Tesla, an American electric vehicle company, Founded on July 1, 2003, and headquartered in Palo Alto, California. Tesla uses modern technology to deliver electric cars, solar panels, solar roof tiles and much more. Tesla has delivered several electric vehicles that have the most extended range and quickest acceleration.
In recent, Tesla has introduced the safest vehicle in its class, known as the Tesla Model Y. With the spacious cargo hold, Peppy electric powertrain and features of cutting-edge technology, and Model Y has become one of its top-selling.
Li Auto, Nio, Nikola Corp., Workhorse Group, Canoo Holdings and Lordstown Motors, the giant in competition, have also introduced electric vehicles recently among Tesla. Here we do an in-depth analysis of Top competitors of Tesla.
TOP 6 COMPETITORS OF TESLA
Li Auto, a Chinese electric vehicle manufacturer headquartered in Beijing, founded in 2015 and one of Tesla’s latest competitors, which went public to the tune of $11.50 per share in July and popped 43% on its opening day. The rapid development of Li Auto forced investors to learn more about the range-extending generator of Li, which is a small onboard gasoline generator that recharges the One and gives the car a massive range of 500 miles, an impressive technological feat. According to business analysis, More than 10,400 vehicles have been sold since production began in November 2019. The rapid growth has put it on the list of top competitors of Testla in just a few years.
The 2nd in the list of Top competitors of Tesla is Nio.
Due to the frequently intelligent moves, Nio is becoming the highest-selling company annually. The company’s brilliant move was recently seen in August 2020, When economic conditions had deteriorated due to a pandemic. That time, Nio made a bold statement: The company will now sell battery-powered cars without batteries.
With this announcement, the company also reduced its cheapest model ES6 SUV by 25%. Also, it gave users access to Nio’s battery replacement stations, where they can exchange spent batteries for fresh ones. Nio has 143 battery stations only in China while plenty of room still available to grow, and that’s precisely what it’s doing, with vehicle sales up 146% year over year in the second quarter.
Nikola Corp. (NKLA)
Nikola Corp combines hydrogen fuel cells with electric battery power in its vehicles. Combining them has given the company vehicles some severe range – the forthcoming Badger pickup truck of Nikola will be able to drive 600 miles just on aa single charge, an impressive distance for an EV that few competitors can beat. This company can be called a genuinely competent competitor.
Workhorse Group (WKHS)
Workhorse Group is focusing on building commercial vehicles as they recently introduced electric vans. The van was specially designed for delivery services companies and was so successful that Workhorse received 950 electric vans from UPS United Parcel Services. The company may be small, but its plans and its opportunities will not make it competitive with Tesla in the future.
Canoo offers electric vehicles on a subscription basis, founded in 2017 but is going public later this year. Sources said their strategies include monthly subscriptions fee, insurance and access to recharging stations, and plans to target young professionals with this unique value proposition. Still, in the meantime, the company will utilize its skateboard chassis technology to bring in revenue. According to business analytics, It will also compete with Tesla in the coming years.
The last in the list of Top Tesla competitors is Lordstown Motors.
SPAC has agreed to make Lordstown public now, and according to current information, the year of its publicity is 2021. The excellent news for Workhorse because the company has a 10% stake in Lordstown. Lordstown Motors says its main focus is B2B sales, they are not launching for the general consumer, and analysts have revealed that it is preparing to compete with Tesla’s Cybertruck.
This concludes the list of Top 6 competitors of Tesla in the world.
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