The United States hosts a wide range of electric vehicle (EV) companies, spanning from emerging startups to well-established automakers. These U.S. EV companies are at the forefront of innovation and technological advancements, dedicating their efforts to enhancing batteries, motors, and charging infrastructure. As the interest in EVs continues to surge among Americans, these companies are strategically positioned to capitalize on the expanding market. The EV industry in the USA is flourishing, witnessing the emergence of new EV companies and electric car manufacturers. Notable players such as Tesla, Rivian, and Lucid Motors have solidified their presence in the American EV industry. Presented below are the top 10 Electric Vehicle companies in USA:
Tesla dominates the list due to several compelling factors. They excel in electric vehicle manufacturing, offering a range of cars and battery energy storage systems for residential and grid-scale use. Tesla also supplies vehicle powertrain components to other automakers. Founded in 2003, they achieved remarkable revenue of USD 81.5 billion in 2022 and have a global presence with around 48,016 offices and approximately 1,27,855 employees as of December 2022. Tesla’s vision encompasses more than just automobiles as it strives to offer comprehensive solutions for sustainable energy generation and storage. Constant innovation, business expansion, and an ambitious target of producing 1.8 million cars by the end of 2023 will establish Tesla as the leading EV company in the USA. With a market capitalization of USD 790.94 billion as of June 2023 and a growth rate of 103.34%, Tesla is confidently progressing towards its goals.
2. Lucid Motors
Founded in 2007, Lucid Motors is a prominent American electric vehicle manufacturer. Their inaugural product, the Lucid Air, an upscale electric sedan, made its debut in December 2016 and is slated for production in 2020. Lucid Motors has achieved substantial revenue, with USD 60.82 billion as of 2022, and boasts a workforce of approximately 7,200 employees as of December 2022. The company’s primary objective is to develop the most cutting-edge EVs globally and establish itself as a frontrunner in the luxury electric vehicle market.
Nikola Corporation, established in 2015 by Trevor Milton, a renowned designer of off-road vehicles, is an American electric vehicle manufacturer. With investments exceeding $1 billion from notable backers such as Bosch, General Electric, and IT execution firm Stifel Nicolaus, Nikola has positioned itself as a key player in the industry. As of 2022, Nikola has reported a current revenue of USD 11.1 million and employs approximately 1,310 individuals as of December 2022. The company strives to redefine the ownership experience and revolutionize transportation perceptions. With a market capitalization of USD 788.47 million as of June 2023, Nikola is making steady progress towards achieving its objectives.
4. Ford Motor Company
Ford entered the realm of electric vehicles (EVs) by introducing the Ford Focus Electric, which, in later model years, offered a modest range of up to 115 miles. However, the company made a significant impact with the launch of the Mustang Mach-E for the 2021 model year. Initially, there was some resistance from traditional Mustang enthusiasts regarding the use of the Mustang name for an electric SUV. Nevertheless, once the dust settled, the Mach-E emerged as one of the most impressive EVs, earning the esteemed Edmunds Top Rated Luxury EV award for 2021. Ford’s EV segment currently generates revenue of 41.5.
5. General Motors
General Motors (GM), headquartered in Detroit, Michigan, USA, stands as a prominent global automobile manufacturer. Renowned for its diverse range of electric models, GM notably introduced the Chevy Bolt, the first affordable electric car with a range exceeding 200 miles. With operations spanning over 100 countries, GM holds a significant presence worldwide and serves as a major employer in the US, with a workforce of over 155,000 employees. Pioneering sustainability, GM has set ambitious targets to diminish its environmental impact and actively advocates for social responsibility.
Canoo Holdings Ltd., established in 2017 by former BMW executive Ulrich Kranz, is an electric vehicle company with a visionary goal. Canoo aims to create the most efficient EVs globally and position itself as a leader in autonomous electric transportation. With a current revenue of USD 510.55 million, Canoo seeks to provide customers with a unique ownership experience and revolutionize the way people perceive transportation. As of June 2023, the company has made significant progress towards its objectives, evident by its market capitalization of 213.80 USD.
7. Lordsstown Motors
Lordstown Motors Corporation, established in 2019 by former General Motors executive Steve Burns, is an electric vehicle company. With investments exceeding $675 million from notable investors like General Motors and Workhorse Group, Lordstown has achieved a current revenue of USD 383.00 K as of the end of March 2023. The company currently employs approximately 296 individuals as of December 2022.
8. Hyzon Motors
Established in 2017 by former Honda executive Hisashi Tsugami, Hyzon Motors Inc. is an electric vehicle company. It has successfully secured over $200 million in investments from notable investors such as Toyota Tsusho and Sumitomo Corporation. As of 2023, Hyzon’s revenue stands at USD 3.73 million, and the company currently employs approximately 170 individuals as of June 2023. With a market capitalization of 233.07 million USD as of June 2023, Hyzon is making significant progress towards its objectives.
Founded in 2015 by former NASA engineer Thomas Healy, Hyliion Inc. is an electric vehicle company. It has successfully secured over $200 million in investments from prominent investors like Carl Icahn and Danaher Corporation. Hyliion recorded revenue of 2.1 million USD in 2020 and currently employs approximately 250 individuals as of 2023. With a market capitalization of $303.79 million as of June 2023, Hyliion is making significant strides towards its objectives.
Established in 2004 by Dale Hill, who previously designed battery-powered golf carts, Proterra is an American electric vehicle manufacturer. The company has successfully secured over $600 million in investments from notable entities such as General Motors and Volvo. Proterra recorded revenue of USD 118.3 million in 2020 and currently employs approximately 816 individuals as of December 2021. With a market capitalization of $257.05 million as of June 2023, Proterra is making steady progress towards its objectives.
In conclusion, the electric vehicle market in the USA is experiencing rapid growth, fueled by numerous companies that are manufacturing top-notch and inventive EVs. The industry’s expansion is primarily driven by a heightened emphasis on sustainability and carbon emission reduction. As competition intensifies among these companies, it fuels greater innovation and technological advancements, leading to further progress in the electric vehicle sector.