EV stocks have been on a record rally as the new administration in the White House is on their side. Besides benefits for clean energy firms, there is increased spending on R&D for green initiatives, and technological advances within the industry, all of which are very good news for an EV future. According to a report by global consultancy McKinsey, global EV sales rose to above 2 million in 2019 and that was before the COVID-19 pandemic that only fueled the enthusiasm around an all-electric future with Tesla, Inc. (NASDAQ: TSLA) registering record rallies and surpassing Toyota Motor (NYSE: TM) to become the world’s most valuable automaker. Its Chinese counterpart, NIO Inc. (NYSE: NIO), has also been posting record delivery numbers, it revealed it is looking to expand into new cities, that it will be debuting new EV models on the market soon, while also moving into the EV battery business.
However, start-ups aren’t doing bad either. They are aiming to solve issues impeding the EV revolution to take full swing, aiming for exceptional quality of the products or services they offer and raising a lot of money as a result. Below are just a few examples.
The luxury EV
When it comes to EVs, luxury automakers are lagging their peers with legacy brands such as Jaguar, Audi, Bayerische Motoren Werke Aktiengesellschaft (OTC: BMWYY), and Mercedes Benz having to practically reinvent themselves for this new era ahead. Karma Automotive’s reason to exist is to deliver luxury electric vehicles. With an assembly plant in California, it has managed to raise more than $100 million in funding so far. It has sold more than 500 of Revero vehicles and is in discussions for the development of an electric powered commercial delivery truck. We will let Karma do its job.
The affordable EV
The emerging electric vehicle maker Arrival (NASDAQ: ARVL) is a technology company that makes and sells electric vehicles that are priced the same as their fossil fuel counterparts. Considering that one of the greatest obstructions for wide EV adoption was their price, all those who deliver an affordable EV can only be greeted by consumers and investors alike.
Traditional cars about hardware, EVs are about software
Moving to European roads, Rimac Automobili is a Croatian car manufacturer that provides on full technology solutions for automotive companies, focusing on EV production. It has so far managed to raise more than $200 million. It is being supported by strong investors such as Porsche Ventures, Kia Motors, and Hyundai Motor Company.
The battery
One of the greatest disappointments of Tesla’s most recent Battery Day was the lack of a battery porotype to support the hype of an announced revolutionary battery that will improve the range and power of Tesla’s EVs. Well, StoreDot is a company that makes and sells technology related to lithium ion batteries and it has raised more than $130 million in funding so far. When it comes to EVs, it’s all about the battery and the technology marketed by this company makes it easier to charge batteries faster which is a big deal.
Powering EVs with solar power
Adding solar power to the EV equation is the logical next step, and one that Worksport Ltd (OTC: WKSP) already made. This Canadian-based tonneau cover manufacturer is already known for its innovative and affordable offerings. But, its TerraVis solar fusion, along with its standalone TerraVis COR remote power generator and storage, its offerings have not only brought to the EV game to the next level but also allowed the company to tap into a wider market- more precisely, anyone who needs mobile power. TerraVis is currently being fine-tuned in the collaboration with Ontario Tech University for pre-launch by the end of this year.
A new pathway ahead
The EV industry has disrupted the auto sector at lighting speed. This year, we will get to see the world’s first electric pickup, along with a ton of new models. In this race, bigger does not necessarily mean better. Although financing is a prerequisite as the costs involved are massive, at the end of the day, it’s all about revolutionary and ground-breaking inventions that will shape an entirely new future that lies ahead.
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