U.S. Emerging EV Automakers: Rivian goes to volume production following Tesla
Vehicle deliveries to begin in 2022 with increased competition as OEMs accelerate EV launches
2022/02/21
- Summary
- Differentiation through unique strategies, plans to expand production scale and product lineups
- Rivian Automotive began production and delivery of pickups and SUVs in 2021
- Lucid Motors: Lucid Motors, Inc. launched a luxury EV sedan in October 2021. Plans to add SUVs
- Lordstown Motors: Strategic alliance with the Foxconn Technology Group, full-size pickup trucks to be delivered in the second half of 2022
- Karma Automotive: EV sedan to be launched following sales of luxury PHVs
- Nikola: Although troubles such as GM tie-up review continue, it realized the first shipment of electric trucks by the end of 2021
- Canoo: MPV using multipurpose EV platform scheduled to be released in Q4 of 2022
- Fisker: Accelerating production and lineup expansion by leveraging resources of partner companies
- Faraday Future: Luxury full-size crossover to be released in the summer of 2022
- Arrival: Building two vehicle plants in the US. Announced production start in 2022
- Other emerging EV manufacturers: Bollinger, Workhorse, VinFast
Summary
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| Lucid Air's first delivery ceremony held in October 2021 (Source: Lucid Motors) |
While Tesla has made a great leap forward to become the leader in the EV market among the emerging EV ventures in the U.S. that have been established one after another since 2000, other companies have also been developing products and preparing for production, and several major manufacturers, including Rivian Automotive, Inc. (Rivian) and Lucid Group, Inc. (Lucid, Lucid Motors), have started to introduce their own EV models to the market in the second half of 2021.
All of these emerging automakers are seeking to differentiate themselves and gain a competitive advantage by developing unique product strategies, production systems, sales systems, and customer segments, while others are seeking to accelerate their expansion by forming alliances with major fleet customers and outsourcing manufacturing and key components. While many companies have plans to expand their manufacturing footprint and sales network on a global scale, others are narrowing down their business scale and product lineups with a focus on their perception of the realities of the current competitive environment.
However, there have been many reports of delays in the progress of the initially announced plans for volume production and development of vehicle models, and the competitive environment is expected to rapidly become more severe as existing automakers, which have overwhelming advantages in terms of production capacity and customer base, are announcing EV launches and plans one after another.
In addition, with the goal of securing the necessary funds for technology development and production preparation, most of the major emerging EV manufacturers have listed on the stock market in the past year or two, but their subsequent financial results still report extremely small sales and deficit profit and loss. In addition, it has been reported that several companies have been investigated by the authorities for false or inadequate reporting and disclosure of business prospects and product capabilities, which continues to be a major issue with regards to the stability of their business foundations and securing the trust of investors and consumers.
This report is an updated version of the previous MarkLines report (published in January 2021) that reported on the trends of emerging EV automakers in the U.S. It summarizes and reports on the recent trends and announced plans of major automobile manufacturers.
Related Reports:
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CES 2022 Round-up: 2022 - Year of EV, Premium ADAS, L3 and Robotaxis (Jan. 2022)
CES 2022: Electric vehicles from emerging automakers (Jan. 2022)
U.S. battery electric vehicle strategies for GM, Ford and Stellantis (Dec. 2021)
Foxconn: Transforming existing mobility with EVs (Nov. 2021)
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U.S. Market: Biden Administration Plans to Promote EVs and Strengthen Semiconductors (Jul. 2021)
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Emerging U.S. EV Makers on the Move: Many announce plans to launch in 2021 (Jan. 2021)
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