- United States aim to earn a 50% market share for electric cars by 2030
- Li Auto plans to deliver 40,000 cars each month in the fourth quarter
Governments from all over the world are initiating plans and incentives for EV adoption. The agenda of such initiatives is to boost EV sales. A report by International Energy Agency says that electric vehicle (EV) sales may reach around 14 million by the end of this year.
Tesla, Li Auto, and BYD Co are a few EV players with strong contenders with promising growth prospects.
Tesla’s name in the EV industry is quite popular, and its recent premium trading at $253 represents a year-to-date increase of 145%. The company has achieved a revenue of $24.9 billion and an EPS of $0.78 in the latest financial results. Although the company has faced many challenges, it remains focused on expanding its charging network, entering into partnerships with other EV makers, and expanding its manufacturing capacities. Until now, Tesla has showcased remarkable growth.
After Tesla, Li Auto (LI) earned popularity. Its stock has surged 118% year to date and is currently trading at $45. In the second quarter, the company has marked unbelievable growth. The company has launched new models and heavily invested in intelligent systems and vehicle technology. Li Auto has strong support from China government. The company plans to deliver 40,000 cars each month in the fourth quarter.
BYD Co. (BYDDF) is third in the EV market, surpassing Tesla’s delivery numbers in the second quarter by delivering 700,000 new energy vehicles. The company’s Blade Batteries are in high demand for performance and durability. With consistent delivery numbers and steady expansion, BYD has the potential to meet future rising demand.
The agenda of the United States is to earn a 50% market share for electric cars by 2030. European Union has also planned its standards with the 2030 goals. As the demand is increasing and market players are participating in enhancing the EV industry, it is tough to identify the safest bets in the EV industry. Global spending in the EV industry is showcasing heightened competition.
