Tesla has had a successful few years as electric vehicles (EVs) have begun gaining popularity, but one analyst thinks three other companies may still pose a threat to the auto-tech giant.
On Wednesday, CFRA’s Garrett Nelson published a note saying that Fisker, Lucid Motors, and Amazon partner Rivian will be “success stories” this year, as the United States EV market begins to take shape (via Business Insider).
Using a four-category analysis that evaluates vehicle specs and overall aesthetic, funding sources, growth opportunity within their sub-industries, and the credibility of management, Nelson determined that of all EV companies currently producing cars, these three companies would fare the best in 2021.
According to CFRA's Garrett Nelson, Tesla has a "first mover advantage" over many new entrants in the EV market.
But the firm also says Rivian, Lucid Motors, and Fisker will thrive as EV sales increase in the US.https://t.co/Zdobs8BFKm
— Sofianopoulos Pan (@SofianopoulosPa) February 25, 2021
Nelson also acknowledges in the note that Tesla has “first mover advantage,” which is well-established given that the company is currently the world’s most valuable automaker and has sold the most EVs globally.
“With all the talk of increased competition from new EV models in 2020, Tesla grew its market share from an estimated ~58% share in 2019, as models like the Audi e-Tron, Jaguar I-PACE, and Nissan LEAF largely disappointed from a sales perspective,” said the analyst.
In any case, the widening of the EV market is a good thing, and will naturally help incentivize consumers to go electric – especially as the industry continues in the direction it has sought for the past few years. Hopefully Nelson’s right, that Fisker, Rivian, and Lucid, will join Tesla’s ranks as benefactors of the move to sustainable transportation.
Contributing Writer at TeslaNorth.com from California’s southeast Bay Area. Covers electric vehicles, space exploration, and all things tech. Loves a good cup of coffee, live music and puppies. Buying a Tesla? Click here to get 1,000 free Supercharging miles.