Here are 11 startups chasing Tesla;
1.Rivian Automotive LLC of Irvine, California
RJ Scaringe is the CEO.
YEAR ESTABLISHED: 2009.
OWNERSHIP: personal
CAPITAL RAISED: $5.35 billion over the last two years in five fundraising rounds.
UNKNOWN VALUATION
Ford, Amazon.com Inc., and BlackRock Inc. are among the notable backers.
THE FIRST MODEL: Before tax breaks, well-equipped variants of the R1T, an all-electric pickup, will start about $67,500. In June 2021, it will be available for purchase. It is the 1st StartUps Chasing Tesla .
2. Lucid Motors Inc., Newark, California
Peter Rawlinson is the CEO.
YEAR ESTABLISHED: 2007.
CAPITAL RAISED: MORE THAN $1 BILLION IN OWNERSHIP
Unknown valuation
NOTABLE BACKERS: Saudi Public Investment Fund
It is the 2nd StartUps Chasing Tesla .
3. Lordstown Motors Corporation, Lordstown, Ohio
Steve Burns is the CEO.
YEAR ESTABLISHED: 2019
PUBLIC OWNERSHIP
MARKET COST: $4.2 BILLION (as of November 19)
NOTABLE BACKERS: Workhorse Group Inc., Fidelity Investments, and General Motors
FIRST MODEL: The Endurance is a battery-electric pickup truck aimed for business fleet operators, with a starting price of $52,500 before federal tax breaks. It is the 3rd StartUps Chasing Tesla .
4. Lucid Motors Inc., Newark, California
Peter Rawlinson is the CEO.
YEAR ESTABLISHED: 2007.
OWNERSHIP: INDIVIDUAL
CAPITAL RAISED: MORE THAN A BILLION DOLLARS
Unknown valuation
NOTABLE BACKERS: Saudi Public Investment Fund
THE FIRST MODEL: The Lucid Air is a battery-powered luxury automobile that, in certain configurations, can travel more than 500 miles on a single charge. When it goes on sale early next year, the first Airs will cost $169,000 before tax breaks, with less expensive variants to follow, including an entry-level model projected to start at $77,400. It is the 4th StartUps Chasing Tesla .
5. Nikola Corporation, Phoenix
Mark Russell is the CEO.
YEAR ESTABLISHED: 2015
PUBLIC OWNERSHIP
MARKET COST: $10.1 BILLION (as of November 19)
NOTABLE SUPPORTERS: Robert Bosch GmbH, a German vehicle supplier, CNH Industrial NV, a heavy equipment conglomerate, and hedge-fund investor Jeffrey Ubben
THE FIRST MODEL: The battery-powered Nikola Tre semi-truck, manufactured under CNH Industrial’s IVECO brand, will go into production in late 2021. There is no price information available at this time. It is the 5th StartUps Chasing Tesla .
6. Fisker Inc., Los Angeles
Henrik Fisker is the CEO.
YEAR OF FOUNDATION: 2016.
PUBLIC OWNERSHIP
MARKET COST: $4.7 BILLION (as of November 19)
KEY BACKERS INCLUDE: Apollo Global Management Inc., Magna International Inc., and Louis Bacon.
The Ocean, a small SUV composed of sustainable materials, is set to go into production in 2022. Pricing begins at $37,500 before federal tax breaks. It is the 6th StartUps Chasing Tesla .
7. Canoo Inc., Torrance, Calif.
Ulrich Kranz is the CEO.
YEAR ESTABLISHED: 2018
OWNERSHIP: private, but projected to become public by the end of the year via a reverse merger known as a SPAC.
VALUE: $2.4 BILLION (valuation estimate at the time reverse merger was announced)
KEY SUPPORTERS INCLUDE: Daniel Hennessy, BlackRock, and AFV Partners.
THE FIRST MODEL: The Canoo will be a microbus-like all-electric “lifestyle” vehicle that the firm characterizes as a “loft on wheels.” The model’s price has not been confirmed, but it is expected to reach the road in 2022. It is the 7th StartUps Chasing Tesla .
8. NIO, Inc., Shanghai
CEO: William Li YEAR ESTABLISHED: 2014
PUBLIC OWNERSHIP
MARKET COST: $66 BILLION (as of November 19)
NOTABLE BACKERS: Chinese mobile gaming powerhouse Tencent Holdings Ltd., Scottish hedge fund Baillie Gifford & Co. (and significant Tesla investor), Chinese state investors
MAIN MODEL: The ES6 is a five-seat SUV that starts about 358,000 yuan ($52,000).
It is the 8th StartUps Chasing Tesla .
9. Li Auto, Inc., Beijing
CEO: Li Xiang YEAR ESTABLISHED: 2015
PUBLIC OWNERSHIP
MARKET COST: $30.7 BILLION (as of November 19)
NOTABLE BACKERS INCLUDE: Chinese e-commerce titan Meituan Dianping, TikTok inventor ByteDance Ltd., and BlackRock.
MAIN MODEL: The Li ONE is a plug-in hybrid luxury SUV that utilizes a tiny gasoline engine to power lithium-ion batteries. It is priced at 328,000 yuan ($49,500).
INVESTORS ARE INTERESTED IN: Li Auto may appeal to drivers in areas of China with fewer charging facilities while still qualifying for certain governmental incentives. Li’s hybrids need smaller and less expensive battery packs, which saves the firm money. It is the 9th StartUps Chasing Tesla .
10. XPeng, Inc., Guangzhou, China
He Xiaopeng is the CEO.
YEAR ESTABLISHED: 2015
PUBLIC OWNERSHIP
MARKET COST: $35.3 BILLION (as of November 19)
MAJOR BACKERS: Chinese e-commerce behemoth Alibaba Group Holding Ltd., Chinese phone manufacturer Xiaomi Corp., and Qatar Investment Authority.
THE P7 is a battery-electric vehicle with a starting price of 250,000 yuan ($37,000).
INVESTORS ARE INTERESTED IN: Xpeng manufactures SUVs and sedans that are less expensive than Tesla’s Chinese counterparts. In addition, the corporation is creating its own autonomous-driving software and has an in-car operating system with its own app network. The startup, like its Chinese rivals, has a deep-pocketed tech investor in Jack Ma’s Alibaba. It is the 10th StartUps Chasing Tesla .
11. Faraday & Future, Inc., Los Angeles
Carsten Breitfeld is the CEO.
YEAR ESTABLISHED: 2014
OWNERSHIP: personal
UNKNOWN VALUATION
Birch Lake Holdings LP and ATW Partners are major backers.
THE FIRST MODEL: The FF91 is a luxury SUV with over 1,000 horsepower and a range of more than 300 miles. After gathering more financing, the business claims it will be able to produce the SUV in nine months. Pricing will most likely begin at much above $100,000. It is the 11th StartUps Chasing Tesla .
