The Economist: Think Tesla is in trouble? Pity even more its wannabe EV rivals

[Count Orlok]

general story on EVs with tidbits about the Chinese market. But a nice picture of a RAN station with a R1S and some discussion of RIVN.

Think Tesla is in trouble? Pity even more its wannabe EV rivals

The market capitalisation of Lucid Motors, founded in 2007, exceeded $90bn; that of Rivian, created two years later, hit around $150bn. Each was worth more than Ford, which was nearly 120 years old and sold 4m vehicles in 2021, compared with 125 for Lucid and 920 for Rivian. Chinese rivals such as Li Auto (founded in 2015), Nio and Xpeng (both in 2014) were also valued richly. In late 2021 the combined market value of five prominent Tesla wannabes neared a stonking $400bn.Today the five are worth $69bn, and falling.
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As a result, many of the EV entrants lack unique big features. The cars made by Rivian and Lucid hardly stand out technologically. Their good looks alone do not justify the hefty price tag. Rivian’s cheapest electric pickup costs around $70,000, half as much again as Ford’s F-150 Lightning without offering one-and-a-half as much car.
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Why anyone would buy a VinFast is a mystery; reviews of its VF8 SUV were damning, to put it charitably.
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