Several electric car companies have recently entered the market, each with different objectives. The Volkswagen Group, Canoo, Rivian, and BYD Auto are just a few examples.
Tesla
Founded in 2003, Tesla is a 12-year old company that has become a leading manufacturer of electric vehicles. It is also a maker of energy storage systems. The Tesla Motors Gig factory is the world’s largest lithium battery plant. It has received close to 361 patents.
The Tesla Model S is the first all-electric luxury sedan. Its top speed is 155 mph. It can go from 0 to 60 mph in 5.5 seconds. The car has a range of 300 miles. The price tag starts around $57,000.The best part is, it’s not all that hard to drive. The car has a touchscreen that displays real-world data. The company has a network of superchargers that will charge the vehicle in a reasonable amount of time.
BYD Auto
Founded in 1997 by Chinese billionaire Wang Chuanfu, BYD has been the leading producer of new energy vehicles in the world. It is currently the largest EV producer in the ultra-competitive market of China, with a total of 487,188 EVs sold in the country.
Aside from its e-car line, BYD Auto also manufactures electric bicycles and mobile phone batteries. In fact, it is the only Chinese automaker with a complete IGBT industry chain. Its Blade Battery and BYD electric powertrain technology work in synergy to deliver optimum performance and driving comfort. BYD has recently unveiled an innovative line of electric cars for Europe. The range will include a sleek sporty sedan, a luxury sedan, and a high-performance four-wheel drive SUV.
Lotus Evija
During a special event at Central London tomorrow, Lotus will reveal its new Evija electric car. This is the first all-new car from the company in over 11 years. The design and technology of the Evija have been influenced by classic endurance racers. It’s the most ambitious car the electric car company has ever produced.
The interior of the Evija boasts a retro-modern look. Carbon fiber beams support the cabin, and the front seats feature a thick microfiber shell. The rear seat is upholstered in alcantara. The seats also have three point seatbelts and climate control. The cabin’s screen displays the level of the battery, as well as a lap time and range.
Rivian
Founded in 2009, Rivian is an American electric vehicle company. It has been backed by some big names in the automotive industry. It has a hefty waiting list for its cars. It has a production capacity of 300,000 vehicles per year.
Rivian’s mission is to electrify adventure vehicles. The company wants to do Tesla for the great outdoors. The Rivian R1T is an electric pickup truck that is similar to the Tesla Roadster. It is built in a former Mitsubishi Motors plant in Illinois.
Rivian plans to open a factory outside of Atlanta. It also has plans to build a service center on Auto Row in Seattle. It is promising to bring 7,500 jobs to the area. The company has received $2.5 billion in investment from T. Rowe Price. Its parent company is Amazon, which owns 20 percent of the company.
Volkswagen Group
Electrification has been the focus of Volkswagen Group since the diesel gate scandal hit the headlines. The company has been working on component sharing and cost cutting to ensure that it is able to compete in the EV market. Electric car company is centered on bringing attractive electric vehicles at affordable prices. The firm also has plans to introduce more niche EVs to its portfolio.
VW’s electric vehicle strategies are based on a modular electric drive toolkit. This technology platform is used in Audi, SEAT, Skoda and Volkswagen models. The modular platform is designed to reduce the number of microprocessors and advance the application of driver assist technology.
Last Word
However, it is not easy for a company to succeed in the EV space. Many young companies face high inflation and rising interest rates. While there are many factors to consider, it is possible to make a profit on electric vehicles. The key is to pick several different companies and invest in each one.
