Tesla, Inc.) Based in California, successfully occupy a place in the competition synonymous with electric vehicle (EV) brands。Founded in 2003, the company is a global brand leader in the electric vehicle industry.

Tesla's competitors have good reason to target this market。According to Deloitte's global electric vehicle forecast, in the five years from 2020 to 2025, the total sales of electric vehicles will grow from 2.5 million to more than 11.2 million。In addition, efforts to reduce carbon emissions have strong political support, which means it is only a matter of time before the infrastructure needed to support electric vehicles reaches a tipping point。By then, the electric vehicle market is expected to achieve exponential growth

What are Tesla's rival stocks?

NIO (NYSE: NIO)

China-based NIO Inc has attracted a lot of attention from investors and can be traded on the New York Stock Exchange (NYSE) as American Deposited Securities (ADR).。The company's share price fell sharply throughout 2021 due to supply chain issues and threats from competitors.。However, in 2022, the company's share price continued to decline, falling from more than $60 to less than $12.

NIO's share price has been affected by China's COVID-19 lockdown, but the stock's followers are currently very bullish on it。The company shipped more than 14,000 units last month and has established a presence in Europe to further expand into international markets.

Ford Motor (NYSE: F)

Ford Motor Co is one of the competitors posing a threat to NIO。The company's stock price continues to climb, which shows that the company is catching up and turning things around due to plans to invest $30 billion in electric vehicles by 2025。These plans are expected to generate 40% of Ford's sales from electric vehicles by 2030

Investors tend to be skeptical about the big automaker's commitment to electric vehicle development, but Ford's recent retail sales have soared 79%。Ford is ambitious to increase its electric vehicle production capacity to 2 million vehicles by 2026 and lock in necessary parts deals in the future

The Ideal Car (NASDAQ：LI）

Ideal Cars, formerly Leading Ideal Inc., changed its name in July 2020, and American Depositary Securities also landed on Nasdaq.。The company is headquartered in China and has been operating since 2015.。It mainly designs, manufactures and sells electric vehicles in China.。The company's delivery slows due to COVID-19

The slowdown caused Ideal's share price to fall by 50%, but the company still has the support of a group of analysts。The company has a market capitalization of $22.8 billion but has yet to turn a profit.。However, the company's performance outlook is positive, as management forecasts it will be profitable within the next year, ahead of competitors such as NIO, which expects to be profitable in fiscal 2024.

Lucid Group (NASDAQ: LCID)

Lucid Group is a pure electric vehicle company, the target market is the luxury car market。Customers who spend more than $100,000 to buy a car have high requirements for the quality of the car, which makes the car developed by Lucid get amazing reviews

The company continues to push the limits of its technology.。The Air Dream version has an official EPA mileage rating of 520 miles on a single charge, which breaks one of the main barriers to the popularity of electric vehicles and surpasses most Tesla models.

The company's management team comes from Tesla and focuses on the luxury car segment.。Supply chain problems send shares to recent lows。Production figures are encouraging, and Saudi Arabia is funding its eventual recovery

Rivian（NASDAQ：RIVN）

Rivian is a US-based company that has entered the electric vehicle market in the past few years.。It is an early stage company.。It sells directly to consumers and has been meeting production targets。Rivian's downline volume grew 67% in the last quarter, but supply chain issues have been plaguing the company's stock price.

Conclusion

Tesla electric vehicles have taken the market by storm, starting with early lows triggered by COVID-19 in 2020, and Tesla's stock price has reached a multiple of "5x," rising to $25 per share by the end of 2021.。But the arrival of 2022 has brought valuations down in the auto industry, as have stock values in other sectors.

Deloitte data shows that by 2019, electric vehicles as a group have accounted for 2% of the overall annual sales of passenger cars and light vehicles in major regions.5%。The COVID-19 outbreak did limit sales in 2020, especially in Europe, the US and China, but China still accounts for about half of total car sales。In the long run, Deloitte predicts that annual sales of electric vehicles will increase by 29% by 2030, when total sales of electric vehicles are expected to reach 31.1 million

For the entire electric vehicle industry, what are the main challenges that need to be overcome in the near and long term？Currently, four factors will drive future growth:

• Consumer Sentiment: Consumer Attitudes Toward Electric Vehicles Must Change If Big Growth Is to Happen。Consumers are most concerned about mileage and charging location
• Government policy / legislation: To achieve fuel economy and emissions targets, major governments need to implement restrictions on fossil fuel vehicles and promote electric vehicles
• Electric vehicle new entrants: New entrants to the electric vehicle industry are creating more models than previously predicted。Affordability will matter, but the premium will persist
• Corporate sentiment: To accelerate growth, companies need to convert their existing fleets to this new technology or develop policies to incentivize its use

Taking into account the above factors, it is recommended that traders keep abreast of the latest trends and updates in the electric vehicle industry and related industries