5 Best EV Startups to Watch

4. Lucid Motors

Lucid Motors is an auto manufacturer with a focus on electric vehicles. The firm has so far raised more than $1.3 billion in funding over five rounds, with the latest round in April bringing in close to $200 million. Some of the lead investors in the firm include Saudi Arabia’s Public Investment Fund and China’s Environmental Fund, among others. The company is planning to go public soon and has merged with Churchill Capital Corp IV for the purpose. The EV company is valued at over $50 billion. 

If the valuation is right, the company will have a market cap greater than XPeng Inc. (NYSE: XPEV), the Chinese EV firm that has captured investor interest in the past year with strong delivery and revenue numbers. On June 1, XPeng Inc. (NYSE: XPEV) announced that it had delivered more than 5,600 smart EVs in May, an increase of 483% year-on-year. 

At the end of the first quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $976 million in XPeng Inc. (NYSE: XPEV), down from 30 in the preceding quarter worth $820 million.