Who is leading the EV industry?
Ford, GM, and Hyundai brands are leading in this respect as they scale production of popular EV models such as the Mustang Mach-E, Chevy Bolt EV, and Hyundai IONIQ 5.
Elon Musk and Tesla will soon face a far more crowded electric vehicle space. Elon Musk's Tesla dominates the electric vehicle space in the U.S. But that dominance could be set to weaken in the years ahead.
Tesla also faces competition at the higher end of the market from BMW, Mercedes-Benz, Audi, Polestar, Rivian, Lucid and others. S&P said there are 48 EV models on sale in the U.S. at present, and it expects that to grow to 159 by the end of 2025.
The second biggest supplier of EV batteries is LG Energy Solution (formerly called LG Chem), which had a much lower but still significant 14% of the global EV battery market.
Buffett's longtime business partner Charlie Munger has been a champion of this EV company. Warren Buffett bought seven new stocks in the first nine months of 2022. Tesla (TSLA 3.94%) wasn't one of them.
Ford, General Motors, Nissan, Nio, and Honda are some of Tesla's main competitors.
In our test of the Lucid, we measured a consumption rate of 28.3 kilowatt-hours of electricity used per 100 miles, versus 32.1 kWh per 100 miles in the Model S (a lower kWh number is better). More range, superior efficiency and faster charging give the Lucid Air the easy win here.
Tesla competitors include BMW Group, Audi, General Motors, Lexus and Ford Motor Company. Tesla ranks 1st in Pricing Score on Comparably vs its competitors.
Likely the most popular EV stock, TSLA makes frequent appearances in mutual funds' top 10 holdings. The automaker increased its car delivery by nearly 70% year over year, with over 310,000 cars delivered from January to March.
The EV market in 2022 is a Tesla market, and it will continue to be, so long as its competitors are bound by production capacity. However, some of those new EV models from other automakers are expected to reach high-volume production within the next three years and start challenging Tesla's dominance in the US.