These companies are showing the Mobility of the Future

ELECTRIC FUTURE

Not just EV pioneer like Tesla, but other startups, traditional automakers & tech companies are joining the party as well

Who would have thought of the change in the mobility landscape we might be about to encounter. Although the Electric Vehicle (EV) maker Tesla has grabbed this emerging market by the horns, new competitors have jumped in the foray to grab a piece of the estimated $10 trillion market of the future. Here is a list of the 6 Rival Electric Vehicle companies that could emerge as challengers to Tesla in the future.

As Tesla’s quarterly production capacity approaches almost 200k, its competitors will have some catching up to do. The company also has the advantage of a robust supply chain that is already in place. With the company introducing better battery technology and varied models with a robust charging infrastructure in place, it has become a favorite for investors.

Its stock went up an incredible 695% in 2020 alone, making it one of the most valuable companies in the world with a $779 billion market cap currently. In fact, Wall Street investors think Tesla is worth more than General Motors, Toyota, Volkswagen, and Ford put together.

Fearing the end of Oil-based cars and the gigantic influence of Tesla, even these traditional automakers are beginning to pivot towards EVs. Recently GM announced that it aims to sell only zero-emission cars and trucks by 2035. According to Blomberg, Another Electric car company Rivian is looking to go public as soon as September at a valuation of about $50 billion or more. The Amazon and Ford-backed startup was valued at nearly $28 billion in January and has raised $8 billion in funding so far.

And how could I forget Apple, which seems to have thrown its hat in the ring too. The smartphone giant is apparently in talks with mainstream automakers to develop an autonomous EV with the technology provided by Apple. The car is rumored to be unveiled in 2024.

All these promises of an electric future is providing a boom to the automotive market. But immediate plans of these companies might be hitting a snag with the shortage of semiconductors that power all the electronics in their current models. The average vehicle uses anywhere from 50–150 microchips and the number is expected to rise in the future.

For now, Ford had to shut down a plant due to a lack of microchips, and GM warned of the impact on future production. All said and done, these probably would be temporary roadblocks as these automotive companies scale up their production in the future.