Various new competitors are preparing to go head-on with Tesla. Some of the competitors include Nikola, Rivian, Faraday Future, Byton, Fisker, and others. While some of these competitors are orthodox, the others are operating in the life of their products. Most of these newbies are challenging for the other vehicle types like trucks and crossovers and not the sedan market.
Firstly, Fisker intends to introduce its Ocean crossover SUV in the next two years for as low as $40000. This price is a $10000 discount off the Tesla Model Y, which goes for $50000. Fisker is a name after its founder Henrik Fisker, who was initially championing the Fisker Automotive domineering the automotive market. The bankruptcy problem paved the way for Chinese investors to restore the old Fisker car to its glory and is now Karma Revero.
Second, on this platform is Rivian, with their remarkable Rivian R1T. Rivian is going to be a brave competitor for Tesla, with the firm enjoying the investment from Ford and Amazon. So far, the firm has been able to raise over $2.5 billion in funding. These funds will help the firm start manufacturing the famous R1T pickup and the R1S SUV in 2021. Additionally, the firm’s facility in Michigan orders electric delivery vans to ensure the firm thrives in this industry.
Nikola is next in line with the famous Nikola Badger. Nikola is focusing its attention on semi-trucks in both the electric and hydrogen-powered concepts. The Badger is currently the firm’s bullseye pickup truck that will be a hybrid combining electricity from batteries and that generated from pressurized hydrogen. The firm explains that this integration will help the Badger go for mileage of 600 before recharging.
Next is Farady Future with their brand car Faraday Future FF 91. This firm took the British physicist’s name since they base their vehicles on the phenomenon that electromagnetic induction ensures that the electric motors operate. The firm’s breakthrough is the FF 91 sedan, whose formulation considers autonomous driving. Bankruptcy protection filed by the founder YT Jia curtailed the firm’s progress, but they are working around this challenge after cooperating with the creditors.
The other upcoming Tesla competitor is Byton with the infamous Byton M-Byte. This Chinese firm says that they are working on designing an electric SUV, which will have a stationary touchscreen on the steering wheel. Additional features will ensure the car is with hand gestures and voice. However, the firm has operations indefinitely due to the coronavirus pandemic.
Finally, we have Lucid with their brand Lucid Air. This car will go for a price of $100,000. The former lead engineer of Tesla’s Model S and the current chief executive of Lucid Motors, Peter Rawlinson, stated that they would be unveiling this peculiar model. Lucid Air has a mileage range exceeding 400 and can accelerate from zero to 60 miles per hour in about 2.5 seconds.