Tesla is the first name that comes to mind when discussing EV companies. Other people assume that it is the only company that manufactures electric vehicles.
Those familiar with other EV companies mainly know General Motors, Toyota, BMW, Ford, and Nissan. In reality, some EV companies are flying under the radar, with some located in the United States and others in different parts of the world.
Here is a list of the ten next-gen EV companies that don’t get sufficient recognition, but are manufacturing high-quality electric cars. They are ranked by their annual revenue.
#10: ElectraMeccanica – $2.1 million
ElectraMeccanica is a perfect choice if you like taking lonely drives. This company has designed a three-wheeled electric vehicle called the Solo, which is ideal for such an adventure.
The company was founded in 2015, but its history dates back to 1959 when it was initially called Intermeccanica. Frank Reisner was the founder, and the company was originally located in Italy. Before becoming a car manufacturing agency, this EV company dealt with racing cars and other building parts.
After rebranding to Electra Meccanica, the company moved its operations to Canada. Electra Meccanica’s main product is the Solo. This single-passenger electric car has two doors, three wheels, and a small compartment at the back to store your essentials.
Other Solo features include a 100 miles driving range, 80mph top speed, and a 144V 17.4kWh lithium-ion battery. The car takes 6 hours to charge when using a 220V charger and 15hrs when using a 110V charger.
This EV company is under the radar because most people rarely acquire three-wheeled vehicles. However, this hasn’t stopped the company from selling its units in North America and making $2.1 million in revenue.
Electra Meccanica’s willingness to challenge the status quo in EV design makes a strong case for its inclusion in our list of the top ten next-gen EV companies. Ultimately, Electra Meccanica will grow in the future as the Solo becomes famous.
#9: XOS – $5.04 million
XOS is an American EV manufacturing company that was founded in 2016. The company mainly manufactures commercial electric vehicles and designs fleet management software. Their electric fleet includes:
- Class 8 Heavy Duty XOS Trucks – These are trucks with a torque of 36,583 ft-lbs. The truck also has a driving range of 230 miles.
- Class 6/7 Medium Duty XOS Truck – These are smaller trucks compared to the class 8 trucks and are ideal for light loads. Some of their specifications include a driving range of 270miles and a 16,595 ft-lbs torque.
- Stepvan Class 5/6 – This van is ideal for parcel deliveries and other utility uses. Some of its specs include a 150-mile driving range and a 1696 ft-lbs torque.
Besides trucks, XOS manufactures chargers, ranging from 30 to 300kW. Not many people are familiar with this company, but it will become popular in the future due to the company’s resolve to manufacture trucks with a higher driving range. XOS reported revenue of $5.04 million in 2021, which is expected to increase in the next decade.
#8: Hyzon Motors – $6.04 million
Hyzon Motors has taken a different approach to manufacturing its electric cars. This company develops hydrogen fuel cell vehicles, such as buses, coaches, and trucks. Fuel-cell electric vehicles are electric cars that use fuel cells and a supercapacitor to power the car’s electric motor.
These fuel cells generate electricity by converting the chemical energy from the hydrogen and oxygen reaction into electricity. The Hyzon electric cars have a different mechanism than other EVs like Tesla, making them unique.
The sole reason that many people aren’t familiar with Hyzon Motors is that the company was founded in 2020. Initially, the company specialized in fuel cell technology, but it became an electric automotive manufacturing company in 2020.
The company’s primary mission is to manufacture zero-emission electric vehicles. Thus, they usually use renewable hydrogen from waste and other gasses to manufacture vehicles with low carbon intensity.
Some of their products include the Hyzon Hymax Series, a heavy-load truck with multiple configurations, such as a 24, 46, and 70-ton configuration. They also manufacture a high-floor coach with a 250-mile driving range and a 15-minute refueling time. Hyzon Motors is a fairly-new EV startup that generated $6.04 million in revenue in 2021.
#7: Cenntro Electric Group – $8.57 million
Cenntro Electric Group is an automotive company that mainly deals with commercial electric vehicles. Peter Wang founded the company in 1991 and remains the CEO to date. The company was a telecom solution provider before it rebranded in 2013 to become an automotive manufacturing agency.
Cenntro Electric Group has delivered over 3,600 vehicles in more than 16 countries. The company has also granted more than 238 patents. Some of their vehicles include:
- Metro – This is a multipurpose electric vehicle that is ideal for various logistic services. Some of its specs include a 109mile driving range, a 35mph maximum speed, and a 25 kWh battery.
- Logistar 400 – This is a Class 4 vehicle designed for urban delivery. It has multiple specs, such as a 60mph maximum speed, a 124mile driving range, and an 80.6kWh battery.
- Logistar 200 – This commercial electric car is used to transport light goods in the city. This electric car has various specs, such as a 41.9kWh battery capacity, a 50mph maximum speed, and a driving range of 192.6 miles.
- TeeMak – The TeeMak is an electric vehicle designed for off-road utility services. Some of its specifications include a 47-mile driving range, a 34 mph maximum speed, and an 11.5kWh battery capacity.
Cenntro Electric Group specializes in manufacturing electric vehicles for utility purposes, contributing to its $8.57 million revenue in 2021.
#6: Nikola Corporation – $20.02 million
Some people may assume that Nikola was founded by Nikola Tesla, the famous scientist who invented the radio and AC Power. However, Nikola is an American company located in Salt Lake City, founded by Trevor Milton in 2014.
The company mainly deals with commercial heavy-duty electric trucks and aims to manufacture zero-emission vehicles. The company’s three main electric trucks include:
- Tre Bev Truck – This electric truck has multiple specifications. Some of them include a 330-mile driving range, a 733kWh battery capacity, 160 minutes of charging, and a 70mph maximum speed.
- Tre FCEV Truck – This is a hydrogen-powered electric truck that uses fuel cells. Some of its specs include a 20-minute refueling time, a 500-mile driving range, and a 645 hp engine.
- TWO FCEV Truck – This is another hydrogen-powered electric truck that is ideal for long distances. Its primary specification is that this car has a 900 miles driving range.
Nikola earned approximately $20.02 million in 2021 and will undoubtedly grow in the future due to the increased demand for electric trucks.
#5: Lion Electric – $57.71 million
Lion Electric is a Canadian company that manufactures commercial electric vehicles. The company was founded in 2011 and specializes in transit buses, school buses, semi-trucks, and refuse trucks. Some of their commercial electric vehicles include:
- Urban Class 6 and 8 Trucks – These urban trucks are for commercial purposes. Some of their specifications include a 252kWh battery, 3,500 Nm torque, and high-quality lithium batteries.
- Electric school bus – Lion Electric’s school bus is a zero-emission vehicle. The bus has a 155 miles driving range, a 19.2kW AC charger, and can carry 72 passengers. It also has a 2500 Nm torque.
- All-electric mini school bus – This bus is designed for kids, especially those with special needs. Some of its technical specifications include a 75-mile driving range, a 160kW electric motor, onboard chargers, and can carry 24 passengers.
Lion Electric has been under the radar because it mainly manufactures trucks and school buses. However, this company has a vast market share since it makes $57.71 million annually.
#4: Kandi Technologies Group – $91.48 million
Kandi Technologies Group is a Chinese automotive manufacturing company that manufactures electric cars and batteries. The company was founded in 2002 but began operations in the United States in 2018.
The company’s main product is the offroad K32. This double-cabin pickup is ideal for driving on rocky and sandy roads. Some of its specifications include a 20.7kWh lithium-ion battery, a 60mph top speed, and a 120V charger that takes 8 hours for a full charge.
Besides electric vehicles, Kandi Technologies manufactures electric golf carts. Their golf carts have a 48V battery and a 120V charger that takes 6.5 hours for a full charge.
The company also makes electric bicycles. Most of their e-bikes have a 48V lithium-ion battery and a driving range of 30 miles. Kandi Technologies is a promising EV manufacturer with a $91.48 million revenue in 2021.
#3: Proterra – $240 million
Proterra is an American EV manufacturing company and energy storage agency located in California. The company was founded in 2004. It manufactures electric transit buses and batteries for heavy-duty vehicles.
Proterra is renowned for manufacturing transit buses. For instance, they manufacture and sell a 35-foot electric bus with a 492kWh battery capacity, a 240-mile driving range, and a charging time of 1.9 hours.
They also have a 40-foot electric passenger bus. The bus has a 738kWh battery and a 340-mile driving range. For charging, Proterra has erected various charging stations in the United States; the bus takes 3 hours to charge.
Proterra also manufactures and sells batteries for heavy-duty electric trucks. For example, the Proterra S Series batteries have a 123kWh battery capacity, which allows fast charging. Additionally, the company partners with other heavy-duty manufacturing companies to electrify their vehicles.
Ultimately, Proterra earned $240 million in revenue in 2021, which is expected to increase over the years. The company’s industriousness and positive organizational culture ensure its inclusion in the top-three most promising next-gen EV companies.
#2: Leapmotor – $490 million
Leapmotor is a Chinese EV manufacturing company founded in 2015. This company is one of the best EV manufacturers in China. Some of its electric vehicles include:
- The Leapmotor COI – This is a saloon car that has a sporty vibe. Some of its specifications include a 446-mile driving range, smart connectivity, AI facial recognition system, and 200kW maximum power.
- The Leapmotor C11 – This is a smart electric SUV. The car has a 379-mile driving range, 400kW motor power, 720Nm torque, and smart connectivity.
- The Leapmotor T03 – This is a mini electric car. The car has a 250-mile driving range, 80kW motor power, smart connectivity, and 158Nm torque. One thing that makes this car stand out is that it has an autonomous driving system.
- The Leapmotor SOI – This is an electric sports car. Some of its specifications include a 125kW motor power, 280miles driving range, smart connectivity, and dual-screen interaction.
Leapmotor reported revenue of $490 million, which is reasonable, given that it’s one of the most-promising EV companies in China.
#1: Polestar Automotive – $534.8 million
Polestar Automotive tops our list of the most promising next-gen EV companies. It is one of the biggest EV manufacturing companies and it’s gradually gaining more customers in the EV market. This Swedish-based company was founded in 1996.
This EV company is mainly known for its Polestar 1, 2, and 3 cars. The Polestar 1 has a 441kW motor and a 1000Nm torque. This electric car uses a 34kWh battery with a driving range of 77 miles.
The Polestar 2 has two models, the long-range single and dual motor. Both cars have a 78kWh battery capacity, but the single motor has a driving range of 270 miles, while the double motor’s driving range is 260 miles.
The Polestar 3 is an electric SUV. This car has a driving range of 300 miles and a motor power of 360kW. The car takes 30 minutes to charge when using the DC fast charger.
Ultimately, Polestar Automotive is a renowned EV company constantly improving its cars. The company reported a revenue of $534.8 million in 2021, which is expected to increase in the future.
The Top Ten Next-Gen EV Companies Still Flying Under the Radar: Summary
|1||Polestar Automotive – $534.8 million|
|2||Leapmotor – $490 million|
|3||Proterra – $240 million|
|4||Kandi Technologies Group – $91.48 million|
|5||Lion Electric – $57.71 million|
|6||Nikola – $20.02 million|
|7||Cenntro Electric Group – $8.57 million|
|8||Hyzon Motors – $6.04 million|
|9||XOS – $5.04 million|
|10||Electra Meccanica – $2.1 million|
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