Running out of fingers and toes: EV manufacturers.
The WSJ has a great update on eleven EV startups chasing Tesla (linked above).
Some data points:
- Tesla, now part of the S&P 500, or soon to be; not quite sure; don't care;
- Tesla: more valuable than the following companies combined:
- Toyota
- VW (largest car manufacturer in the world?)
- GM
- F
- GM: this past week said it would spend $27 billion over the next four years of development of electric and driverless vehicles
- my hunch: driverless vehicles will be banned from school zones
The eleven start-ups covered by The WSJ, with capital raised (prices all before tax incentives):
Rivian: $5.35 billion in five funding rounds in the past two yearsfocus: an all-electric pickup; start at $67,500; goes on sale June, 2021sales model: like that of Teslacan't wait to see this compete with FordLucid Motors, Inc: "more than $1 billion raisednotable backers: Public Investment Fund (PIF) of Saudi Arabiafirst Airs will cost $169,000; to go on sale next yearentry-level model promised at $77,400hunch: will fail. High-end auto makers like BMW, Mercedes-Benz, and Porsche are rolling out their own luxury EVsLordstown Motors, Ohio; $4.2 billionthe Endurance: a pickup truck marketdd to commercial fleet operators; starting price: $52,500has to hire 1,000 more workers and re-tool a massive plant before entering highly competitive field, including Ford's F-150 -- the best-selling vehicle in the US -- not just the best-selling pickup truck, but the best-selling vehicleFord will also target fleet buyers starting in 2022Nikola; $10 billionI won't waste my time on this oneFisker, $4.7 billionfirst attempt by Henrik Fisker to go EV back in 2007: went broke, as in bankruptCanoo, $2.4 billionwill probably go nowhereNIOmarket valuation: $66 billionES6: a five-seat SUV; $52,000NIO's stock gains outpaced Tesla's share-price surge last yearNIO's market value eclipsed that of GM this past week;sounds exciting, huh? despite a strong 2020, it posted a loss of $1.6 billion in 2019, and laid off roughly a fifth of its employeesgot a $1 billion lifeline from Chinese state investors this past springmain competitor: Tesla which just opened its first Chinese factory last yearLi Automarket valuation: $31 billionplug-in hybrid luxury SUV; uses a small gasoline engine (a lawn motor engine, I suppose) to generate power for lithium-ion batteries$50,000I'm excited. Not.XPengmarket valuation: $35 billionhuge, deep-pocket backers: Alibaba; Chinese phone company Xiaomi; Qatar Investment Authority;Faraday & Futurenothing known about valuation and fundinganother luxury entrantFaraday Future has spent more than $2 billion and has yet to sell a single vehicle, after originally targeting 2017 to bring first model to market
not interestedArrival Ltd., Londonmarket valuation: $5.4 billionmajor backers: Hyundai, Kia, BlackRock, and UPSsmall EV delivery vansUPS has ordered 10,000 vans
Facts and comments:
- China and India are the big markets of which I know nothing
- US market:
- 40% of American do not own their own homes
- about 20% of Americans live in apartments or condos
- minimal transparency on number of EVs actually sold
- huge opportunities for those focused on infrastructure
- why didn't US Post Office switch to EVs decades ago?
- why did the US military not focus on EVs for stateside operations?
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