October 28, 2020
car

Electric-car CEOs battling to become the next Elon Musk

  • No electric-vehicle startup has matched, or even approached, Tesla’s success, much of which can be credited to CEO Elon Musk.
  • The CEOs of a new generation of EV companies are hoping they recreate Musk’s career — but his path is a tricky one to follow.
  • They include Rivian’s RJ Scaringe and Lucid Motors’ Peter Rawlinson.
  • Visit Business Insider’s homepage for more stories.

Running Tesla has helped turn Elon Musk into one of the world’s richest people. As of Friday, he was fifth on Forbes’ ranking of the world’s billionaires, ahead of Warren Buffett and just behind Mark Zuckerberg.

A handful of startup founders have attempted to match Musk’s success at Tesla over the years, but most have failed to overcome the brutal economics of the car business. Now, a new wave of CEOs is hoping they can learn from their predecessors’ mistakes and capitalize on projected growth in EV demand

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car

GM, Ford Need Electric-Car Batteries, but Take Different Paths to Get Them

Auto makers, pumping billions of dollars into developing electric cars, are now facing a critical choice: get more involved with manufacturing the core batteries or buy them from others.

Batteries are one of an electric vehicle’s most expensive components, accounting for between a quarter and a third of the car’s value. Driving down their cost is key to profitability, executives say.

But whereas the internal combustion engine traditionally has been engineered and built by auto makers themselves, battery production for electric cars is dominated by Asian electronics and chemical firms, such as

LG Chem Ltd.


051910 4.47%

and

Panasonic Corp.


PCRFY -2.34%

, and newcomers like China’s

Contemporary Amperex Technology Co.


300750 2.05%

With regulators world-wide pushing car companies to sell more electric cars, auto executives worry there won’t be enough factories building high-quality batteries.

California, the U.S.’s largest car market, said last month it would end the sale of

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