For more than a decade, the only major player in the electric vehicle (“EV”) space has been Tesla. With an 81% market share in the United States and 15% globally, Tesla is arguably the largest EV company and the most valuable automaker on the globe. Valued at around $300 billion, Tesla surpassed established automakers such as Toyota, General Motors, Ford and Volkswagen. However, despite cornering the U.S. market, Tesla Inc. (NASDAQ: TSLA) may be facing steep competition in the future from the following EV stocks.
NIO Inc. Like Tesla, NIO Inc. (NYSE: NIO) has cultivated a cult following by developing premium, luxury cars with impressive designs. Referred to as the Tesla of China, NIO is one of the largest EV companies in China and is ranked three out of 115 stocks in the Chinese industry. The company is planning on expanding into the European market. And unlike plenty of EV…
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