What’s New on the EV Market?

Learn about the rivalries between the makers of the world’s top electric cars: MG vs Tesla, Ford vs Nissan, and Rivian vs Toyota.

EV Makers All Charged Up

Car manufacturers on both sides of the Pacific are gearing up for an electric future. In fact, just about every major vehicle maker in the world realizes they need to prepare for a world without combustion engines, which could be just around the corner. Motivated by concerns for the earth’s environment, not to mention the high costs of gasoline, consumers are growing more and more interested in EVs (Electric Vehicles), which are being offered at lower and lower prices and in greater and greater variety. In this article, we’ll take a look at some of the top electric cars popping up in showrooms around the world, and also compare some of the offerings from the East with those from the West, contrasting Nissan vs Rivian and MG vs Tesla. And, if you have plans to invest in Tesla shares with iFOREX as CFDs, let’s also get up to date with the financial performance of some of the big EV makers.

Tesla

Arguably the King of EVs, Tesla runs a large EV factory in Shanghai, which is why they felt the strain from the blanket Chinese lockdowns in the first months of the year. CEO Elon Musk has had to delay the starting up of new factories as a result of the slowdown, and his company ended up producing 17.9% fewer EVS in Q2 than it did in Q1. As for revenue in Q2, it was down 8% from the previous quarter. The rest of the year, however, could be a lot better because “Expectations for the second half of the year are very strong for this company”, insists Franc Curzio of Curzio Research. One result of recent challenges is a hike in the price of their Model Y EV to $65,990, making it one-third more expensive since January 2021.

MG vs Tesla

MG vs Tesla isn’t really a fair fight, owing to the relative sizes of the two companies as well as the sizes of their markets. Back in March, MG Motor India was interested in expanding its EV business in India – a nation where EVs make up less than 1% of the total cars on the road. In order for the customer base in the country to expand, the infrastructure for charging EVs will have to improve and costs will have to come down. MG started raising money for its planned growth in Q2, however does the Indian giant stand a chance against Tesla in the future? Only time will tell who will come out on top in the MG vs Tesla battle for EV stardom. 

Rivian

Rivian’s speciality is the big commercial vehicle, which it produces for – among others – its largest shareholder, Amazon, in Illinois. “We’re thinking about many other aspects of the commercial space outside of the last-mile delivery (including) cargo and work vans”, explained CEO RJ Scaringe, who anticipates the company will be making a million EVs per year by 2030. In Q2, though, they had trouble manufacturing enough R1T pickups and R1S utility vehicles to fill demand, so price volatility could be on the way.

Nissan

Japanese car mainstay Nissan made an important partnership in May with Mitsubishi to produce lower-priced micro EVs. In Japan, as much as 40% of motorists drive these smaller models. “I’m confident”, says Nissan CEO Makoto Uchida, “that (the new vehicles) representing the alliance will be a game changer for electric vehicles in Japan”. The models already in Nissan’s EV arsenal include the Leaf and the Ariya. The new light model, called the Sakura, was set to become available from as little as $13,891 after enjoying a government subsidy.

Ford

Mid-year, Ford was fully focussed on its shift to electric models, partnering up with CATL in China for battery needs as well as with Australian mining company Rio Tinto. “We are putting the industrial system in place to scale quickly”, announced CEO Jim Farley in July. His ambitions are for Ford factories to be producing 600,000 EVs a year by the end of 2023, and two million a year by the end of 2026. Near the end of next year, look out for their new Mustang Mach-E crossover, the F-150 Lightning pickup, and a brand new SUV Ford has in store especially for Europe.  

Toyota

In the not-too-distant future, we may see some of the top electric cars from Toyota, who decided to put down $1.8 billion in the coming five years to make EVs in Indonesia. Indonesia – an environmentally conscious nation – wants to have only green cars available for purchase within its borders by 2050. The country’s chief economics minister is convinced that “Demand for EVs, whether it’s four-wheelers or two-wheelers, will keep increasing in Indonesia”.    

Moving On Down the Road

Before you 

invest in Tesla shares with iFOREX as CFDs

, there are a variety of factors to be wary of including production issues, the global scramble for semiconductor chips, and waxing or waning consumer demand, so keep an eye on the headlines as well as company performance.