Start-ups and manufacturers are developing new and innovative ways to access the electric vehicle (EV) market. The following companies stand out as the most promising in the EV industry.
Tesla was founded in 2008 by Elon Musk. It is currently the most successful company in selling and manufacturing electric vehicles. Besides manufacturing and developing electric vehicles, the company also invests in power storage and photovoltaic systems.
In April 2022, Tesla stood at a market value of about $1.183 Trillion. These figures make the company stand comfortably as one of the top 10 most valuable companies in the world.
2. Lucid Motors
The latest figures from April 2022 suggest that Lucid Motors has a market cap of $41.67 Billion. This American electric vehicle manufacturer is based in California and launched its first electric vehicle back in 2007.
This EV manufacturer is also based in the United States, and it was estimated to be worth about 41.1$ Billion as of April 2022. This automaker was established in 2009. Its most recent developments include an electric pickup truck and an electric utility vehicle.
This Chinese automaker is based in Shanghai, and it has been designing and manufacturing electric vehicles since November 2014. The company has developed and designed several electric sports cars. Since April 2022, it has had a net worth of around $36.26 Billion.
5. Li Auto
Li Auto is also a Chinese electric vehicle manufacturer based in Beijing. It currently boasts a market cap of about $29.60 Billion. The company was established in 2015, and it manufactures and sells premium smart electric vehicles.
The Guangzhou Xiaopeng Motors Technology Co Ltd, otherwise known as XPeng, was founded in 2014, and as of April 2022, it has a market cap of $26.89 Billion. The company is one of the leaders in the sale and manufacture of electric vehicles.
The focus of this automaker rests on providing energy solutions for electric vehicles, and it manufactures fuel-cell electric vehicles and heavy-duty commercial battery-electric vehicles. The company is worth about $4.39 Billion as of April 2022.
The competition between manufacturers of electric vehicles is on. It will be interesting to see how the industry develops and who will be on top as the demand for electric vehicles increases.