Tesla Has a New Rival Producing Electric Vehicles in US

Tesla rival plans to retool manufacturing plants to produce EVs in the US.

The electric vehicle market in the US is beginning to get more crowded with several major automakers asserting that they will launch new vehicles over the next four years.

Maybe the most anticipated new EV coming to market is industry leader Tesla's Cybertruck that the company's CEO Elon Musk unveiled four years ago.

Musk on April 19 said that the company will begin selling the Cybertruck in the third quarter of 2023.

"We're anticipating having a delivery event, a great delivery event probably in Q3," Musk told investors during Tesla's first quarter's earnings' call.

The billionaire executive didn't give an exact date but later said the delivery event should take place "around end of Q3."

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.

EV Production Accelerating

Hefei, China EV maker Nio  (NIO) - Get Free Report at its Nio Day 2022 in December said that it would deliver its electric SUV EC7 in May and ES8 in June. But Nio surprised the EV market on April 28 revealing that it had launched deliveries of its coup SUV EC7 three days earlier than expected.

The Netherlands-based Stellantis  (STLA) - Get Free Report on April 5 unveiled details on its all-electric 2025 Ram 1500 REV, its first battery electric light-duty pickup truck that will be built in the US, which will be available in the fourth quarter of 2024.

General Motors  (GM) - Get Free Report 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. 

Prices for the GMC Hummer EV pickups and SUVs are not listed on the GMC website. Reservations are full for the Hummer EV pickup and SUVs and delivery dates were not mentioned.

Toyota  (TM) - Get Free Report plans to turn up the heat on Tesla, GM, Stellantis and the rest of the competition when it rolls out its three-row SUV that will begin production in the US in 2025. The company said it will launch 10 new EVs globally by 2026.

Honda Bringing US-Made EVs to Market

Honda Motor Co.  (HMC) - Get Free Report said at its 2023 Honda Business Briefing 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.

The three Ohio plants will become Honda's EV production hub for North America, as it plans to produce 2 million EVs annually by 2030 and increase its EV and fuel cell EV production to 100% globally by 2040, the company said at the briefing.

Honda also plans to introduce two EV models in 2024, the Honda Prologue and Acura ZDX, that are being codeveloped with General Motors  (GM) - Get Free Report. It will also develop affordable EVs in the joint venture that will go on sale in 2027. 

In early 2024, Honda will deliver its e:NS2 and e:NP2 EVs in China and by the end of 2024, it will deliver in China models based on its e:N SUV xù concept model that was unveiled in April at Auto Shanghai.

In Japan, Honda will deliver an N-VAN commercial-use mini-EV model in 2024, an EV model based on the N-ONE in 2025 and two small size EV models in 2026.