EV startups try to avoid being stepped on as auto giants push into market

A decade ago, the hurdles for EV startups were great. It was hard for early companies such as Lucid, Fisker Automotive and Tesla to create new components and products for electric vehicles. But today, those hurdles have lessened. Many of the big auto brands are racing to the market by scaling and tooling new electric vehicles. This brings competition to early startups but the bottom line still remains how profitable a company can be with these type of vehicles.

Key Takeaways:

  • Henrik Fisker wanted to make a new car company but many suppliers believed a new car company wouldn’t be successful.
  • After many years, top brands are now pouring money to help fund electric vehicles.
  • Many are claiming that the electric vehicles are non profitable, but the electric vehicle producers promise that the next “modular platform” that will come out in 2021 will increase the profits.

“”Global investors put $156 million into equity-financed deals within the EV landscape in 2013″”