Emerging U.S. EV Makers on the Move: Many announce plans to launch in 2021

Each company developing its own unique product and sales strategy to gain competetive edge

2021/01/15

Summary
The product launches of major U.S. emerging EV manufacturers will be concentrated in 2021 and 2022
Rivian Automotive: Pickups from June 2021, followed by deliveries of SUVs
Lucid Motors: Bringing an upscale image at the forefront, launching EVs in stages from the spring of 2021
Lordstown Motors: Production of full-size pickup trucks for fleet customers to begin in the fall of 2021
Karma Automotive: Leveraging experience in high-end PHVs, Karma will launch EVs in 2021
Bollinger Motors: Functionality prioritized off-road vehicle to be introduced in 2021
Fisker: Leveraging partners’ resources for efficiency improvement and cost reduction
Nikola: Expectations of technical capabilities turn to concerns; GM partnership and product plans take a major step back
Canoo: Flat skateboard structure maximizes interior space
Other emerging EV manufacturers

Summary

Lucid Motors’ AMP-1 (Advanced Manufacturing Plant) in Arizona which will begin the production of luxury EV sedans in 2021
(Source: Lucid Motors)

With the background of activities to reduce carbon globally, major countries and regions have announced policy goals to limit the use of gasoline vehicles and introduce electric vehicles. Automotive companies have become increasingly active in the development of electric vehicle technologies and in their planning to expand the introduction and lineup of new EVs. Among the emerging EV ventures in the U.S. that have been established one after another since 2000, several major manufacturers that have been developing products and making production preparations have announced plans to start production of mass-market vehicles, many of them in 2021 and 2022.

In terms of product strategy, these emerging manufacturers will seek to differentiate themselves by creating uniqueness in their market introduction strategies, such as taking the ultra-luxury/high performance route or emphasizing practicality and efficiency, and in terms of sales strategy, they are pursuing such concepts as direct sales networks, manufacturer-direct sales, fleet customer focus, and subscription-only. There is also a marked contrast between manufacturers that focus on their proprietary technologies and in-house manufacturing and those that seek cost advantages by outsourcing components and manufacturing. Many companies are trying to secure and expand the scale of their operations by forming alliances with major fleet customers and selling components externally.

In addition, for emerging manufacturers, securing funds for technology development and production preparation has always been a major issue, and as a countermeasure, many EV manufacturers have listed or are planning to list on the stock market and raise funds using the Special Purpose Acquisition Company (SPAC) structure, which is now recognized as a new method of IPO (Initial Public Offering).

Emerging EV makers are aiming to secure a share of the growing electric vehicle market through their superiority in a target market, but the competitive environment is severe as major OEMs with strong production systems and sales networks are also planning to launch various new EVs at the same time.

This report is an update to our previous report (published April 27, 2020), which presented the trends of emerging EV manufacturers in the U.S., providing the latest developments of manufacturers that have announced specific market launch schedules.

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Emerging U.S. EV Makers on the Move: Many announce plans to launch in 2021

Each company developing its own unique product and sales strategy to gain competetive edge

2021/01/15

Summary

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