Top Tesla Competitors (Updated 2023)

Founded in the year 2003, Tesla is an American multinational company headquartered in California, United States. It specializes in electric vehicles, storage products, and scalable clean energy generation. Tesla has produced the world’s first sedan with all electric technology called Model S that is considered as the best car in the electric vehicle category.

The vehicles of Tesla are produced in their factory in California. It also manufactures the components of vehicles. Tesla also manufactures an exclusive set of energy solutions like Powerwall, Solar Roof, and Powerpack to provide a supportable energy ecosystem. This will enable business and residence to manage renewable energy generation, consumption, and storage.

Tesla generated a revenue of $24.92B for the quarter ending June 30, 2023. Tesla market cap as of August 16, 2023 is $716.05B

Top Competitors of Tesla

In this article, we discuss the top Tesla Competitors. Before Tesla there were other EV’s in the market. But the success of Tesla opened the eyes of every car manufacturer and all of them have unique offerings to match the features and offerings of Tesla. Accordingly, each brand and their EV offerings are researched in this article.

1. Ford Motor Company

• Product Type: Automobiles, commercial vehicles, and electric vehicles
• Industry: Automotive
• Founded: June 16, 1903
• Founders: Henry Ford, John S. Gray, and Horace E. Dodge
• Headquarters: Dearborn, Michigan, United States
• Area served: Worldwide
• Current CEO: Jim Farley
• Number of employees: 173,000 (2022)
• Major products: Ford Mustang, Ford F-150, Ford Explorer, Ford Escape, Ford Transit
• Revenue: $44.954B (June 30, 2023)
• Market capitalization: $47.95B (August 15, 2023)

An American-based company, Ford is a multinational automobile manufacturing company that is headquartered in Michigan, United States. The company manufactures and sells automobiles and commercial vehicles with the brand name of Ford. Ford had a production output of  4.2 million vehicles in 2022.

Ford is the second-largest U.S.-based automaker (behind General Motors) and the sixth-largest in the world (behind Toyota, Volkswagen Group, Hyundai Motor Group, Stellantis, and General Motors) based on 2022 vehicle production. Ford Motors net income for the quarter ending June 30, 2023 was $1.917B.

Ford provides quality services in terms of design, manufacture, sales, and services. Its main focus is to improve customer satisfaction. It uses innovative technologies to develop vehicles that are safe to use. Ford also focuses on a sustainability strategy that goes beyond reducing CO₂ emissions. As they focus on manufacturing products of a unique model, it is considered as one of the top Tesla competitors.

2. General Motors

• Product Type: Automobiles, trucks, and commercial vehicles
• Industry: Automotive
• Founded: September 16, 1908
• Founders: William C. Durant, Charles Stewart Mott, and Frederic L. Smith
• Headquarters: Renaissance Center, Detroit, Michigan, United States
• Area served: Worldwide
• Current CEO: Mary Barra
• Number of employees: 167,000(2022)
• Major products: Chevrolet, GMC, Buick, Cadillac, Baojun, Wuling
• Revenue:$44.746B (June 30, 2023)
• Market capitalization: $45.82B (August 15, 2023)

General Motors Company, which is commonly known as GM, is an American based automobile company that is based out in Detroit. The services offered by General Motors Company are design, manufacture, and market and sell their vehicles and their parts. Financial services are also provided by General Motors Company. GM carries out the services for the customers with a single purpose of earning customers for life. They are committed to each and every requirement of the customers.

GM has global manufacturing operations in six continents, across 22 time zones. It has more than 167,000 employees across the globe. General Motors net income for the quarter ending June 30, 2023 was $2.540B

Few of their brands are Chevrolet, Buick, GMC, Cadillac, Holden, Wuling, Baojun, and Jiefang.  Due to their global reach and their customer service, General Motors Company is considered as one of the top Tesla competitors.

3. Honda Motors

• Product Type: Automobiles, motorcycles, power equipment, and robots
• Industry: Automotive
• Founded: September 24, 1948
• Founders: Soichiro Honda and Takeo Fujisawa
• Headquarters: Minato City, Tokyo, Japan
• Area served: Worldwide
• Current CEO: Toshihiro Mibe
• Number of employees: 223,000 (2022)
• Revenue: $33.762B ( June 30, 2023)
• Market capitalization: $52.53B (August 16, 2023)

Also regarded as a top competitor for Tesla, Honda motor company is headquartered in Japan. Honda motor company is well-known for manufacturing of automobiles, motorcycles, aircraft and power equipment. Honda is the world’s largest manufacturer in the motorcycle. Over the years, Honda has been conducting their research on robots in order to understand the usage of vehicles to people and to develop the society. The technologies that are used across are being applied to their automobile products that lead the company to many kinds of an initiative to create a new value.

Honda sold a total of 21.1 million vehicles across the world in the fiscal year 2022. Honda sold 17.03 million motorcycles across the world in the fiscal year 2022. Honda net income for the quarter ending June 30, 2023 was $2.650B. 

Honda motor company provides services which are proactive, professional and proficient to their customers. It is estimated that the company produces about 14 million internal combustion engines per year. As Honda makes use of the latest technology for their production and their growth has been enormous, it is indeed considered as one of the top Tesla competitors.

4. Hyundai Motors (Kona EV model)

• Product Type: Automobiles, motorcycles, power equipment,
• Industry: Automotive
• Founded: September 24, 1948
• Founders: Soichiro Honda and Takeo Fujisawa
• Headquarters: Minato City, Tokyo, Japan
• Area served: Worldwide
• Current CEO: Toshihiro Mibe
• Number of employees: 223,000 (2022)
• Revenue: KRW 42.25 trillion (Q2, 2023)
• Market capitalization: $19.02B (August 16, 2023)

Hyundai motor company that is headquartered in South Korea is an automotive manufacturing company. It is aimed at producing high-quality automotive products and services for their millions of customers across the world. Hyundai motor company knows the importance of automobile on society and thrive to play a role of being an automobile manufacturer and also being the lifetime companion of the customer.

Hyundai motor company takes care of the three features in their design. They are simple, creative and caring. Hyundai has an annual manufacture capacity of about 1.5 million units. Hyundai Motor Company announced that it sold 3,944,579 vehicles in 2022. For December 2022, Hyundai’s monthly global sales totaled 347,340 units, including 276,953 for overseas markets and 70,387 for the Korean market. It has about 223,000 employees across the world. Hyundai Motor net income for the quarter ending March 31, 2023 was $2.649B.

Hyundai vehicles are sold in almost 193 countries globally. Due to their wide automobile experience and their reachability world-wide, Hyundai motor company is regarded as one of the top Tesla competitors.

5. Nissan (Leaf)

• Product Type: Electric car
• Industry: Automotive
• Introduced: December 2010
• Range: Up to 226 miles (EPA estimated)
• Battery: 40 kWh or 62 kWh
• Price: Starting at $27,400
• Number of employees: 134,111 (2023)
• Revenue: 2,917.7 billion yen (Q1, 2023)
• Market capitalization: $16.28B (August 16, 2023)

Also regarded as a top Tesla competitor, Nissan Motor Company is a multinational automobile company that is headquartered in Yokohama, Japan. The brands that are sold by Nissan Motor Company are Nissan, Datsun, and Infiniti. Nissan is also known as the largest manufacturer in electric vehicle across the globe. In the first quarter of 2023, Nissan sold 5,214 battery electric vehicles (BEVs) in the United States, which is the highest result since Q2 2015.  Nissan sold 12,026 Leaf in 2022.

Nissan sold 4,233 Leaf in 2023 (From Jan – Jul 2023). Net income in the first quarter was 105.5 billion yen.

Nissan Leaf is a compact five-door hatchback electric car that is manufactured by Nissan. Nissan has 31 manufacturing plants worldwide. It innovates new products and services. Nissan motor company has a diverse range of products and brands. Due to their innovation and service, Nissan motor company is considered as one of the top Tesla competitors.

6. Audi (e-Tron)

• Product Type: Electric SUV
• Industry: Automotive
• Introduced: 2018
• Range: Up to 226 miles (EPA estimated)
• Battery: 95 kWh
• Price: Starting at $65,900
• Revenue:  EUR 34.2 billion (H1, 2023)
• Market capitalization: $82.99 Billion (August 2023)

Audi e-Tron is manufactured by Audi is a series of electric and hybrid concept cars. Audi e-Tron cars are charged with electrifying designs, breath-taking driving an innovative technology that enables the users to drive with ease. The Audi e-Tron cars have four electric motors at each wheel. Altogether, these motors produce about 3,320 pound-feet of torque. The best speed of Audi e-Tron is limited to about 222 kilometers per hour.

With this, the user will able to travel at about 150 miles when the vehicle is fully charged. The cars are also fitted out with the latest technologies in order to sync up with other cars and road signs. As Audi e-Tron has come up with many models and it is quite popular, it is regarded as one of the top Tesla competitors.

Between January and June 2023, the brand group progressively delivered a total of 919,548 Audi, Bentley, and Lamborghini vehicles. For 2023, the Audi Group continues to expect deliveries of between 1.8 million and 1.9 million vehicles and revenue of between EUR 69 million and EUR 72 billion.

7. Kia Motors

• Product Type: Automobiles, commercial vehicles, and electric vehicles
• Industry: Automotive
• Founded: May 1944
• Founders: Kim Cheol-hui
• Headquarters: Seoul, South Korea
• Area served: Worldwide
• Current CEO: Ho-sung Song
• Number of employees: 40,000 (2022)
• Revenue: KRW 23.69 trillion (Q1, 2023)
• Operating profit: KRW 2.87 trillion (Q1, 2023)

Also regarded as a top Tesla competitor, Kia Motors is headquartered in Seoul, South Korea. The J.D. Power 2022 Vehicle Dependability Study (VDS) ranks Kia as the overall leader among all major automotive brands (mainstream and luxury) in the U.S. It is currently a subsidiary of Hyundai-Kia Automotive group. Spread across its manufacturing division in about eight countries, Kia Motors has about 14 manufacturing units and produces more than 1.5 million vehicles every year.

Kia Corporation has announced global sales of 768,251 units in the 2023 first-quarter (January-March 2023). For the first quarter of 2023, the company reported net income was KRW 2,119,502 million. Kia also recorded a net profit of KRW 2.12 trillion, an increase of 105.3% YoY.

The cars manufactured by Kia Motors are sold and serviced across their network of distributors and dealers in about 172 countries. Few of their models are All-New Picanto, All-New Rio Sedan, cee’d, Optima Hybrid, Stinger, Stones and many more. As they are popular across the world, Kia Motors is indeed a top Tesla competitor.

8. Toyota Motors

• Product Type: Automobiles
• Industry: Automotive
• Founded: August 28, 1937
• Founders: Sakichi Toyoda and Kiichiro Toyoda
• Headquarters: Toyota City, Aichi Prefecture, Japan
• Area served: Worldwide
• Current CEO: Akio Toyoda
• Number of employees: 375,235 (2023)
• Revenue:$76.992B (June 30, 2023)
• Market capitalization: $219.81B (August 16, 2023)

A Japanese multinational automotive manufacturing company, Toyota is headquartered in Japan. Toyota company develop vehicles in innovate way to meet the necessities of the market. Toyota’s research on vehicles gives more thought on vehicles that can be motorized by a range of other fuels and vehicles for automated driving. Various products of Toyota are cars, hybrids, SUVs & 4WDs and Utes & Vans. Japan’s Toyota has held on to the top spot in the Brand Finance Automobile 100 2022 ranking with a brand value of US$64.3 billion.

Toyota net income for the quarter ending June 30, 2023 was $9.573B.  Toyota gross profit for the quarter ending June 30, 2023 was $15.059B. They have reported sales of 10,421 units in Dec 2022.  Toyota’s motor vehicle production increased by 6.57 percent to reach roughly 8.69 million units in the fiscal year ended March 31, 2023.

Toyota Company is considered as the fifth largest motor company in the world from the revenue part.  It has more than 375,235 employees working across the world. It is estimated that it produces more than 10 million vehicles per year.  Due to their design and reachability across the globe, Toyota motor company is considered as one of the top Tesla competitors.

9. Jaguar (I-Pace model)

• Product Type: All-electric SUV
• Industry: Automotive
• Introduced: 2018
• Range: Up to 292 miles (EPA estimated)
• Battery: 90 kWh
• Revenue: £22.80 billion (2023)
• Operating income: £544.1 million (2023)
• Parent: Tata Motors

A battery electric SUV car model, Jaguar I-Pace is manufactured by a British automotive company. The concept of Jaguar I-Pace provides a thrilling performance to the world of electric vehicles. It delivers zero vehicle emissions driving experience. Jaguar I-Pace concept has been designed and manufactured to provide a new turn to the electric cars. The I-PACE has a range of up to 246 miles on a full charge. 

It is a five-seater sports car and it covers about 0 to 97 kilometers per hour. The car has all-wheel drive through two motors that are powered by a 90 KWh. The battery used is lithium-ion that consists of 40% of the car’s cost. The battery is capable of charging at about 100 KW. As they leading in car manufacturing, Jaguar I-Pace is considered as one of the top Tesla competitors.

10. Porsche

• Product Type: High-performance sports cars and SUVs
• Industry: Automotive
• Founded: June 22, 1931
• Founders: Ferdinand Porsche, Anton Piëch, and Ferry Porsche
• Headquarters: Stuttgart, Germany
• Area served: Worldwide
• Current CEO: Oliver Blume
• Number of employees: 33,000 (2022)
• Revenue: 20.43 billion euros (June 30, 2023)
• Market capitalization: $104.48 Billion (August 2023)

Porsche is a German company manufacturing automobiles. It is expert in high-performance sports car, SUVs and sedans. It is headquartered in Germany. The models of Porsche include sports car and Boxster roadster. It also has manufactured high-performance luxury Sedan with the name Porsche Panamera. Few of their famous consumer models are Porsche Cayman, Porsche Boxster, Porsche Cayenne, Porsche Macan and many more. Porsche has six locations around the world.

As of first half 2023, sales revenue of Porsche rose by 14.0 per cent to 20.43 billion euros. The operating profit rose by 10.7 per cent to 3.85 billion euros.  Deliveries to customers rose by 14.7 per cent to 167,354 cars in the first six months of 2023.

Porsche has also produced hybrid cars and plug-in hybrid model called Panamera S E-Hybrid. Their Boxster car is of electric type.  As Porsche is recognized across the globe, it is considered as one of the top Tesla competitors.

11. BMW

• Product Type: High-performance sports cars and SUVs
• Industry: Automotive
• Founded: June 22, 1931
• Founders: Ferdinand Porsche, Anton Piëch, and Ferry Porsche
• Headquarters: Stuttgart, Germany
• Area served: Worldwide
• Current CEO: Oliver Blume
• Number of employees: 149,475 (2022)
• Revenue: $39.558B (March 31, 2023)
• Market capitalization: $66.14B (August 17, 2023)

Bayerische Motoren Werke (BMW) is a multinational company headquartered in Munich, Germany. It produces motorcycles and automobiles. It has its production across the globe in countries like Germany, China, Brazil, United Kingdom, South Africa and the United States. It is considered as 8th in the world for motor vehicle production. Automobiles manufactured by BMW are known by the brand BMW for their performance models and BMW I for their electric cars.

BMW net income for the quarter ending March 31, 2023 was $3.671B. BMW gross profit for the quarter ending March 31, 2023 was $8.342B. In the second quarter of 2023, the BMW Group delivered a total of 88,289 fully-electric BMW and MINI vehicles to customers.

Motorcycles are known by the brand BMW Motorrad. It has around 149,475 employees working for them across the production for automotive segment, motorcycles segment, and financial services segment. As BMW is a leading producer of automobiles worldwide, it is regarded as one of the top Tesla competitors.

12. Kandi Technologies

• Product Type: Electric vehicles
• Industry: Automotive
• Founded: 2002
• Founders: Hu Xiaoming
• Headquarters: Jinhua, China
• Area served: China
• Current CEO: Hu Xiaoming
• Number of employees: 3,000 (2022)
• Revenue: $36 million (June 3, 2023)
• Market capitalization: $0.27B (August 17, 2023)

Also regarded as a top manufacturer company in electric vehicles, Kandi Technologies is headquartered in China. Its main business activities are research, design, production, and sale of electric vehicles partnering with Geely Auto. Along with the production of electric vehicles, its business operations also include production and sale of all-terrain vehicles (ATVs), battery packs, controllers for electric vehicles, automobile motors and air-conditioning systems.

Kandi Technologies Quarterly Net Income as of 30th June 2023 is $4 million. In Q2 of FY23, Kandi Technologies reported a sales increase of 72.5% year-on-year to $35.95 million.

Their main products are the electric car, tendency, and tricycle and farmer car. Kandi Technologies has been considered as top 500 mechanical companies in China and a high-tech enterprise. It is also a member of China Renewable Energy Auto Association. Due to their various features and products, Kandi Technologies is considered as one of the top Tesla competitors.

13. Navistar

• Product Type: Commercial trucks, buses, and diesel engines
• Industry: Automotive
• Founded: 1902
• Founders: George M. Knight, C.H. Mitchell, and Edgar Apperson
• Headquarters: Lisle, Illinois, United States
• Area served: Worldwide
• Current CEO: Persio Lisboa
• Number of employees: 17,000 (2022)
• Revenue: $11.1 billion (2022)
• Market capitalization: $4.43 Billion (August 2023)

A well-known American company, Navistar International owns the manufacturing of trucks, buses, school buses, diesel engines and chassis. The company is headquartered in Illinois, United States and has about 16,500 employees working for them. The products, parts, and services of the company are sold through dealers across the countries like Canada, Brazil, Mexico, United States and many more.

Total sales in 2022 totaled nearly 82,000 units. Operating profits for the year were $530 million with more than $360 million coming in the second half.

Navistar has about 70 dealers working for them in about 90 countries. It also provides finance for their customers and distributors through their Navistar financial corporation. As Navistar is a leading producer of automobiles, it is considered as one of the top Tesla competitors.

14. Oshkosh

• Product Type: Specialty vehicles and commercial products
• Industry: Industrial
• Founded: 1917
• Founders: Benjamin Herrick and John C. Wheeler
• Headquarters: Oshkosh, Wisconsin, United States
• Area served: Worldwide
• Current CEO: John C. Johnson
• Number of employees: 15,000 (2022)
• Revenue:$2.413B (June 30, 2023)
• Market capitalization:$6.48B (August 17, 2023 )

Oshkosh Corporation is an American industrial company that is headquartered in Wisconsin, United States. It was formerly known with the name Oshkosh truck. Its business operations are designing and building the world’s toughest trucks, truck bodies and vehicles for the military. Oshkosh commits in providing the highest quality product to the customers. The major brands of Oshkosh are Oshkosh, Pierce, JLG, IMT, McNeilus, Frontline, CON-E-CO and Jerry-Dan.

Oshkosh net income for the quarter ending June 30, 2023 was $0.175B.  Oshkosh gross profit for the quarter ending June 30, 2023 was $0.425B. In the first quarter of fiscal year 2023, the company reported sales of $2.27 billion.

These major brands are considered as top in the automobile industries. It is also leading in the manufacture of defense vehicles. Oshkosh Corporation has their operations in countries like United States, Canada, Australia, China, Mexico, France, United Kingdom and Mexico. The company has about 15, 000 employees working for them. Due to their huge products and services, Oshkosh Corporation is considered as one of the top Tesla competitors.

15. Paccar

• Product Type: Heavy-duty trucks, diesel engines, and industrial winches
• Industry: Automotive
• Founded: 1971
• Founders: William Pigott Sr.
• Headquarters: Bellevue, Washington, United States
• Area served: Worldwide
• Current CEO: Preston F. Henn
• Number of employees: 31,100 (2022)
• Revenue: $8.881B (June 30, 2023)
• Market capitalization: $44.21B (August 17, 2023)

A Fortune 500 company and headquartered in Washington, United States, Paccar is the largest manufacturer of medium and heavy-duty commercial vehicles. It is one of the global technology leaders in their design and manufacture. Its well-known brands are Kenworth, DAF, and Peterbilt. Apart from commercial vehicles it also designs and manufactures advanced diesel engines. Paccar offers their products to customers across the globe with financial services.

PACCAR net income for the quarter ending June 30, 2023 was $1.221B.  PACCAR operating income for the quarter ending June 30, 2023 was $1.608B.  PACCAR projects to deliver 290,000 to 320,000 Class 8 trucks in the U.S. and Canada market for the year 2023, which is up 10,000 units from its previous projection.

It has a dealer network in about 2,200 locations and their products are sold in more than 100 countries. PACCAR Parts operates a global network of 18 parts distribution centers.  Due to their huge network and services, Paccar is also considered as one of the top Tesla competitors.

16. Spartan Motors

• Product Type: Specialty vehicles and custom chassis
• Industry: Automotive
• Founded: 1975
• Founders: A group of automotive engineers
• Headquarters: Charlotte, Michigan, United States
• Area served: Worldwide
• Current CEO: Daryl Adams
• Number of employees: 3,000 (2022)

Yet another American design company in the automobile, Spartan Motors believes their business is on roads. The company is based out in Michigan, United States and it has about 3000 employees working for them. The company has operations in Michigan, Nebraska, Pennsylvania, Indiana, Florida and South Dakota. It designs and manufactures specialty chassis and trucks, and truck bodies.

Their products are classified into the categories of emergency response, RV chassis, fleet vehicles and services, and specialty chassis. It also manufactures parts and accessories for their vehicles. Due to its huge network and services, Spartan Motors is also considered one of the top Tesla competitors.

17. Tata Motors

• Product Type: Commercial vehicles, passenger vehicles, electric vehicles, and defense vehicles
• Industry: Automotive
• Founded: 1945
• Founders: Jamsetji Tata
• Headquarters: Mumbai, India
• Area served: Worldwide
• Current CEO: N Chandrasekaran
• Number of employees: 59,000 (2022)
• Revenue: Rs 3.5 lakh crore (2023)
• Market capitalization: $26.86 Billion (August 2023)

Tata Motors is a leading automobile manufacturer headquartered in Mumbai, India. It produces a wide range of cars, trucks, utility vehicles, buses, and defense vehicles. Almost 8.5 million Tata branded vehicles ply globally. Tata vehicles are customized and provide high standards for safety, quality, and user comfort. Tata Motors is present in about 175 countries. Interestingly, Tata motors is one of the largest-selling commercial vehicle manufacturers in India. It is also amongst the top three in passenger vehicles.

For the full 2022-23 fiscal, Tata Motors reported a net profit of Rs 2,414 crore against a net loss of Rs 11,441 crore.  Tata Motors registered total sales of 74,973 vehicles in May 2023. The company has operations in India, the UK, South Korea, and South Africa, with a network of 86 subsidiaries, ten associate companies, four joint ventures, and two joint operations as of March 31, 2022.

It has about 59,000 employees working for them. Tata believes in six mobility drives to enhance their quality. They are modular architecture, clean drivelines, and complexity reduction in manufacturing, connected & autonomous vehicles, shared mobility, and low total cost of ownership. Due to their popularity in the brand and service, Tata Motors is considered one of the top Tesla competitors.

18. Wabco

• Product Type: Electronic braking, stability, suspension, and transmission automation systems for heavy-duty commercial vehicles
• Industry: Automotive
• Founded: 1869
• Founders: Westinghouse Air Brake Company
• Headquarters: Brussels, Belgium
• Area served: Worldwide
• Current CEO: Stephen M. Fisher
• Number of employees: 18,000 (2022)

Also regarded as a top competitor for Tesla, Wabco is the leading supplier of commercial vehicle technologies in the world. The company is headquartered in Brussels, Belgium and has about 18,000 employees working for them. Wabco has operations in about 40 countries.

The main products are trucks, trailers, buses, cars, and off-highway. Its diverse portfolio of products serves all categories of commercial vehicles with advanced technology and good designs. Due to their worldwide presence in the automobile industry, Wabco is considered one of the top Tesla competitors.

19. Lucid Motors

• Product Type: Electric vehicles
• Industry: Automotive
• Founded: 2007
• Founders: Bernard Tse, Sam Weng, and Sheaupyng Lin
• Headquarters: Newark, California, United States
• Area served: North America, Europe, and the Middle East
• Current CEO: Peter Rawlinson
• Number of employees: 7,200 (2022)
• Revenue: $0.151B ( June 30, 2023)
• Market capitalization: $14.47B (August 17, 2023)

Lucid Motors is an American electric vehicle manufacturer headquartered in Newark, California. The company was founded in 2007 under the name Atieva, by former Tesla executive Bernard Tse and businessman Sam Weng.

The company rebranded to Lucid Motors in October 2016 and officially announced its intent to develop an all-electric, high-performance luxury vehicle. The company has a vision of innovation, luxury, and sustainability. The Lucid Air luxury EV sedan pairs powerful motors and the world’s longest driving range with upscale styling and fashionable interiors. This is why many believe that LucidAir is even better than Tesla Model S in several features.

The company’s second model, the Lucid Gravity SUV EV is scheduled to launch in 2024.

Lucid produced 7,180 vehicles in 2022. Lucid net income for the quarter ending June 30, 2023 was $-0.764Bn. Lucid gross profit for the quarter ending June 30, 2023 was $-0.405B.

Lucid Air was named Motor Trend’s 2022 Car of the Year, being the first time a brand new car model won the award.

20. Rivian

• Product Type: Electric vehicles, including pickup trucks, SUVs, and delivery vans
• Industry: Automotive
• Founded: 2009
• Founders: RJ Scaringe, James Womack, and Robert Scaringe
• Headquarters: Normal, Illinois, United States
• Area served: United States, Canada, and Europe
• Current CEO: RJ Scaringe
• Number of employees: 14,122 (2022)
• Revenue: $1.121B (June 30, 2023)
• Market capitalization: $19.76B (August 16, 2023)

Rivian is an American company and an Electric vehicle manufacturer. It is also an automotive technology company. Rivian was founded in 2009. Rivian has better off-road capabilities as compared to Tesla. It is larger in size and is also known to be tougher than a Tesla.

Rivian produced 24,337 electric vehicles and delivered 20,332 to customers.  Rivian Automotive’s net income for the quarter ending June 30, 2023 was $-1.195B. Rivian Automotive’s total assets for the quarter ending June 30, 2023 were $17.227B.

Rivian’s Illinois plant currently has an annual production capacity of 150,000 vehicles. The company has announced that it produced a total of 7,363 vehicles at its Illinois factory in the third quarter of 2022. However, Rivian has plans to increase that capacity to 200,000 vehicles by 2023.

Naturally, with its expansion plan, its size and off-road capabilities, Rivian is one of the top competitors of Tesla.

Conclusion

The automobile industries are moving at a very fast pace to achieve their business goals and objectives. Tesla is making use of the latest technology for providing various vehicles that will make the drivers at ease while driving.

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