aims to produce its own batteries by 2030.

9. Mercedes-Benz: Mercedes-Benz is a German luxury car manufacturer that has been in the automotive industry for over a century. The company has been producing EVs since 2014 and currently offers the EQA, EQC, and EQS models. Mercedes-Benz's EV strategy is to produce premium electric vehicles that cater to the luxury market. The company plans to introduce eight new EV models and at least ten more models by 2025. Mercedes-Benz is also investing in battery technology and aims to have a carbon-neutral production process by 2039.

10. Honda: Honda is a Japanese automaker that has been in the automotive industry for over 70 years. The company has been producing hybrid vehicles since 1999. Honda's EV strategy is to produce affordable electric vehicles for the mass market. The company plans to introduce ten EV models by 2025, with the goal of having two-thirds of its sales be EVs by 2030. 

11. Toyota: Toyota is a Japanese automaker that has been in the automotive industry for over 80 years. The company has been producing hybrid vehicles and currently offers the Prius Prime plug-in hybrid and the Mirai fuel cell vehicle. Toyota's EV strategy is to produce electric vehicles that cater to the mass market while continuing to invest in hybrid and fuel cell technology. The company plans to introduce at least 15 new EV models globally by 2025. Toyota is also investing in battery technology and aims to have solid-state batteries in production by the mid-2020s.

12. Stellantis: Stellantis is a multinational automotive manufacturer formed in 2021 by the merger of PSA Group and Fiat Chrysler Automobiles. The company has a portfolio of 14 brands, including Jeep, Dodge, Peugeot, and Citroen. Stellantis's EV strategy is to produce electric vehicles across its portfolio of brands, catering to different segments of the market. The company plans to introduce 39 new EV models by 2025. Stellantis is also investing in battery technology and aims to have solid-state batteries.

13. Polestar: Polestar is an EV manufacturer that is a subsidiary of Volvo Cars. The company's EV strategy is to produce electric vehicles with a focus on sustainability and design. Polestar currently offers two models, the Polestar 1 hybrid and the Polestar 2 electric sedan, with plans for additional models in the future.

14. Xpeng: Xpeng is a Chinese EV startup founded in 2014 that focuses on producing affordable electric vehicles with advanced technology. The company's EV strategy is to offer electric vehicles with cutting-edge technology at a lower price point than traditional luxury automakers. Xpeng currently offers several models, including the G3 SUV and P7 sedan, as well as plans for additional models in the future. Xpeng is also investing in autonomous driving technology and aims to release a fully autonomous vehicle.

15. Faraday Future: Faraday Future is an EV startup founded in 2014 that focuses on producing performance electric vehicles with advanced technology. The company's EV strategy is to offer electric vehicles with features like autonomous driving technology and intelligent connectivity. Faraday Future plans to release its first model, the FF 91.

16. Byton: Byton is a Chinese EV startup that focuses on producing electric vehicles with advanced technology and connectivity. The company's EV strategy is to offer electric vehicles with a focus on technology, including features like facial recognition and gesture control. Byton plans to release its first model, the M-Byte SUV.

17. Fisker Inc.: Fisker Inc. is an American EV startup that was founded in 2016. Fisker Inc. has raised over $1.5B in funding. Fisker's strategy is target the luxury market to compete directly with Tesla and Lucid.

The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to conduct their own research and due diligence before making any investment decisions. Any information provided in this article may be subject to change and may not be accurate or complete. The authors and publishers of this article do not make any representations or warranties regarding the accuracy or completeness of the information provided herein and shall not be liable for any damages or losses arising from the use of such information.