The continuing government efforts to transition to an ecologically cleaner future have contributed markedly to the electric vehicle (EV) market’s growth over the past year. But while the shares of EV giant Tesla (NASDAQ:TSLA) have gained significantly this year, the shares of auto manufacturers Ford Motor (F), Lucid (LCID), and Tata Motors (NYSE:TTM) have garnered even more investor attention than TSLA. Let’s discuss.Rising fossil fuel prices and government initiatives to transition consumers to electric vehicles (EVs) drove EV sales this year. According to a new report by Kelley Blue Book, EV sales jumped nearly 60% year-over-year in the third quarter to an all-time high. The global EV market is expected to reach $812.89 billion by 2028, registering a 19.8% CAGR.
Although the total revenues of EV juggernaut Tesla, Inc. (TSLA) increased 56.8% year-over-year to $13.76 billion, the company’s operating expense grew 32.1% from its year-ago value to $1.66 billion in its last reported quarter. Furthermore, due to semiconductor chip shortages, Tesla’s popular models are in short supply, and buyers are facing delivery delays. But even with these constraints, TSLA’s shares have gained 64.8% in price year-to-date.
However, auto manufacturing companies Ford Motor Company (NYSE:F), Lucid Group, Inc. (LCID), and Tata Motors Limited (TTM) have outperformed TSLA this year, capitalizing much better on the industry tailwinds.