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Electric vehicles (EVs) were all the rage in 2021 and 2022, with companies like Rivian (NASDAQ: RIVN), Lucid (NASDAQ: LCID), Nio (NYSE: NIO), and many others hitting the market, and Tesla (NASDAQ: TSLA) suddenly becoming one of the most valuable companies in the world.
But 2022 brought a dose of reality to the market. Values for growth stocks fell, and EV stocks came down with them. In 2023, the challenge will be turning potential into profit. This might be easier said than done in the EV industry.
The EV market has been dominated by Tesla for over a decade with very little competition. Automakers like General Motors (NYSE: GM) and Nissan had EVs, but they were often underpowered with little range compared to Tesla’s vehicles.