Several new companies have emerged from the collapse of Faraday Future and Fisker Automotive, even as both companies found themselves reborn with new leases on life thanks to redoubled capital commitments from global billionaires, Chinese companies awash in money and traditional venture firms angling for a shot at Tesla’s market dominance.
Consumer Reports just issued a report saying it could not recommend the company’s latest offering, the Model 3.
The company’s staff has ballooned from fewer than 1,000 employees in 2010 to nearly 40,000 now, according to Bloomberg, and competitors like GM and Ford bring in 2.5 times as much revenue for each employee compared with Tesla.
Production problems are also compounded by an aggressive schedule for new vehicles, which has the Tesla hype machine calling for a new Roadster, a crossover car and an electric semi truck all supposedly coming to market in the next few years.
U.S. startups take their marks
It’s against this backdrop that competitors like Evelozcity and Independent Electric Vehicles, two startups born from the wreckage of Faraday Future (the once-relevant Tesla competitor) have come to market to potentially challenge Tesla’s supremacy.