When Tesla unveiled the all-new Model S Plaid in June, the company reminded everyone why it was the “GOAT” of the electric vehicle (EV) industry. But two American EV startups are eyeing Tesla’s throne, and they’re relentless. They’re Rivian and Faraday Future.
Rivian: Future of EV?
Fast-rising EV startup Rivian has cashed in a mouthwatering $2.5 billion in investor money at a new round of funding. That brings Rivian’s grand total of funding up to $10.5 billion.
The EV startup is currently looking to build a second US manufacturing factory, to help mass-produce its EVs. “As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” said Rivian CEO RJ Scaringe.
Rivian focuses primarily on electric pickup trucks and SUVs. And these are two sectors Tesla has yet to fully explore. The future sure looks promising for the Amazon-backed EV startup. But will it unseat Tesla? Let’s wait and see.
Faraday Future: Most Resilient EV Startup?
Faraday Future is now a publicly-traded company. The California-based EV startup has listed on the NASDAQ stock exchange with $1 billion to its name. Faraday Future first announced plans to hit the stock market back in January.
“Today is a new chapter in [Faraday Future’s] history, marking the culmination of a noble vision and mission created 7 years ago in California by our founder YT Jia,” said Dr. Carsten Breitfeld, Faraday Future’s Global CEO, at the funding event.
The startup’s signature product is a high-tech infused all-electric SUV, called FF 91. This EV has been described as “autonomously-ready”, “dynamically advanced” and the “imminent future of electric mobility.”
In spite of its troubled past, Faraday Future remains ambitious. But will it rub shoulders with mighty Tesla or even surpass it one day? We’ll see.
Currently, Tesla is in charge of the EV industry and towers over various startups. There’s no way around that. But will the rising threat of the likes of Faraday Future and Rivian trouble the company? Don’t forget that other EV startups like Nikola are also looking very promising. Looks like Tesla will be facing some stiff competition in the coming years.