13 Top Electric Car Startups to Watch

Woman charging an electric car.

While you may be surprised to learn that the first rudimentary “electric car” was created all the way back in 1832, it wasn’t until the last decade or so that electric vehicles really rose to prominence. Today, a combination of rising gas prices, environmental concerns, and advancing technology have most experts believing that electric vehicles (EVs) represent the future of the automotive transportation industry — and there are plenty of exciting electric car companies committed to making that future a reality. 

With that said, here are the top electric car startups to follow in 2024 and beyond.

Top Electric Car Companies

Every year, new startups pull to the forefront of their industry through exciting innovation and industry-disrupting business models. We’ve rounded up the top electric car startups of 2024 that startup-lovers, investors, and aspiring entrepreneurs should follow.

Disclaimer: With so many exciting startups launching and growing worldwide, we aren’t able to cover them all. Furthermore, the startups that are listed below are not officially ranked and are listed in no particular order.

1. Arrival

  • Location: London, United Kingdom
  • Founders: Denis Sverdlov
  • Founded In: 2015
  • Funding: $979.5 Million
  • Investors Include: BlackRock Innovation Capital, Hyundai Motor Company

Arrival is a UK electric car company that currently produces two EV commercial vehicles: an urban utility vehicle called the Arrival Van and a public transportation vehicle called the Arrival Bus. One of the company’s most recent and exciting developments, though, is a partnership with Uber that will see Arrival designing a new electric vehicle specifically for ride-hailing purposes. Arrival unveiled this new EV’s design in 2021 and is currently in the process of testing its prototype. 

2. Zenobe Energy

  • Location: London, United Kingdom
  • Founders: James Basden, Nicholas Beatty, Steven Meersman
  • Founded In: 2017
  • Funding: £751M
  • Investors Include: NatWest Group, Infracapital, JERA

From an engineering perspective, an electric vehicle’s battery is the most challenging component to get right, and advancements in battery design are largely credited with making EVs as practical and affordable as they are today. As the United Kingdom’s largest independent operator in the battery storage industry, Zenobe Energy has played a key role in making these advancements possible. Right now, Zenobe Energy batteries power 25% of the UK’s electric bus market, and the company states that it is eager to expand its market into other countries. 

3. Ola Electric

  • Location: Bengaluru, India
  • Founders: Anand Shah, Ankit Jain, Bhavish Aggarwal
  • Founded In: 2017
  • Funding: $861.2 Million
  • Investors Include: Edelweiss Financial Services, Jaws Ventures, Alpine Investors

Ola Electric is an electric vehicle company based out of India that’s working to transform how consumers interact with green transportation. They are entering multiple spaces within the industry and leasing electric cars, working with battery manufacturers and vehicle manufacturers, and striving to improve the mobility ecosystem by adding EVs. Ola Electric’s ultimate goal is to make electric mobility more accessible, convenient, affordable, and dependable. 

4. Canoo

  • Location: Torrance, California 
  • Founders: Andrew Wolstan, Phillip Weicker, Richard Kim, Stefan Krause, Ulrich Kranz
  • Founded In: 2018
  • Funding: $550 Million
  • Investors Include: BlackRock, Yorkville Advisors

Founded in 2018, Canoo is a company that produces truly unique electric vehicles. Designed to maximize interior space, the Canoo modular electric platform mounts its motor and batteries underneath the vehicle so that passengers are able to sit at the nose of the vehicle. Canoo is working to bring three EVs to market — two commercial vans and a pickup truck — all three of which are currently available for preorder. In April 2022, the company also announced a partnership with NASA, and Canoo will be the company to provide crew transportation vehicles for NASA’s first human lunar landing in 50 years.

5. Atlis Motor Vehicles

  • Location: Mesa, Arizona
  • Founders: Glenn Reese, Mark Hanchett
  • Founded In: 2016
  • Funding: $69.3 Million
  • Investors Include: Patio Ventures, Mirza Canada

Atlis Motor Vehicles is a company that produces an electric pickup truck for the consumer market. What really has people excited about this company, though, is its innovative battery design. Atlis Motor Vehicles has produced an EV battery that can be fully charged at an AMV 1.5 Megawatt charging system in just fifteen minutes, allowing drivers to charge their EV vehicle in roughly the same amount of time that it takes to fill up at the gas station.

6. VinFast

  • Location: Vietnam 
  • Founders: Pham Nhat Vuong
  • Founded In: 2017
  • Funding: $1.1 Billion
  • Investors Include: StoreDot, Karamba Security, Eatron Technologies

Founded in 2017, VinFast is Vietnam’s first major car company, electric or otherwise. The company is currently in the process of producing two electric SUVs — a midsize SUV and a full-size SUV — both of which are available for preorder. The company showcased both of these vehicles at the LA Auto Show and, following a recent management shakeup, is now planning to release these vehicles to the global market. 

7. Bollinger Motors (Acquired by Mullen Automotive)

  • Location: Ferndale, Michigan 
  • Founders: Robert Bollinger
  • Founded In: 2015
  • Funding: Undisclosed
  • Investors Include: Undisclosed

Bollinger Motors is a company that produces platforms for electric vehicles that can be used in a wide variety of electric trucks. Originally, the company focused on producing off-road electric vehicles before pivoting to producing platforms for commercial vehicles. The startup has had some financial setbacks since being founded in 2015 but is hopeful that its new vision for electric vehicle platforms will get it back on track.

8. Lucid Motors (Acquired by Churchill Capital Corp IV)

  • Location: Newark, California
  • Founders: Andrew Burns, Sam Weng
  • Founded In: 2007
  • Funding: $8.3 Billion
  • Investors Include: Winslow Capital, Franklin Templeton Investments, Samsung Electronics

Lucid Motors specializes in developing and producing electric cars to create the ultimate electric vehicle that can elevate the human experience and surpass the perceived limitations of performance, space, and intelligence. The Lucid Motors team is working to create an intuitive vehicle that can accommodate all of the different ways individuals move around in their day-to-day lives. 

9. Sono Motors

  • Location: Munich, Germany
  • Founders: Jona Christians, Laurin Hahn, Navina Pernsteiner
  • Founded In: 2016
  • Funding: $127.2 Million
  • Investors Include: DNCA Finance, Swedbank Robur

As electric vehicle power technologies begin to advance, vehicles will gain in efficiency and the benefits they provide to consumers. Sono Motors is working to become an established provider of sustainable mobility by developing electric vehicles that use alternative power technologies. Their first electric car model will be titled “Sion,” and when they introduce photovoltaics, “viSono.”

10. Rivian

  • Location: Plymouth, Michigan
  • Founders: Robert J. Scaringe
  • Founded In: 2009
  • Funding: $12 Billion
  • Investors Include: Ford Motor, D1 Capital Partners, T. Rowe Price

Rivian is an electric vehicle company developing automotive technology and sustainable vehicles that advance sustainable mobility further and carry it into the mainstream. By creating solutions that redefine the traditional economics of the automotive industry and make vehicles that are safe, eco-friendly, and comfortable to drive, Rivian is hoping to make a major splash in the electric vehicle market. 

11. NIO

  • Location: Shanghai, China
  • Founders: Jack Cheng, Lihong Qin, William Li
  • Founded In: 2014
  • Funding: $5.4 Billion
  • Investors Include: Tencent, Hefei City Construction and Investment Holding Group

NIO is an electric vehicle company considered to be a pioneer in smart EVs within China. The company’s primary mission is to offer smart electric vehicles to their customers and provide the best driving experience they can attain. NIO is inventing new charging solutions and additional services focused on their customers. 

12. Proterra

  • Location: Burlingame, California
  • Founders: Dale Hill, Ryan Popple
  • Founded In: 2004
  • Funding: $1.2 Billion
  • Investors Include: Cowen Group, Broadscale, BlackRock

Proterra is a unique electric vehicle company that designs and manufactures heavy-duty EVs with zero emissions. One of their primary products is the electric bus that allows bus fleet operators to lower their operating costs and deliver quiet, clean transportation solutions to residents within communities across the country.

13. Fisker Automotive

  • Location: Torrance, California
  • Founders: Bernhard Koehler, Henrik Fisker
  • Founded In: 2013
  • Funding: $1.5 Billion
  • Investors Include: Advanced Equities, New Enterprise Associates, A123 Systems

Fisker Automotive is an American company that produced one of the first plug-in hybrid electric vehicles in the world, the Fisker Karma. While their focus is on hybrid electric vehicles, they are continuing to forward their mission of improving sustainable mobility and making it accessible to people everywhere.

You Might Also Like…