Eli5 Why are there now so many EV producers?

Question

It seems like every week there is a new company that produces electric cars. Are EVs so easier to make compared to ICE cars?

In: 2

Answer 1

Making an EV is not easy, but requires different expertise that traditional ICE car makers lack. Additionally, ICE car makers are weakened by having to exit that dying industry. It’s a rare opportunity to break into the market.