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Several companies are targeting the electric vehicle market. After the success of Elon Musk’s attack on Tesla, many startups were trying to enter a (then) niche market that
Several companies are targeting the electric vehicle market. After the success of Elon Musk’s attack on Tesla, many startups were trying to enter a (then) niche market that promised to be very profitable in the not too distant future. While Volkswagen sold over 500,000 electric vehicles in just two yearsin 2021 names like Lordstown, Lucid Group, Rivian Automotive, Arrivals as well as canoe experienced a promising period of international exchanges; however, the reality is different now.
In 2021, companies like Lordstown and Rivian Automotive have enjoyed a promising period on international exchanges; however, the reality is different now.
Despite the success of the company Musk Undoubtedly, experts explain that entering the market in the ideal period for its growth (in 2003) was necessary for the result achieved years later. Competition from other big names in the segment such as grandmaster as well as Toyotawas not yet a reality and has only recently become a problem.
And it is at this moment, “lately”, that the problem of startups lives. When big names invest billions, the competition is much fiercer than you might think. To survive the attacks Lordstownfor example, it was necessary to sell a plant in Ohio and not only $170 million in Foxconn shares. We make sacrifices to stay relevant and competitive.
Lordstown, for example, was forced to sell the Ohio plant and $170 million worth of shares to Foxconn.
According to professionals, a significant increase in sales would be the only way for startups to survive. Easier said than done, though, because with costs rising and showing no signs of stabilizing, it’s pretty much a definite block for those who don’t have as many resources as top managers. In any case, it is still a promising investment for those who manage to overcome difficulties.
Not so long ago, European Union stated that by 2035 the production of conventional cars on the continent will cease. This may be news that will excite members, but the biggest question remains: can it stay relevant until then? Time will tell.
Rio Innovation Week: discover the Citroën AMI, the French manufacturer’s electric microcar
The car is designed to overcome small urban distances
Source: Metropolis
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Source: Mundo Conectado
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
