New Electric Car Companies in 2024 and Beyond

As the automotive industry shifts toward an all-electric future, a wave of new electric car companies present new choices for consumers. If you're considering purchasing a new electric vehicle, one from Tesla or a legacy automaker might seem like the obvious choice. But over the years, a slew of new electric car startups have formed, looking to take on Tesla's dominance of the electric vehicle market. But buying a vehicle from a startup EV company has its risks because they aren't well established and have a limited track record. On the other hand, EVs from new companies often boast innovative features and standout designs.

There are many new electric car companies with vehicles in various stages of development. To assist consumers in narrowing down their search, the experts at Edmunds have rounded up seven of the most promising startups that sell or plan to sell vehicles in the U.S. These companies aren't ranked in any particular order, but we will discuss when they were established, their current and future offerings, and what their sales goals are in an effort to help you decide if it's worth taking the plunge on an EV from one of these new companies.

1. Scout Motors
2. Afeela (Sony Honda Mobility)
3. VinFast
4. Polestar
5. Rivian
6. Lucid
7. Canoo
8. Fisker
9. Chinese EV companies

Scout Motors

Scout is Volkswagen's electric sub-brand created in 2022. The startup's first models are an electric truck and SUV that are designed to resemble the International Harvester Scout from the 1970s. Information is currently very limited, but the company says both EVs will be highly capable off-roaders and have body-on-frame construction. The Scouts will also be original products designed and engineered by the company (not by VW), and they will not ride on a platform shared with any VW vehicle. To top it off, the upcoming EVs are designed specifically for the U.S. market. 

Scout will unveil both vehicles in October and will likely share more information about them. The startup will manufacture the EVs in a plant that's under construction in South Carolina and plans to have them roll off the production line by 2026. Volkswagen is investing $2 billion in the upcoming plant, which has the capacity to build more than 200,000 vehicles annually at full operation. 

Estimated starting price: $50,000

Afeela (Sony Honda Mobility)

Sony Group Corp. — yup, the long-running electronics company — and Honda formed a joint venture in 2022 to produce EVs. When the company unveiled its prototype in 2023, it announced the vehicles would be sold under the Afeela brand. The prototype, which has yet to be named, is not related to any of Honda's EVs and is a futuristic-looking midsize fastback sedan. 

The EV is still being developed and information is sparse, but the startup says the car will have 45 cameras and sensors inside and out to keep track of passengers and help operate the Level 2 and Level 3 partially automated driver assistance systems. Display screens will span the width of the dashboard, and rear passengers will enjoy two large screens. The infotainment system will give passengers the ability to play video games and stream videos. The Afeela EV will boast an all-wheel-drive system and produce over 400 hp. A 91-kWh battery pack should provide an ample driving range. 

Sony Honda Mobility says preorders for the sedan will begin in 2025, and production is expected to start in 2026. Earlier this year the company announced an electric SUV that's slated for 2027 and an affordable compact sedan by 2028. The vehicles will likely be built at a Honda plant located in Ohio. 

Estimated starting price: $60,000

New electric car companies already delivering vehicles in the U.S.

VinFast

VinFast, founded in 2017, is just one arm of a large Vietnamese conglomerate. The cash reserves of a deep-pocketed parent corporation have accelerated vehicle production at a breakneck pace; in 2021, the automaker announced its intention to enter the North American market, revealed its first U.S.-bound vehicle — the VF 8 midsize SUV — in 2022, and began deliveries last year. But the VF 8 is just the beginning. VinFast plans to start delivering the larger VF 9 later this year, and the smaller VF 6, VF 7, and VF 3 SUVs down the line. An electric truck concept was unveiled earlier this year called the VF Wild, but no word on if or when it will enter production. 

VinFast has sold 21,747 vehicles globally in the first half of this year — which is up 92% from the first half of 2023 — and expects to sell 80,000 by the end of the year. Last year, the company sold 34,855 vehicles globally. 

Edmunds hasn't put the VF 8 through our comprehensive testing yet, but our initial drive review left us underwhelmed, to put it mildly. In addition to its relatively short estimated driving range of 264 miles for the Eco model (243 miles for the Plus model), the electric SUV's ride and build quality are the worst in the segment. A long comprehensive warranty is one of its only standout attributes. Despite slow U.S. sales and challenging feedback about its vehicles, VinFast plans to start producing vehicles in a manufacturing facility located in North Carolina by 2028. Initial plans, though, had production slated to start this year. 

Starting price: $47,200 for VF 8; $75,000 for VF 9 (both include destination)  

Polestar

Polestar was once Volvo's in-house performance arm, but in 2017, the Swedish manufacturer spun it off into the electric automaker that it is today. The brand's first product was a limited-production 619-hp plug-in hybrid coupe called the Polestar 1. But we didn't see Polestar's first all-electric model until 2021 when it launched the Polestar 2, a raised hatchback sedan. The Polestar 2's top-notch tech, agile handling, stylish interior and solid driving range make it a compelling choice for an EV.

The Polestar 3, a midsize SUV, went on sale earlier this year in other markets, and production in the U.S. started this summer at the company's plant in South Carolina. The Polestar 4, a sporty compact SUV, is already on sale in other markets and is expected to go on sale in the U.S. next year. Polestar's upcoming model called, you guessed it, the Polestar 5, is an 884-horsepower grand-touring sedan that's expected to launch in 2025. If that isn't enough Polestars, there's also the 6, a four-seat convertible that's slated for 2026. 

The startup sold 20,371 vehicles globally in the first half of this year, on top of the 54,626 sold in 2023 and the 51,549 sold in 2022. Polestar's sales aren't growing much but that's because the startup has only offered one vehicle for a few years. The Polestar 3 and 4 should help bolster its sales this year and next. Polestar's parent company Geely, a Chinese automotive manufacturer, is deep-pocketed, which should help with the future success of the company. 

Starting price: $66,200 for Polestar 2; $74,800 for Polestar 3 (both include destination)

Rivian

Founded in 2009, this California-based EV startup operated discreetly until 2018, when it unveiled the electric R1T truck and R1S SUV. In fall 2021, Rivian became the first automaker to introduce an all-electric truck, which was followed by the release of the R1S SUV the following year. The midsize R2 SUV and compact R3 SUV were unveiled earlier this year. Production of the R2 is expected to start in 2026, with the R3 following sometime thereafter. Rivian says the R2 will start at $45,000 and the R3 for less than that.In addition to its passenger EVs, Rivian also manufactures an electric cargo van for commercial fleets called the Rivian Commercial Van. It secured a large contract to build electric vans for one of its largest investors, Amazon. 

The startup delivered a little over 20,000 vehicles in 2022, 50,122 vehicles in 2023; and through June of this year, Rivian has delivered 27,378 vehicles. The company says it's on track to produce 57,000 vehicles at its plant in Normal, Illinois, this year. A new $5 billion plant in Georgia that was slated to start construction in 2026 has been put on pause in order to save money and focus on R2 production. But a new joint venture with Volkswagen could speed up the plant's opening. Volkswagen plans to invest $5 billion in Rivian. The companies plan to develop next-generation software and electrical architecture to be used in future EVs. 

Both the R1S and R1T have received high ratings from Edmunds for their comfortable and spacious interiors, quick acceleration, sharp handling and remarkable off-road capabilities. Both EVs also sport distinctive styling, offer long driving ranges, and clever storage areas like the R1T's gear tunnel located between the bed and rear seats.

Starting price: $71,700 for R1T; $77,700 for R1S (both include destination)

Lucid

Although Lucid might sound like a new company to some, it was founded way back in 2007 as Atevia, an electric powertrain supplier. The company was later renamed Lucid Motors, and under CEO (and ex-Tesla alum) Peter Rawlinson, developed the Air luxury sedan. Deliveries began at the end of 2021, and in 2022, 7,180 were produced, but only 4,369 were delivered to customers. 2023 was a slightly better year with 8,428 Airs produced and 6,001 delivered. This year is also on track to be slightly better for Lucid. Through the first half of the year, the company produced 3,838 Airs and delivered 4,361 to customers. The startup plans on producing 9,000 vehicles this year. But sales should expand thanks to two upcoming electric SUVs. 

Lucid last year unveiled its three-row SUV called the Gravity, and deliveries are slated to start at the end of 2024. The large SUV seats up to seven passengers, and certain versions will boast over 800 hp and provide a driving range of 440 miles, which is a lot for a sizable SUV. The Gravity's starting price will likely be around $80,000. Lucid recently teased its upcoming midsize SUV that will likely be called the Earth. Information is minimal, but the SUV is projected to have a starting price under $50,000. Production won't start until the end of 2026 and it will be built in the company's manufacturing plant in Saudi Arabia (the country has invested heavily in Lucid). Lucid also has a plant in Arizona. 

The Air isn't a sales phenomenon, but it's an impressive EV that touts some class-leading numbers. The Grand Touring's 512-mile driving range is currently the longest of any EV, and the Sapphire model generates an astounding 1,234 horsepower, making it one of the most powerful production vehicles in the world. It's also shockingly fast — no pun intended — with a claimed 0-60 mph time of under 2 seconds. The 933-hp Dream Range Edition we tested hit 60 mph in just 2.8 seconds, that's faster than a Lamborghini Huracan Evo AWD and McLaren 570S. But as we've seen with other EVs from startups, the Air doesn't have the build quality you'd expect from a vehicle in its price range and its tech can be glitchy. 

Starting price for the Air: $71,400 (including destination)

Canoo

Canoo first set up shop in California in 2017 as Evelozcity. Following a name change and leadership shakeup, Canoo leased a manufacturing facility in Oklahoma last year and moved its corporate headquarters to Texas this year. Although the company initially planned on selling passenger vehicles, it has shifted toward selling mostly commercial vehicles instead.  

Canoo started manufacturing the Lifestyle Delivery Vehicle (LDV) that's designed for commercial use last year and has plans to produce the Lifestyle Vehicle (LV) for passenger use.The LDV and LV are futuristic-looking electric vans that provide roomy rear lounge seating for passenger use and loads of cargo space for commercial use. The company also has plans to produce an electric truck called the Pickup Truck and the Multi-Purpose Delivery Vehicle, an electric commercial van that's larger than the LDV. The American Bulldog, which the company calls a light tactical vehicle, is a rugged variant of the Pickup Truck. 

Canoo manufactured only 22 vehicles last year for three commercial clients but has signed contracts with various commercial clients including Zeeba, a national fleet management company; Kingbee, a national provider of work-ready rental vans; and Prime Time Shuttle, a Los Angeles-based shuttle company. The U.S. Postal Service and retail giant Walmart also have agreements with Canoo. Contracts with international clients include Red Sea Global, a Saudi Arabia-based developer of regenerative tourism, and Jazeera Paints, a Saudi-Arabia-based paint manufacturer.

Last year, the company delivered three LVs to NASA that were developed to be used as crew transportation vehicles, and it expanded its partnership with the Department of Defense to develop battery packs for military applications. Canoo is slowly ramping up production this year and intends to produce 20,000 vehicles annually.

Starting price: $43,250 for LV (not including destination); pricing for LDV is currently not advertised

Fisker (bankruptcy)

Fisker Inc. was established in California in 2016 and revealed the production-intent version of its first EV, an electric SUV called the Ocean, in the fall of 2021. The company started delivering Oceans to customers in the U.S. and Europe in 2023 but hit financial troubles soon after and had difficulty delivering the electric SUV to customers in volume. Fisker filed for Chapter 11 bankruptcy protection in June after production of the Ocean had ceased and it failed to acquire more capital.

Fisker had intended to produce over 30,000 Oceans in 2023 with the help of Magna Steyr, a vehicle contract manufacturer that was building the EV in Austria. Magna produced 10,193 Oceans in 2023, but Fisker was only able to deliver 4,929 units. Fisker tried selling its remaining Oceans with deep discounts, but not many were sold. Its remaining inventory of 3,321 was sold to American Lease, a company that leases Uber and Lyft cars, for $46 million. The company reached a settlement with creditors in August, allowing it to liquidate its assets and help owners keep their vehicles on the road.

It's a shame that Fisker failed because the Ocean could have been a solid EV with certain updates and improvements. The company also had plans for an affordable $30,000 electric SUV called the Pear, a sporty electric truck called the Alaska, and a powerful four-door convertible called the Ronin. Automotive designer Henrik Fisker heads Fisker Inc., a separate company from his former and now obsolete Fisker Automotive.

Chinese electric vehicle companies 

The focus of this article is new electric vehicle companies in the U.S., but it wouldn't be right not to mention Chinese EV companies. After all, the country boasts the most EV manufacturers in the world. Many Chinese EVs can easily compete with models from Western EV companies and legacy automakers because they are well built and offer impressive technology. Some Western legacy automakers have even partnered with Chinese automakers for manufacturing and technology sharing. 

It's difficult to get an accurate figure, but there are at least 100 automotive manufacturers that produce EVs in China, but some put the figure at over 200. A few of the most popular companies include BYD (Build Your Dreams), SAIC Motor, Nio, XPeng, Geely and Li Auto. However, BYD is the shining star because it's by far the most successful of all the manufacturers in China. The company is not just one of the largest EV manufacturers in the world, it's becoming one of the largest automakers in the world. BYD surpassed Honda and Nissan in the second quarter of this year, making it the seventh-largest automaker by volume.