Transportation

Investors like Amazon and BlackRock are betting these 10 EV startups have the best chance of becoming the next Tesla

By Mark Matousek
Rivian R1T
The Rivian R1T. Rivian
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10. Canoo

Canoo 23
Canoo's eponymous vehicle. Canoo
  • Total capital raised: $1 billion
  • Most recent valuation: N/A

9. Lucid Motors

Lucid Air
The Lucid Air. Lucid Motors
  • Total capital raised: $1.2 billion
  • Most recent valuation: N/A since 2009

8. Singulato Motors

Singulator Motors iS6
Singulato Motors' iS6. Visual China Group via Getty Images/Visual China Group via Getty Images
  • Total capital raised: $1.2 billion
  • Most recent valuation: N/A

7. Byton

Byton M-Byte
The Byton M-Byte. Mark Matousek/Business Insider
  • Total capital raised: $1.2 billion
  • Most recent valuation: N/A

Byton announced a six-month pause of its operations in June.

6. Youxia Motors

Youxia Motors Ranger X
The Youxia Motors Ranger X. YouTube/The Wheel Network
  • Total capital raised: $1.3 billion
  • Most recent valuation: $1.9 billion

5. Li Auto

Li Auto Li One
Li Auto's Li One. Jason Lee/Reuters
  • Total capital raised: $2 billion
  • Most recent valuation: $4.1 billion

4. Xpeng

Xpeng Motors P7
Xpeng's P7. Kyodo News Stills via Getty Images
  • Total capital raised: $4.1 billion
  • Most recent valuation: $4 billion

3. Faraday Future

Faraday Future FF91
The Faraday Future FF91. Lucy Nicholson/Reuters
  • Total capital raised: $4.4 billion
  • Most recent valuation: $4.4 billion

2. WM Motor

WM Motor EX5
WM Motor's EX5. WM Motor
  • Total capital raised: $5 billion
  • Most recent valuation: N/A

1. Rivian

rivian r1s
The Rivian R1S. Rivian
  • Total capital raised: $6 billion
  • Most recent valuation: N/A

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Mark Matousek
I'm a senior transportation reporter at Insider covering electric vehicles, automated-driving technology, and ride-hailing. I joined Insider in October 2017 and previously worked as an intern at the St. Louis Post-Dispatch. I graduated from Washington University in St. Louis with degrees in film and media studies and business economics. You can follow me on Twitter @matousekmark and email me at mmatousek@bjinnox.com.  If you have sensitive information you'd like to share and don't feel comfortable sending it to my work email or via a direct-message on Twitter, you can contact me on the encrypted messaging app Signal at 646-768-4712 or email my encrypted address at mmatousek@protonmail.com. Here's some of my work: Uber insiders are divided over Dara Khosrowshahi's leadership, with some worried the company has become 'boring' and 'confused' about its future Nikola founder Trevor Milton convinced the world he was the next Elon Musk. Insiders say a history of lies brought the billionaire down. 17 hours a day, 7 days a week: Cruise-ship workers describe the grueling conditions they face on the job We talked to 42 insiders about Tesla's factory of the future. They revealed the corners cut to hit ambitious production targets. 70-hour weeks and 'WTF' emails: 42 employees reveal the frenzy of working at Tesla under the 'cult' of Elon Musk Tesla is transforming how cars are sold. But 27 insiders say the company's methods mean slashed pay and living under the constant threat of getting laid off. Uber insiders reveal how DoorDash stole its delivery crown and left Eats in the dust Uber's trying no-meeting Mondays to give employees a break from 'tiring' back-to-back meetings, a leaked email reveals Leaked email reveals a Tesla VP expressed concern about employees coming to work with COVID-19 symptoms Leaked document reveals Nikola flip-flopped on whether it would spend any of its $17 million of customer deposits to fund the Nikola One Insiders reveal Alibaba's Jack Ma sought a partnership with Canoo to build electric delivery vans, but the deal fell flat because the startup couldn't meet his aggressive timeline Leaked email from Elon Musk reveals the Model Y is experiencing production 'challenges' while passing the Model 3 as the top priority at Tesla's US car factory Leaked email and audio reveal Carnival-owned Holland America has struggled to give refunds to some customers Leaked documents reveal the severance packages laid off Carnival UK workers will receive Inside Tesla's overhaul plan for its sales and delivery teams to solve one of its toughest customer challenges
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