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Electric Vehicle (EV) Demand 🚘

Electric Vehicle (EV) Demand 🚘
February 11, 2021

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The Super Bowl may have posted its worst viewer ratings in recent memory, but its commercial time continues to be fought-over real estate with a big price tag. In this year’s Super Bowl lineup of commercials, General Motors left an impression, promoting electric vehicles with Will Ferrell and other celebrities, not long after they shared their plans to shift to EV-only production by 2035. While Tesla still remains the most highly-regarded electric vehicle manufacturer, delivering just under 500,000 cars in 2020 alone, man other EV manufacturers are gaining traction.

Chinese competition
Chinese carmakers cannot be ignored when it comes to EV manufacturing. Chinese EV maker Nio said it delivered 7,000+ vehicles in January, four times the number in January the year before. So far, the proclaimed “Tesla of China” has already delivered 82,000 electric vehicles in total and its New York Stock Exchange (NYSE) trading is seeing growth on par with Tesla’s. Chinese rival Xpeng Motors also delivered 6,000+ electric cars in January, which is a record-breaking third month in a row for the company. It is also publicly traded on the NYSE.

Most environmentally friendly
Polestar, although a European company headquartered in Sweden, is owned by Volvo Cars which is an extension of Geely, a Chinese automobile holding company. The company has two car models, one hybrid and one sedan EV. It has gained a lot of media attention for becoming the first and only car manufacturing plant in China to achieve Gold status in the Leadership in Energy and Environmental Design (LEED) rating system, making even the production of their cars, not just the cars, green.


SOURCE: FARADAY AND FUTURES

Private, going on public
Back on American soil, US-based startups are also fighting for a slice of the electric pie. Lucid Motors, Faraday and Future, and Byton are all electric vehicle startups based out of California (although the latter two have strong ties to Chinese ownership). Aside from the Golden State connection, they have all been rumored to be going or have announced plans to go public via SPAC this year.

Beyond consumer vehicles
Another electric vehicle manufacturer, Rivian Automotive, has been ramping up its retail presence in lieu of a consumer-targeted car. Rivian, however, has already been supplying Amazon with electric vans, which have hit the road in Los Angeles, to help male greener deliveries. 

Traffic ahead?
Demand for electric vehicles is certainly not slowing down, but challenges like semiconductor chip shortages are also halting production and could cause troubles ahead if chip production can meet the increasing demands.

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Since last week, PrivCo has added:
204,895 Companies | 176 Funding Activities | 69 M&A Deals

Funding & Deal Highlights:

Nexthink S.A raises $180MM led by Permira Advisers LLP
Analytics Software & Internet Services • Round D • Lausanne, Switzerland

Vivino raises $155MM
Specialty Retail • Equity • San Francisco, CA

Rad Power Bikes raises $150MM led by Morgan Stanley
Vehicle Manufacturers • Equity • Seattle, WA

Branded raises $150MM led by Target Global Ventures
E-Commerce Software & Internet Services • Equity • New York, NY

Jackpocket raises $50MM 
Gambling Software & Internet Services • Round C • Brooklyn, NY

Rightfoot raises $6.5MM led by Bain Capital Ventures
Fintech Software & Internet Services • Seed • San Francisco, CA

WorkStep raises $10.5MM led by FirstMark Capital
Consumer Software & Internet Services • Round A • San Francisco, CA

Pandion Pro raises $7MM co-led by Schematic Ventures and Playground Global
Logistics Services • Equity • Seattle, WA

Scratchpad raises $13MM led by Craft Ventures
Software & Internet Services • Round A •  Walnut, CA

BloomNation raises $11MM
E-Commerce Software & Internet Services • Round B • Santa Monica, CA

Tealium raises $96MM co-led by Silver Lake Partners and Georgian Partners Capital
Data Management Software & Internet Services • Round G • Del Mar, CA

Pairwise Plants raises $90MM
Biotechnology • Round B • Durham, NC

Garner Health Technology raises $12.5MM
Health Care Services • Round A • New York, NY

Hyzon Motors merges with Decarbonization Plus Acquisition Corp for $226MM
Automotive & Consumer Vehicle Retail • SPAC • Honeoye Falls, NY

MatterPort merges with Gores Holdings VI for $2.BN
Commercial Products & Office Supplies • SPAC • Sunnyvale, CA

Nike acquires Datalogue 
Big Data Software & Internet Services • Acquisition • New York, NY

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