How to Avoid EV Startup ‘Treacle’
Historically, the automotive industry has been dominated by industry giants, making the market difficult for startups to break into and compete with the household names.
However, the emergence and widespread integration of electric vehicles (EVs) has created a brand-new market, offering huge potential for startups to make a name for themselves. With the industry still in its infancy, it’s open for innovation and ripe for startups to capitalise on by bringing fresh ideas to the table.
But that doesn’t mean it’s simple.
How can EV startups avoid the hurdles that will undoubtedly get in their way?
Poor planning can often leave startups in what we call ‘treacle’ – where goals are identified, but the paths towards them are unclear.
The research indicates that 90% of EV startups fail to avoid getting stuck and fail to achieve steady funding.
Avoiding the ‘treacle’
Although the industry presents new opportunities, there are still barriers for startups looking to carve out a place for themselves.
These obstacles include:
- High capital requirements
- Complex supply chains
- Regulatory compliance
- Significant investments in research and development
These barriers mean that innovation is the only way forward.
At FutureMotiv, we specialise in electric and hybrid vehicle systems and support automotive startups in designing and manufacturing prototypes and production vehicles at all stages of development.
Our team have a breadth of experience in dealing with challenging deadlines and accelerated timing. We do more than just engineer; we establish the mindset needed to succeed.
We know engineers are perfectionists – and FutureMotiv can help startups like yours identify when a project is done and when they can move onto the next one, keeping their work on track.
For a more in-depth read, detailing how EV startups can avoid the ‘treacle’ and leverage FutureMotiv’s expertise, access our Whitepaper by clicking the button above.
