Why These 10 Lesser-Known Electric Vehicle Makers Matter

You likely know Tesla dominates the growing electric vehicle (EV) market. Other familiar automakers like GM, BMW and Nissan also sell popular EVs. But the most exciting part of this fast-moving industry lies with the next generation EV startups aiming to compete or even surpass these incumbents.

As an industry analyst closely tracking the EV revolution, I‘ve highlighted 10 lesser-known manufacturers that show strong potential for breakout success in the coming years. Keep these rising stars on your radar!

Overview Table

Here‘s a snapshot of the 10 promising electric vehicle makers ranked by 2021 revenue:

Now let‘s analyze what makes each manufacturer worth tracking in the fast-evolving EV industry.

#10: ElectraMeccanica

ElectraMeccanica, a Canadian EV startup founded in 2015, produces a unique single-passenger three-wheeled electric car called the Solo.

With a quirky design tailored specifically for solo drives, the ultra-efficient Solo gives drivers a fun and environmentally friendly commuting option. And ElectraMeccanica sold vehicles across North America in 2021 with recent large fleet orders from companies like Mesa Air and delivery provider Daymak suggesting growing mainstream appeal.

Leadership

• CEO Paul Rivera previously led EV bus maker Proterra
• CTO Henry Reisner brings years of supercar design experience

Manufacturing

• EVs assembled in China through contract manufacturing partnership
• New US assembly facility plans underway

Investors

• Funded by a range of institutions and individuals
• Over 7,000 Solo reservations representing potential $350M+ in sales

Competitive Positioning

The solo commuter niche positions Electrameccanica uniquely versus Tesla and other EV makers. If adoption continues growing, ElectraMeccanica could become the go-to "electric motorcycle car" manufacturer.

#9: XOS

Xos, a California-based commercial electric vehicle manufacturer founded in 2016, produces Class 6 through Class 8 medium and heavy duty trucks, step vans, and fleet charging solutions. Xos focuses exclusively on last-mile commercial vehicles, serving crucial urban delivery and vocational transport needs.

Since their recent SPAC-merger and public listing, Xos has seen rapidly expanding demand including a 6,000+ unit order backlog as major fleets electrify. With pragmatic products and America‘s huge aging fleet driving replacement demand, Xos is poised for growth.

Leadership

• Serial entrepreneur CEO Dakota Semler previously founded fleet management firm Thor Trucks
• COO Giordano Sordini brings years of experience across auto and tech sectors

Manufacturing

• Vehicles produced via flex manufacturing model through partners
• Proprietary X-Platform modular chassis design enables rapid scaling

Investors & Partners

• Merged via SPAC deal with NextGen to access $575M in capital
• Partners like Loomis Armored US to deploy Xos vehicles

Market Position

As a nimble but focused new entrant catering to the vital delivery and trade industries, Xos can carve away incumbents‘ diesel market share. Key major metro fleets transitions could position Xos as a top urban electric mover.

#8: Hyzon Motors

Hyzon Motors, founded in 2020 and based in New York, produces hydrogen fuel cell powered commercial vehicles. Instead of batteries, Hyzon vehicles use fuel cells that generate electricity onboard by reacting hydrogen with oxygen. This gives Hyzon trucks long range and rapid refueling capabilities not matched by today‘s EV battery technology.

While America lags on hydrogen infrastructure investment compared to parts of Asia and Europe, declining electrolyzer and fuel cell costs along with renewable hydrogen production advances make Hyzon‘s business case compelling long term. Backed by European auto titans, Hyzon‘s innovative model helps position it as an early hydrogen commercial vehicle leader.

Leadership

• Founder George Gu brings deep expertise commercializing fuel cell tech
• Executive Chairman Craig Knight was former CEO of top hydrogen company Ballard Power Systems

Manufacturing

• Leverages manufacturing partnerships rather than own factories
• Expects to deliver 500-1,000 trucks and buses annually by 2022-2023

Investors & Partners

• Merged via SPAC deal with Decarbonization Plus Acquisition Corporation
• Key investor TotalEnergies is major European energy firm
• Partners like New Zealand waste firm Transfer Station Group to deploy trucks

Market Position

As hydrogen infrastructure rolls out over next decade, Hyzon‘s focused play can make it a leader in zero emission heavy transport as sector rapidly decarbonizes.

#7: Cenntro Electric Group

Cenntro Electric Group, founded in 2013 and headquartered in New Jersey, designs and manufactures electric light commercial vehicles purpose-built for common urban applications.

Their Metro van serves urban delivery fleets. The box-truck style Logistar handles local transport duties. And the rugged off-road capable Teemak works on construction sites. This pragmatic segment focus aligns well with the needs of companies transitioning away from diesel vehicles.

Leadership

• Chairman & CEO Peter Wang founded the company and leads product development
• Experienced leadership team with backgrounds across EVs, tech and manufacturing

Manufacturing

• Uses manufacturing partner network rather than own factories
• Five assembly plants and seven distribution centers worldwide

Investors

• Merged via SPAC deal with Blank Check Acquisition Corp in 2021
• Access to over $250M in capital to fund growth

Market Position

With seasoned leadership and early segment focus on essential urban EVs, Cenntro benefits from first mover advantage as city fleets rapidly replace diesel vehicles.

#6: Nikola Corporation

Nikola, founded in 2014 and based in Arizona, focuses entirely on Class 8 heavy-duty fuel cell electric trucks. Instead of batteries, Nikola prototypes and plans to produce hydrogen fuel cell-powered big rigs. This avoids the weight and range issues of huge battery packs. Nikola has seen its share of controversy, but remains a leader in zero emission trucking development.

Leadership

• Founder Trevor Milton resigned amidst exaggeration scandal
• CEO Mark Russell brings years of industrial manufacturing experience

Manufacturing

• Plans new ATI Fuel Cell manufacturing facility in New York
• Strategic partnership with Italian high-performance auto manufacturer IVECO

Investors & Partners

• Went public via SPAC merger deal with VectoIQ acquiring $700M+
• Partner Anheuser-Busch ordered 800 Nikola hydrogen-electric trucks

Market Position

Nikola‘s Badger pickup concept may be dead for now, but its ambitious plan to lead long haul freight‘s zero emission future keeps Nikola relevant. Execution is key as deep-pocketed rivals enter trucking space.

#5: Lion Electric

Lion Electric, founded in 2011 and headquartered in Quebec, Canada, focuses on purpose-built electric trucks and buses. As a pioneer solely focused on electrifying heavier vehicles, Lion‘s journey has seen ups and downs.

But with zero emission regulations tightening and infrastructure maturing, Lion now looks poised for success. Recent opening of Lion‘s first U.S. manufacturing facility promises progress capturing strategic North American demand.

Leadership

• Founder Marc Bedard pioneered electric school buses in the 1990s
• Experienced senior team across manufacturing, policy and engineering

Manufacturing

• New U.S. manufacturing facility expands production capacity
• Proprietary battery thermal management and cloud telematics tech

Investors & Partners

• Went public in late 2020 through one of Canada‘s largest SPAC deals
• Key partners like Amazon to add Lion electric trucks to delivery fleets

Market Position

As a focused electric bus and truck specialist, Lion can leverage its experience while rivals just entering market play catch up. But execution getting products to customers will determine if Lion can ward off these new competitors.

#4: Kandi Technologies Group

Kandi Technologies Group, founded in China in 2002, shifted to EVs in recent years with a lineup spanning mini cars, trucks, EVs, E-ATVs and golf carts. Unique from most budget Chinese EV makers, Kandi sells globally including entering the competitive US market in 2019.

Rather than a tradition purchase model, Kandi uses a subscription model for US sales making EV access more affordable. This innovative modelof shifting the cost burden from customer to producer makes Kandi one to watch in the budget EV segment. With young urbanites driving less, this flexible "EV sharing" concept provides an intriguing option.

Leadership

• Chairman & CEO Xiaoming Hu guides Kandi‘s EV transformation
• Founder Shufu Li serves on board focusing on int‘l partnerships

Manufacturing

• Leverages JV with Geely, maker of Volvo vehicles, for production capacity
• Building out additional capacity targeting 300K EVs annually by 2022

Investors

• Funded by mix of Chinese capital sources and partnership venture funds

Market Position

The budget EV segment sees fierce competition. By entering markets like the States with a clever subscription sales model, Kandi sets itself apart and lowers barriers to driving an electric vehicle. Affordability matched with flexibility makes Kandi worth tracking.

#3: Proterra

Proterra, founded in Silicon Valley in 2004, focuses specifically on electric transit buses and commercial vehicles. With over a decade fine-tuning clean transportation technology and implementation, Proterra has sold over 1,300 electric buses across North America today.

Similar to Tesla, Proterra combines operational savvy with ample capital and technical strengths. Recent SPAC-merger fueled funding rounds position Proterra appear well on their way to dominate the vital urban public transportation electrification wave.

Leadership

• CEO Jack Allen brings decades of auto and tech experience
• Founder Dale Hill focuses on technology development

Manufacturing

• New battery factory in South Carolina expands production
• Proprietary battery and drivetrain technology

Investors & Partners

• Over $640M in private funding before 2021 reverse merger
• High profile supporters from GM Ventures to BMW iVentures
• Partners like Daimler subsidiary Thomas Built Buses

Market Position

With unmatched experience and deep technical know-how in heavy electric vehicles, Proterra looks positioned to own the electric transit market as more public budgets fund replacement of diesel buses.

#2: Leapmotor

Leapmotor, founded in 2015 and headquartered in Hangzhou, China, produces sleek fully-electric vehicles at relatively affordable price points for the Chinese consumer market.

While Chinese EV startups abound, Leapmotor stands out with high-tech models featuring long range at lower costs than rivals. Strategic partnerships with established players and government support further boost Leapmotor‘s prospects. 2021 saw the company nearly triple sales to about $500 million USD as Leapmotor moves towards its goal of leading smarter, tech-centric electric mobility in China.

Leadership

• Founder & CEO Freeman Shen previously led strategic roles at BMW and Fiat Chrysler
• COO Charles Li, a former Faraday Future Exec, leads global partnerships

Manufacturing

• Contract manufacturing partnership with Prestolite Electric Beijing
• 300,000 square foot hand-crafted EV production center

Investors & Partners

• Over $300M in funding from Chinese VCs and tech giants
• Partners like ARCFOX electric car company (BAIC affiliate)

Market Position

Positioning itself as a "high-end player for the younger generation", Leapmotor aims to keep attracting talent and raising standards across China‘s chaotic EV industry. Global expansion plans and continued progress towards advanced self-driving EVs make Leapmotor hard to ignore.

#1: Polestar Automotive

Polestar embodies the electric future of mobility. Originally Volvo‘s performance brand, the company was remade in 2017 into a standalone premium electric car company through a JV between Volvo and its parent automaker Geely.

Headquartered in Sweden but selling globally, Polestar launched its first vehicle in 2019 – the hybrid Polestar 1. The attractive fully electric Polestar 2 soon followed with two new models set for release in 2022. Given substantial funding and its unique heritage, Polestar appears positioned for serious expansion as a high-tech electric luxury leader.

Leadership

• Volvo veteran CEO Thomas Ingenlath leads Polestar
• COO Jonathan Goodman brings international automotive expertise

Manufacturing

• Cars produced in China through strategic partnerships
• Additional future production facilities planned in the USA and Europe

Investors

• Backed by over $1.6 billion from Volvo, Geely and external investors
• Plans to launch IPO in future as expansion costs mount

Market Position

Polestar‘s brand recognition, ample resources and positioning as a tech-centric luxury EV maker give it an advantage versus Tesla and other pureplay EV startups. First mover momentum in Europe and China should help Polestar fund its ambition to be a truly global electric powerhouse.

The Takeaway

This analysis aimed to spotlight electric vehicle manufacturers that represent the next generation of promising companies set to possibly transform mobility. Despite flying under the mainstream radar today, these EV startups show strong potential for breakout success in coming years based on their products, tech savvy, momentum and competitive positioning.

Of course, realizing their full vision rests significantly on continued execution and access to capital in a dynamic auto industry. Incumbent OEMs won‘t cede ground easily. Still, the rise of Tesla proves what‘s possible when talent and funding combine around a transformative EV vision.

Given favorable regulatory conditions and ongoing auto industry disruption, investors and consumers would be wise to track these still emerging enterprising EV makers that one day hope to compete worldwide.