The EV Revolution Is Just Getting Started

Tesla Inc 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 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 Company 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 DDAIF Mercedes-Benz EQS to practical smaller cars like the Hyundai Motor Company's 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 was its EVs. But it is slowly facing aggressive new competition on every front. Volkswagen's VWAGY ID.4 EV was recently recognized as World Car of the Year. Ford's 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 electric 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 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 starts 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.

See also: How to Buy Electric Vehicle (EV) Stocks

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

The post The EV Revolution Is Just Getting Started appeared first on IAM Newswire.

Image by RAEng_Publications from Pixabay