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10 Game-Changing EV Startups to Watch In 2024 (Regularly Updated)

Emerging EV (electric vehicles) startups are popping up like mushrooms in the woods and many are becoming contenders in the EV marketplace.

The switch to electric vehicles enables environmentally friendly and sustainable transportation.

EVs have lower repair and maintenance costs than internal combustion engine vehicles. They also have a much smaller carbon footprint with no emissions.

EV support infrastructure remains a challenge in many countries but this is fast being addressed.

Besides conveniently placed charging stations, new battery technologies allow for longer ranges before recharge is required.

In this article, we cover some of the most promising EV startups from around the world, and their unique approach to cleaner travel.

Ready?

Let’s dive right in!

Electrical Vehicle Market Overview: The Current EV Landscape

The electric vehicle market has grown substantially over the last few years. In the first half of 2023, over 5.8 million EVs were sold globally, and 3.2 million were sold in China alone.

Surprisingly, there is increased demand for EV pickup trucks in the USA. Established companies like Ford and GM are facing strong competition from Rivian, the new kid on the block.

Hybrid vehicles are seen as a logical step to fully electric vehicles, and Toyota remains the market leader with 70% of the hybrid vehicles market.

Other vehicle manufacturers, including Tesla, Volkswagen, BYD, SAIC, and Geely-Volvo, were the market leaders in 2022, cumulatively holding 52% of the EV market.

The reduced production costs of EV batteries on a large scale have attracted greater investment in the EV vehicle sector, making electrical vehicles more accessible to consumers.

Not only are production costs down but the cost of the batteries has also been reduced to an affordable rate.

The battery being the most expensive component has led to an overall reduction in the cost of electric vehicles.

Check out this video by The Engineers Post on EV batteries:

EV Market Forecast: 2024 and Beyond

EV battery prices are expected to decrease by about $60 per kWh by 2030.

This will have a significant impact on the cost of EVs, making them cheaper and more accessible to a wider population.

However, according to an EY Study, range anxiety has recently been noted as the second most prominent reason not to buy an EV.

Official data indicates that the average daily travel distance in Europe is usually less than half the distance the average US citizen drives, which is 62 km a day

New battery technology and more charging points have increased the average range of EVs to about 315 to 349 km.

Europe also saw a significant rise in EV sales during the second quarter of 2021 which increased by a staggering 157% from the previous year.

There has been a total of over 1 million EV registrations in 2021 in Europe which constitutes 16% of the total market.

Plug-in EV sales have surged in China with the choice of multiple models.

Plug-in EV sales have surged in China with the choice of multiple models.

In June 2021, 235,000 plug-in EVs were registered, which is an increase of more than 160% compared to the previous year.

Increased Numbers of Charging Ports in the U.S.

The National Renewable Energy Laboratory (NREL) indicates that the U.S. is on track to have 1.2 million public chargers installed by 2030.

This is in line with the number of public charging ports that have consistently grown in recent years to over 140,000 across the country.

In addition, there are also several smartphone apps now available to help EV owners find charging stations.

More EV Options

The demand for EVs has resulted in most major car manufacturers in the United States announcing plans to focus more on their electric vehicles, as well as the steady increase in EV startups.

There is currently a wide range of EVs to choose and if you are looking to purchase a sedan, SUV, hatchback, or even a pickup truck, or electric delivery truck there are already several great options available.

10 Game-Changing EV Startups

The listed EV startups hold great promise of emission-free motoring.

They are not only developing EVs but are also hard at work building the necessary infrastructure to accommodate electric vehicles.

Rivian logo

Rivian

HQ Location
Irvine, California, USA
Founded
2009
Num. of Employees
10,001+
Rivian Homepage

Sustainable growth is key to Rivian’s success. This is evident in its growing fleet of mobile service vehicles alongside its Service Centers network.

These service vehicles provide maintenance, repair, vehicle-to-vehicle charging, and various other mobile service needs. This service caters to more than 35,000 Rivian vehicles.

The company launched a major project, providing Amazon with a fleet of electric delivery vans in a long-term supply partnership.

The R1T pick-up and R1S SUV are available with a variety of AWD drive systems, as well as Dual-Motor, and Quad-Motor options.
All options provide exceptional performance, both on-road and off.

You can expect to get a range of 260–400 miles, depending on the chosen drive system and battery pack.

Rivian vehicles come with a CCS plug compatible with any public charging network, as well as the ever-growing Rivian Adventure Network.

With integrated App software, you can set your R1T for a smooth ride on tarred surfaces or put it in Off-Road mode for the trail.

Drive modes adjust ride height, suspension, and more to optimize for different terrain and your driving preferences.


Lucid Motors logo

Lucid Motors

HQ Location
Newark, California, USA
Founded
2016
Num. of Employees
1,001-5,000
Lucid Motors Homepage

Lucid Motors is publicly traded on the Nasdaq exchange, and their production plant is situated in Casa Grande, Arizona.

This purpose-built plant is outfitted with the world’s most advanced production line equipment. The plant will be able to build over 300,000 EVs annually with planned expansion.

The EV startups first car, the Air, is a state-of-the-art luxury sedan. The Air has the longest range and is the fastest-charging luxury electric vehicle in the world.

With incredible horsepower and an unrivaled range, the Lucid Air was pronounced winner of the 2022 and 2023 World Luxury Car Awards.

Lucid’s battery technology is unrivaled. It saves on space, regulates temperature, and provides an unequaled 520-mile range with their Dream edition.

Each battery pack is fitted with a cooling manifold, an end-cooling arrangement.

In addition, battery modules contain an integrated battery management system to ensure balanced power.

Lucid developed an electric motor that is possibly the most technologically advanced globally.


Lightyear logo

Lightyear

HQ Location
The Netherlands
Founded
2016
Num. of Employees
501-1,000
Lightyear Homepage

Lightyear’s mission is to provide clean mobility by developing scalable grid-independent solar electric vehicles.

The company presented its prototype in 2019.

Their first car concept, Lightyear One, had solar cells integrated into the roof and bonnet. This translates to being independent of grid infrastructure.

Lightyear Two is in the pipeline, and interested parties can sign onto a waiting list.

Lightyear’s Vehicle Integrated Photovoltaics (VIPV) system is designed to be versatile. It can adapt to different shapes, sizes, and functionalities.

The company can deliver a full solution from “photon to battery,” including panel, power conversion, and data platform.

Lightyear One is self-sufficient for most of the year. Thanks to the 4 in-wheel motors and air suspension, the car can easily traverse rough terrain and highways.

Lightyear 2 is solar electric and has an integrated layer of solar cells for a range exceeding 800 km before your next plug charge.

Aerodynamics and incorporated technology ensure that Lightyear 2 needs three times fewer charges than a conventional EV.

Besides the sun, any power outlet in the world is a charging station, including a regular home socket.

Lightyear Layer provides businesses with sustainable mobility solutions that reduce the CO₂ impact of mobility and charging dependency and increase operational freedom.

Lightyear’s in-house engineered and manufactured VIPV platform provides grid-independent solutions to maximize energy efficiency and energy yield.


Fisker Inc. logo

Fisker Inc.

HQ Location
Los Angeles, California, USA
Founded
2016
Num. of Employees
1,001-5,000
Fisker Inc. Homepage

Behind the Fisker model designs is Henrik Fisker, a renowned automotive designer who has designed some of the most iconic vehicles ever made, from a sports car for James Bond to the all-electric Fisker Ocean.

Fisker is growing in presence, and the Fisker Ocean was inspired by the company’s ocean impact strategy, incorporating recycled materials to develop their vehicles.

Fisker’s mission is to create the most sustainable vehicles on earth.

The Fisker Ocean incorporates a full-length SolarSky roof, used to capture solar energy to support the vehicle’s battery-powered motor.

Another innovation is the PowerHouse bidirectional onboard charger, which allows you to use the battery as a power source to run your entire home for up to seven days.

PowerShare connects your Fisker Ocean’s charge port to another EV for an emergency boost.

Using the External Power Outlet, you can power appliances, electronics, and more.

You can communicate directly with your vehicle through mobile app features such as Remote Locate Vehicle, Vehicle Monitoring, and Remote Climate Control.

You can also use the app as the key to your vehicle.


Arrival logo

Arrival

HQ Location
Howald, Luxembourg
Founded
2016
Num. of Employees
1,001-5,000
Arrival Homepage

Arrival components are all plug-and-play hardware enabled by software. Each component is easily upgradeable over the air and allows for quick replacement.

This ability to upgrade both hardware and software extends the lifespan of an Arrival vehicle by twice that of an average commercial vehicle.

The 400V 3.7kWh battery module is used for various vehicle types.

The battery module is supported by a Battery Master Controller and a Charging Controller.

Other technologies incorporated into Arrival vehicles are Power Conversion modules, including traction inverter and bidirectional power converters.

Arrival components are all plug-and-play hardware enabled by software. Each component is easily upgradeable over the air and allows for quick replacement.

This ability to upgrade both hardware and software extends the lifespan of an Arrival vehicle by twice that of an average commercial vehicle.

The 400V 3.7kWh battery module is used for various vehicle types.

The battery module is supported by a Battery Master Controller and a Charging Controller.


XPeng logo

XPeng

HQ Location
Guangdong, China
Founded
2016
Num. of Employees
1,001-5,000
XPeng Homepage

XPeng has a growing presence in the Chinese domestic market and has expanded into the European market.

The locations will facilitate the delivery of XPENG’s latest electric vehicles in Norway, the Netherlands, Sweden, and Denmark.

XPeng has unveiled the Smart Electric Platform Architecture (SEPA) 2.0.

It’s expected to shorten future models’ research and development cycle by 20%. Costs will be cut on adapting advanced driver assistance systems (ADAS) by 70% and smart infotainment systems by 85%.

The modular, interchangeable vehicle platform is designed to support a range of vehicle types.

Other technologies in the company’s smart mobility ecosystem include:

XPILOT 4.0 full-scenario advanced driver assistance.
High voltage supercharging technologies that significantly boost charging power and efficiency.
XPeng unveils the design of a new generation road-capable flying car.
Robotic technology is designed to support superior autonomy.


Bollinger Motors logo

Bollinger Motors

HQ Location
Michigan, USA
Founded
2014
Num. of Employees
51-200
Bollinger Motors Homepage

Bollinger Motors revealed their first working electric truck prototype in 2017, the All Electric, All Wheel Drive Bollinger B1 Sport Utility Truck.

At the 2022 A.C.T. Show, Bollinger Motors revealed their new commercial platforms.

Bollinger then teamed up with Wabash to develop a refrigerated truck body on an electric chassis.

In September 2022, Mullen Automotive purchased a 60% controlling interest in Bollinger Motors.

Wabash has developed a lightweight composite technology, EcoNex Technology. It will be used in truck bodies and trailers that will integrate with Bollinger’s Class 4 electric chassis cab for their refrigerated delivery truck.

This technology reduces the amount of electricity needed to maintain cold temperatures, resulting in cost savings due to weight reduction and thermal efficiency.

Bollinger B1 and B2 EV trucks had a hefty price tag but will now be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive.


Mullen Automotive logo

Mullen Automotive

HQ Location
California, USA
Founded
2014
Num. of Employees
51-200
Mullen Automotive logo

Mullen unveiled its first vehicle, a crossover called “Five” which won the Top SUV title when it debuted at the 2021 Los Angeles Auto Show.

The car is expected to reach the production phase in 2024.

Mullen became a Nasdaq publicly-traded company in November 2021.

Mullen purchased a 60% controlling interest in Bollinger Motors, which were on the verge of running out of operating capital.

Mullen is actively developing advanced Lithium-Sulfur and Solid State battery technology.

Lithium-sulfur batteries far exceed Lithium-Ion batteries, particularly when comparing weight and cost advantages.

The Sulfur utilized is fully recyclable, widely available, and inexpensive.


Nio logo

Nio

HQ Location
Shanghai, China
Founded
2014
Num. of Employees
10,001+
Nio Homepage

Nio grew exponentially in 2022, thanks to moving away from the conventional battery charging methods.

It is deeply focused on developing infrastructure to get EV drivers back on the road as quickly as possible.

Nio introduced flexible battery upgrades, which allows the 70/75kWh battery to be upgraded to a 100kWh battery for longer-range trips.

According to the Life Cycle Assessment (LCA) of vehicles, this service of flexible upgrades can reduce carbon emissions by 10.7% over the life cycle of vehicles.

According to a vehicle Life Cycle Assessment (LCA), this service of flexible upgrades can reduce carbon emissions by 10.7% over the life cycle of vehicles.

The company has built an impressive EV infrastructure and has connections with over 1,048,000 Third-Party Chargers of which over 388,000 are in the EU.


Nio logo

Canoo Inc.

HQ Location
Texas, USA
Founded
2017
Num. of Employees
201-500
Nio Homepage

Nio grew exponentially in 2022, thanks to moving away from the conventional battery charging methods.

It is deeply focused on developing infrastructure to get EV drivers back on the road as quickly as possible.

Nio introduced flexible battery upgrades, which allows the 70/75kWh battery to be upgraded to a 100kWh battery for longer-range trips.

According to the Life Cycle Assessment (LCA) of vehicles, this service of flexible upgrades can reduce carbon emissions by 10.7% over the life cycle of vehicles.

According to a vehicle Life Cycle Assessment (LCA), this service of flexible upgrades can reduce carbon emissions by 10.7% over the life cycle of vehicles.

The company has built an impressive EV infrastructure and has connections with over 1,048,000 Third-Party Chargers of which over 388,000 are in the EU.

According to a vehicle Life Cycle Assessment (LCA), this service of flexible upgrades can reduce carbon emissions by 10.7% over the life cycle of vehicles.

The company has built an impressive EV infrastructure and has connections with over 1,048,000 Third-Party Chargers of which over 388,000 are in the EU.

Wrapping Up on the Best EV Startups

EV startups are here for the long haul, but many companies face financial uncertainty.

To overcome these “communal” financial woes, their product has to be futuristic and supported by state-of-the-art technology.

Power from clean energy with zero emissions is the yardstick by which most EV startups measure their contribution to environmental preservation.

This common theme has given much-needed lifeblood to the EC vehicle sector.

Battery technology, charging time, infrastructure, aerodynamics, and range are core issues that startups grapple with. But the biggest issue to consumers is affordability and convenience.

This is being met through mass production and the use of inexpensive, environmentally friendly materials. Propelled by innovative EV startups, electric vehicles are here to stay!

Frequently Asked Questions

Is EV range anxiety real?

Range anxiety is a superficial phrase that can be real for many EV users. The concern over having enough power to complete a trip is heightened when considering unforeseen circumstances that require extra travel. However, due to the long range of many new EVs, this concern is falling by the wayside. Read the full review to learn more about the range of your favorite EVs.

How fast does an EV charger charge?

Charging a 100-kilowatt-hour battery EV typically takes less than an hour to more than a day. EV companies are constantly looking for more time efficient methods to charge batteries. For example, charging cables that work off 240 volts at 16 amps charge up to 15 miles per hour or up to 180 miles in 12 hours and a 240-volt, 32-amp wall charger would double the charging speed. Reads the full review to learn more.

Are EV battery improvements forthcoming?

Yes, solid-state cells should come to market in a few years and would replace the soft electrolyte commonly used in lithium-ion batteries. These batteries will provide greater energy density, reduced risk of fire, and lower costs. Read the full review to learn more about the latest technology in EV batteries.

References

Mobility Foresights: Global Electric Vehicle Market 2023-2030

Forbes: The 3 Biggest Reasons for Range Anxiety – Fact Or Fiction?

Clean Choice Energy: Top 10 Reasons You Should Switch to an Electric Car

Forbes: How Can Solar Energy Meet the Challenges of Sustainable Mobility of the Future?

Video: The Battery Basics: Understanding Lithium-Ion, Lead-Acid and More

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