Matt went deep yesterday on why so many recent EV-automaker startups have failed over the years.
It got me thinking — how would you, if you woke up tomorrow with the money necessary to fund an EV startup, make sure it would succeed?
Obviously, not all EV startups fail. Tesla is the most obvious success, and Rivian and Lucid seem to be doing well, as just two examples. But starting ANY new car company is almost impossible for a variety of reasons, and it seems to be even harder if you’re EV-only.
My business plan would probably be boring, maybe too boring to get funding from impatient investors who like to see hype, but it goes something like this: Grow slowly, produce a reliable product at an affordable price, and make the model/models I sell be attractive to consumers, fun to drive, and stylish. Oh, also offer a decent real-world range and perhaps an affordably priced in-house charger.
Easier said than done, I know. If I could do it and succeed, well…let’s just say my house would be a little bit bigger.
Your turn. Sound off below.
[Image: Lucid]
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