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Tesla, GM, Volkswagen, and Stellantis, but Ford
With Tesla, GM, Volkswagen, and Stellantis all vying for the attention of the EV market, who’s leading the electric vehicle race? Let’s take a closer look at each of them and their plans for the future. What makes one company better than the other? And who’s making the best electric car? Read on to find out. Hopefully, this article will help answer this question and get you started down the road to EV ownership.
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Stellantis
As an early adopter of EV technology, Stellantis is a better bet to make a profit than its domestic rivals. While the company is still years behind its main competitors, it is making the most of its current position by taking advantage of lower battery prices and associated technologies. Stellantis may not have an all-electric pickup in the US market until 2024, but it’s a start.
The company has already started rolling out early battery-electric vehicles, including the popular Chevrolet Bolt, but they are betting on a mixed powertrain strategy. As an early adopter of electric vehicles, they’re focusing on the mass market, so they’re selling plug-in hybrids and mild hybrids as well. Ultimately, the company is aiming to make the total cost of owning an electric car equal to that of a gasoline-powered one by 2030.
GM
The documentary Who Killed the Electric Car documents GM’s “Don’t Crush the EV1” marketing campaign, which was intended to sway consumers to choose a more environmentally friendly alternative to gasoline-powered cars. The film features interviews with GM employees who discuss leasing and purchasing options, and footage of police protecting EV1s from thieves. As a result, the documentary’s subtitle – “Why GM is Winning America’s Electric Vehicle Race” – might make some viewers nervous.
GM is trying to make the Bolt a hit with consumers, but so far it has failed to sell in large numbers. Ford, on the other hand, has sold out its all-electric Mustang Mach-E SUV, F-150 Lightning pickup and battery-powered E-Transit business van, and has been developing other EV models. Clearly, the future is electric, but the Bolt isn’t winning in the race for consumer dollars.
Volkswagen
The Volkswagen brand is a global player, and it is on the forefront of the electric vehicle revolution. The company has already produced over a million battery electric cars, making it the market leader in Europe. Volkswagen has also made a significant investment in electrifying its entire fleet, committing $100 billion over five years. The company also has a long-term goal of making 25% of its global sales electric by 2026. The company has already begun rolling out new electric vehicles, but its pace was slowed last year by supply chain problems.
Despite the challenges Volkswagen faces, it is not going to die. The company has made the transition from internal combustion engines to battery-powered electric vehicles and has committed EUR159 billion to this effort. Although Volkswagen still trails Tesla in the EV sales race, the carmaker has been committing to the electric vehicle revolution for years and is targeting a quarter of its global sales by 2030. Volkswagen has the cash and scale to make this happen, but it will need to reinvent itself as a tech giant to stay ahead of the competition.
Tesla
While most of the big car companies have ramped up investment plans and sales growth targets for EVs, Tesla is leading the pack by a wide margin. According to Michelle Krebs, executive analyst at Cox Automotive, the company tracks the most popular electric vehicles sold globally. EV sales are expected to double this year and Tesla is poised to keep up its momentum with yet another growth spurt in 2022.
The company has several advantages over its competition. For example, it will have a new plant in Texas when the federal government mandates the production of electric cars in the US. Additionally, it has plans to increase production capacity at its Fremont factory, which could eventually produce up to 600,000 cars a year. Tesla will continue to make headlines as it makes its electric vehicle plans a reality. As such, it’s a shoo-in to win America’s electric vehicle race.