Electric Vehicles That Could Take on Tesla and Win

According to Fortune Business Insights, the EV market is projected to grow about 24% annually from $28 billion to $1.2 […]

Jul 13, 2022
Lucid Air

According to Fortune Business Insights, the EV market is projected to grow about 24% annually from $28 billion to $1.2 trillion by 2028. Tesla, the market leader in EV or electric vehicle manufacturing, is a top electric vehicle manufacturer. In recent years, they have produced various excellent models that have won the hearts of many. But it’s a bitter truth of nature that nothing stays on the top forever. Hence, we come here with a list of all the electric vehicles that could take on Tesla and win.

Since Tesla is almost neglecting their competition, an American banking analyst, John Murphy, has estimated Tesla’s EV market share may fall from 70% to 20% over the next 3-4 years. Though, there are various old car-making giants as well as new EV startups that have the potential to overtake Tesla in the EV race.

An electric car, simply a battery-electric car, or an all-electric car, is an automobile propelled by one or more electric motors consuming the energy stored in batteries. Compared to internal combustion engine-based vehicles, electric cars are quieter with no exhaust emissions or may have lower emissions overall. An EV can be charged at a charging station, but the charging stations can be installed in both houses and public areas.

New Electric Car Companies

Many new EV-making startups are getting funded nowadays. One of those is the Faraday Future. Faraday Future, a California-based electric startup, has the potential to compete with Tesla in the future. They expect to launch their first EV, the Faraday Future FF91, in 2023. The car aims to have a horsepower of 1,050.

What cars can compete with Tesla?

Various cars can compete with Tesla. Tesla has several competitors among the traditional carmakers, such as BMW, Ford, GM (General Motors), Hyundai, etc. Tesla has succeeded by focusing on premium electric vehicles (EVs), but there is more competition. 

Beyond Tesla and its rivals, many new automakers have emerged in recent years. Such as Rivian, Lucid, etc.

Who is Tesla’s Main Competition?

Check our list of all the electric vehicles that could take on Tesla and win:

Rivian Automotive

They are an EV startup that went public in November 2021 and began delivering its first R1T electric pickup trucks in December 2021. It said that Rivian has 90,000 vehicle preorders, including 10,000 new orders since it raised prices in March. It’s now seen as the growing competitor of Tesla.

Lucid Group

Lucid is a rising EV company founded in 2007 and headquartered in Newark, California. They delivered 350 vehicles in the first quarter of 2021, but the company reported more than 30,000 reservations for its Lucid Air sedan. In February 2022, Lucid cut its full-year 2022 production guidance from 20,000 vehicles to 12,000 to 14,000.

Proterra

The company produces commercial electric vehicles, EV powertrain solutions, and charging infrastructure. Proterra delivered 139 battery systems along with 54 transit buses and 1.9 megawatts of charging infrastructure in the most recent quarter.

Ford Motors

While investors are understandably excited about EV startups, the Ford automakers devote a tremendous amount of resources to electrifying their car models. Bloomberg sources recently reported that Ford plans to spend an additional $10-$20 billion on top of the $30 billion it has already pledged to spend on EVs by 2030. 

John Murphy says its reorganization into Ford Blue or Ford Model E is an encouraging sign of its commitment to transitioning its legacy internal combustion auto business. 

General Motors

General Motors has not hesitated about its plan to overtake Tesla as the top United States EV seller by the mid-2020s. GM has announced $35 billion in planned EV investments through 2025 by producing more than 30 new models. 

BMW

BMW was a serious player until the companies such as Tesla disrupted the automobile industry. Since BMW has seen sales growth but has to push significantly to compete with the other manufacturers, the BMW i4 EV series can be the next big thing.

Hyundai

Hyundai is one of the giant EV manufacturers and is promising to grow shortly. Founded in 1947 as a construction company, Hyundai has successfully transitioned from a construction company to an automaker to an electric car or electric vehicle manufacturer.

Volkswagen Group

Another popular German-based car manufacturing brand, Volkswagen, has also committed to launching an entire series of fully Electric cars. In 2020, the e-Golf by Volkswagen was discontinued and had never been launched in the United States. Volkswagen Group now has the entire line of EVs under the ID name. The company is also seen as a major rival for Tesla.