Traditional automotive manufacturing firms are experiencing increased competition during an influx of pure-play electric vehicle (EV) companies. As the industry makes way for the next-generation of mobility, new companies are flying up the ranks in terms of their market capitalisation. Find out who the Top 10 Pure-Play EV Companies are based on their market cap.
10. Faraday Future
The ever-changing automotive industry is now host to many futuristic car concepts. It seems pure-play EV companies are building the cars of the future to be as sleek and innovative as we could all imagine. Faraday Future is one of the firms that’s not only producing a stylish, technically advanced vehicle with 1,050 horsepower, but is also navigating the nuances of EV market entry.
The FF91 is the company’s contribution to the decarbonisation of the automotive industry, housing innovative solutions developed for entertainment and comfort.
Influencing a slightly different industry, Nikola Motor is integral to the EV sector—but in a novel way. The heavy goods industry is one of the most significant areas for development in terms of emissions, and Nikola is responsible for a range of vehicles including battery-electric vehicles (BEVs) and fuel-cell electric vehicles (FCEVs), which are expected in 2023 and 2024.
The leading manufacturer of heavy-duty semi-trucks also dips into energy solutions as part of its overall mission to disrupt the industry, aiming to reach net-zero emissions across the globe. The Tre BEV is capable of up to 350 miles-per-charge for short-haul journeys. The combination of its motor and 753kWh battery achieves 645 horsepower and, even better, the truck can be charged in two hours.
Fisker is all about mitigating waste. The company was founded by Henrik Fisker as a solution to ocean debris and emissions. The Fisker Ocean is an SUV that boasts multiple sustainability benefits, including the sustainable materials that go into each one and smart technology to make the most of natural energy sources.
SolarSky is one of the company’s major achievements with the Fisker Ocean, providing drivers the ability to harvest sunlight through the solar cells on its roof. When fully exposed, the car is capable of producing energy for 1,500 emissions-free miles per year.
The Geely subsidiary and sister organisation to Volvo Cars, Polestar is increasing in popularity as it provides reliable, high-quality EVs.
Led by Thomas Ingenlath, the company has experienced serious growth through the launch of its Polestar 2 model and, with its recent success listing the company on the New York Stock Exchange (NYSE), Polestar is working on new vehicles, the Polestar 3 and Polestar 5—expected to launch in 2024.
XPeng Motors is the automotive trading name of Guangzhou Xiaopeng Motors Technology Co Ltd, which is well-invested in the EV industry. The company showcases some exciting visuals and concepts that, if implemented correctly, would revolutionise personal transport.
The XPeng brand is focused on inspiring new life experiences as it offers a range of EVs—including the XPeng P7 that sports a 706km range—achieves 0 - 100km/h in 4.5 seconds and leverages XPilot 3.0 semi-autonomous capabilities.
5. Rivian Automotive
One of the most significant companies of 2021 to 2022, Rivian Automotive has navigated a turbulent start to its reign in the EV industry. The Rivian R1T and R1S are built for adventure, allowing drivers to reach new areas through electric propulsion.
Following a stint of manufacturing delays, vehicles have been rolling out of the factory on the regular and delivered to US citizens. The company’s Founder & CEO, RJ Scaringe, is a petrol-head at heart but saw ample opportunity to enter the EV space and reach a new market of adventurous pickup and SUV drivers.
The company has also partnered with retail giant Amazon to supply 100,000 electric vans by 2030.
4. Lucid Motors
Awarded Motor Trend Car of the Year 2022 for its Lucid Air, Lucid Motors is another pure-play manufacturer that has been all over to showcase its vehicle. The car has been awarded other titles, including: the longest range car of the year, fastest charging car of the year, and most advanced electric car of the year.
The car’s EPA range is recorded at 520 miles and its electric motor produces 1,111 horsepower in a luxurious-looking vehicle body.
William Li’s popular brand holds one of the highest market capitalisation figures in the industry. The Chinese business executive and entrepreneur has propelled the company to great success as it offers an innovative solution to battery charging.
NIO cars operate on a system of swappable batteries, which alleviates the time wasted in charging a car on the side of the road or at a designated charging station. NIO is looking to cater for all drivers as it offers saloon EVs as well as SUV-style and one of the world’s fastest electric cars.
2. Li Auto
Another contender from the Asian automotive industry, Li Auto designs, develops and manufactures vehicles as part of its mission: ‘Create a Mobile Home, Create Happiness’. Technology is at the heart of the business due to becoming the primary driving force in EV development.
The company’s Li L9 model has received over 30,000 orders as of June 2022, following the unveiling of the flagship SUV that same month. The firm, like others in the list, is on the NASDAQ and witnessed a spike in its USD share price directly after the announcement.
Needing no introduction, Tesla is renowned for having revolutionised the way the world consumes electric vehicles. Founded in July 2003, Tesla is the result of a group of engineers’ collective efforts to change the way mobility works. The company set out to prove that electric mobility has a place in the modern automotive sector, and now—nearly 20 years later—the company is the market leader.
The company never ceases to amaze as it introduces new concepts and brings them to fruition, with the long-awaited Cybertruck expected to roll off the production line in 2023. The Tesla Roadster will be the company’s triumph in speed as it produces a car to match the acceleration of supercars entering the market.