While sales remain relatively low, the electric vehicle (EV) market is swarming with competition. Many OEMs have vowed to launch a selection of new models over the next few years, while Tesla is battling with manufacturing headaches as it hopes to complete orders of its mass-market Model 3.
Despite the competition, new market entrants could soon make their mark. Polestar, for example, is a new marque that will become the electric performance branch of Volvo Cars. The company hopes to launch two models by 2019 before bringing a third to market shortly after. Another example is Faraday Future. The company has promised to bring its first model – the FF 91 – to market by the end of 2018, and new reports have suggested that Tata Motors has invested US$900m to aid the launch.
According to Taavi Madiberk, Chief Executive of Skeleton Technologies, there could be space for new entrants in the EV segment, providing they find a way to stand apart from the competition.
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