HYMTF - The EV Revolution Is Just Getting Started
Tesla Inc (NASDAQ: TSLA) is still undoubtedly the EV king. But new entrants are coming and traditional automakers going all in to be able to participate in the EV race. General Motors (NYSE: GM) is reporting earnings this week and it has a tough task if it wants to follow up, let alone beat Tesla and Ford Motor (NYSE: F) who delivered better-than-expected results last week.
EV adoption is accelerating
Sales of EVs are speeding up. Over the second quarter, total new vehicle sales increased 49.5% whereas electrified vehicle sales that include battery-powered cars and hybrids and plug-in hybrids jumped 201.1%.
New models keep on coming
Manufacturers have introduced dozens of new EVs so far this year. Luxury EVs have also entered the race with Daimler AG’s (OTC: DDAIF) Mercedes-Benz EQS to practical smaller cars like the Hyundai Motor Company’s (OTC: HYMTF) Ioniq 5. Electric cars remain more expensive than their gasoline counterparts, but they are becoming more affordable with federal tax incentives that can cut the price by up to $7,500.
Tesla remains on top but this won’t necessarily continue being the case
Tesla continues to dominate as four out of the five bestselling EVs last year were its EVs. But it is slowly facing aggressive new competition on every front. Volkswagen’s (OTC: VWAGY) ID.4 EV was recently recognized as World Car of the Year. Ford’s (NYSE: F) Mustang Mach-E took home the North American Utility Vehicle of the Year Award for 2021. Moreover, it has rivals in areas where it didn’t arrive to compete yet.
The electric pickup
Ford accepted more than 100,000 reservations for its upcoming and eagerly anticipated electriction version of America’s beloved pickup F-150, the Lightning. Besides Ford’s all electric pickup, many others could easily reach the market ahead of Tesla’s Cybertruck, such as Rivian. Then, there is the luxurious electric pickup that will be delivered by Hercules Electric Vehicles by the end of 2022 and a tech-advanced one by Atlis Motor Vehicles scheduled to debut at the beginning of the year. They will both be powered by Worksport Ltd’s (NASDAQ: WKSP) revolutionary solar fusion technology TerraVis that improves the effectiveness of the vehicle along with potentially increasing its range. Worksport announced this morning that it start listing on the Nasdaq as of today.
In a nutshell, competitors keep on coming
During the second quarter, Tesla’s share of the EV segment in the U.S. dropped from 71% in Q1 and 83% a year earlier to 64%. But, the battery is what will change the rules of the game entirely as we haven’t even scratched the surface of a new age on that front, in terms of what we can do with longevity, effectiveness and recycling. In simple words, the EV revolution is just getting started.
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