In four years, Tesla’s market share will decrease from 70% to 11%, predicts a forecast from Bank of America. Market share for GM and Ford will increase by 15%. By 2026, almost 40% of vehicles will be electric, with General Motors, Korean, and European automakers dominating the market. The fundamental reason Tesla, Inc. was successful during the past ten years was that it had virtually no rivals. Alternative vendors have flooded the market with good products and promising delivery systems. Murphy predicts that sales of Tesla in North America will be particularly affected.
Insider Monkey selected EV stocks to buy as Tesla’s market share declines. Fun Utility Vehicles, or FUVs, are designed and produced by Arcimoto, Inc., an electric vehicle manufacturer with its headquarters in Oregon. These are two-seat, three-wheeled electric cars. This year, Arcimoto plans to deliver 1,000 automobiles. Japanese multinational automaker Toyota Motor Corporation is known for its high-performance hybrid electric vehicles and other vehicles. In order to effectively compete with Hyundai and Kia Motors in the Indian market for electrified vehicles, the business introduced the Urban Cruiser Hyryder SUV. Workhorse Group Inc. was still given a Neutral rating by DA Davidson analyst Michael Shlisky, but his price target was cut from $5 to $3. The business produces delivery drones, telemetry software, and commercial electric vehicles. In the most recent SPAC bloodbath, Lightning eMotors, Inc. has been “unjustifiably penalized.” Analysts forecast the company will have strong sales growth in FY2022. On May 26, Northland analyst Abhishek Sinha started covering the firm. The Nikola Corporation creates electric, battery-powered, and hydrogen-powered semi-trucks. The company also provides BEV charging infrastructure and operates hydrogen fueling stations. The New York Truck Voucher Incentive Program is open to Nikola trucks. For more details, click 10 EV Stocks To Buy As Tesla’s Market Share Declines.
