New Tesla challengers are scoring huge investments, but Nikola, Rivian, and Lucid may arrive too late to gain ground in the electric car market

Business Insider | Sep 12, 2020 at 2:00 AM
  • As Tesla was busy becoming the most valuable automaker in the world, minting a market capitalization well over $350 billion, a bunch of new names were entering the electric-vehicle race.
  • For Nikola, that meant an initial valuation of over $3 billion that quickly shot up to $13 billion, and for Fisker, a $3 billion valuation with a cool billion earmarked to bring the carmaker’s first vehicle, the Ocean, to market.
  • The bottom line is that today, there is no meaningful competition in the EV market, so everything is a wager on not just the desire for competition to emerge, but for actual customers to buy actual electric cars.