The last year reminded us that the connection between the stock market and the economy is not always correlated. But as EV startups from Tesla to Nio go from strength to strength, traditional car companies cannot ignore the consumer demand.
Tesla is the main contributor to the value of the EV market butthe overall image is just as impressive as three of the top five most valuable are EV makers, with Tesla being followed by NIO and BYD which has been shown interest by institutional investors. As for traditional automakers, Volkswagen and GM are the most valuable ones with both undergoing serious investments into EV tech. Traditional automakers are going electric!
Recently, BMW said it aims to double its sales of fully-electric vehicles this year. Including plug-in hybrids, it aims for a 50 percent increase in sales of EVs versus last year. The German auto giant said it sold close to 193,000 electrified vehicles, including fully electric and plug-in hybrids.
Tesla delivered almost half a million all-electric models during 2020 in spite of the harsh economic realities, which is 75% of GMs deliveries of EVs. The automotive industry is at a “tipping point” where the traditional companies are realizing the future and playing catch up against upstarts like Tesla and BYD.
