The electric vehicle (EV) market has been one of the most dynamic new markets in a while. American EV maker Tesla (NASDAQ: TSLA ) is not only a major player in the EV space but helped to pioneer it as well. The Model S, which Tesla released way back in 2012, paved the way for the key aesthetics of a modern electric vehicle.
Moreover, in the United States, for example, Tesla built up the charging infrastructure needed for EVs traveling long distances. Since then, a number of capable EV companies have entered the space, and several of them have done well for themselves. Furthermore, elevated interest rates coupled with ongoing inflationary pressures have created a prolonged EV slump, a downturn that has sorely affected Tesla and its sales figures.
Moreover, as China supercharges its EV market, more competitors have emerged, putting Tesla, again, on the defensive. Below are three EV stocks that probably wouldn’t be here if it were not for Tesla, yet currently have better prospects. BYD (BYDDY) The Chinese EV champion BYD (OTCMKTS: BYDDY ) continues to make waves in both domestic and international markets.
BYD has developed quite an efficient, vertically integrated business that not only manufactures the cars themselves but also develops the batteries that go into them and enables a supply chain of various EV material inputs. There was a lot of reporting at the beginning of 2024 that the Chinese EV market might not hold up, and sequential growth from December had slowed. Howeve.