Luxury Automaker Going All-Electric, Adds SUV to Challenge Tesla

A classic luxury sports car manufacturer will roll out its first electric vehicle next year.

The electric vehicle market is expanding daily as new companies unveil new electric models and legacy internal combustion engine automakers begin to convert their gasoline-powered line of vehicles to EVs.

Top EV manufacturer Tesla  (TSLA) - Get Free Report is striving to remain ahead of all the EV competition coming from US automakers Ford  (F) - Get Free Report and General Motors  (GM) - Get Free Report, as well European players such as Volkswagen, Stellantis  (STLA) - Get Free Report and BMW  (BMWYY)  or the Chinese market with BYD  (BYDDY) , NIO  (NIO) - Get Free Report and XPeng  (XPEV) - Get Free Report. Japan's Honda and Toyota also have big plans for EV production in the future.

Forget Tesla -- find out why we're all-in on this EV stock

Tesla is keeping things fresh as its CEO Elon Musk said on April 19 that the company will roll out its highly anticipated Cybertruck in the third quarter of 2023, after first revealing the model four years ago. Tesla has not revealed the Cybertruck's manufacturer suggested retail price yet, but auto industry experts estimate a base price could be about $40,000.

Electric Vehicles Hitting the Market

Nio already delivered its latest model a few days earlier than expected when it on April 28 brought out its coup SUV EC7. In December, it said it would deliver the vehicle in May.

General Motors on April 21 unveiled its latest supertruck, the 2023 GMC Hummer EV 3X, with enhanced specifications featuring an estimated driving range of 355 miles on a full charge, compared to 329 miles for the 2023 GMC Hummer EV Edition 1 Pickup and the 3X Pickup with Extreme Off-Road Package. GM also debuted its new 2024 GMC Hummer EV Edition 1 and GMC Hummer EV 3X SUVs, both models with standard 22-inch wheels or Extreme Off-Road packages.

Toyota, which had great success with its hybrid Prius that it launched in 1997, has unveiled its three-row electric SUV that will begin production in the US in 2025. The company said it will launch 10 new EVs globally by 2026.

Honda Motor Co.  (HMC) - Get Free Report said on April 26 that it plans to retool three of its manufacturing plants in Marysville, East Liberty and Anna, Ohio, for EV production and in 2025 will deliver its first mid- to large-size electric vehicles in North America, based on its original dedicated EV platform.

Alpha Romeo Debuts First EV

Luxury sportscar manufacturer Alpha Romeo continues to evolve as it will rollout its first all-electric vehicle next year, a small compact SUV that's based on parent company Stellantis'  (STLA) - Get Free Report Jeep Avenger. The company will launch its first dedicated EV in 2025, which will likely be a Giulia sedan, Larry Dominique, senior vice president and head of Alpha Romeo and Fiat North America, told The Drive.

When Alpha Romeo converts to all-electric in 2027, it will also roll out all-electric SUV that will be comparable to the size of a BMW X5.

"By 2027, Alpha Romeo will no longer be selling ICE (internal combustion engines) to anyone," Dominique said.

Alpha Romeo began producing cars in 1910 in Naples, Italy, and by 1955 was mass producing its Giulietta Spider. The Giulietta would be developed into a race car that would win two FIA Sports Championships. Alpha Romeo race cars would also win at Le Mans in 1931 and a first Formula 1 World Championship at Silverstone, England in 1950.