When it comes to EVs, there have been more and more startup companies taking their shot at market dominance. This all started because Tesla proved that a new car company was a viable concept in 2008. But then, why are they all failing?
Rivian Automotive, Polestar Automotive, Lucid Group, and Fisker have all lost money in the last year. The most likely reason for the drop is probably the fact that after so long, EVs still don’t beat out gas cars in sales, any way you cut it. The result of that is that the companies that were inspired by Elon to build electric-only cars are the ones feeling the hurt the most, whereas legacy manufacturers like Audi or Mercedes-Benz have their gas-guzzling S-classes and A6s to back them up.
So… promises. The promise of EVs isn’t all that, is it? It’s been 6 years since the Tesla Model 3 was unveiled, and even the first generation of that vehicle is still classified as the best electric car by many people. The combination of lackluster battery tech, pricy prices, and cut corners on legacy and startup car companies when designing their EVs make for a much more desolate landscape than gas cars.
Who’d pay the extra money for an i5 when they could get an identical 5-series?