Tesla (NASDAQ:TSLA) is a market leader in the electric vehicle (EV) space and has delivered impressive returns for long-term investors. On the other hand, Lucid Motors (LCID) is pre-revenue and aims to gain traction in a vertical that is rapidly expanding while attracting competition in the process. Which stock is currently the better choice for investors?.While many stocks in the electric vehicle (EV) industry have cooled off in 2021, they still remain solid long-term investments, given the worldwide shift towards clean energy solutions and a rapidly expanding addressable market.
According to a research report from Allied Market Research, the global electric vehicle market was valued at $162.34 billion in 2019 and is forecast to touch $802.81 billion by 2027, indicating a compound annual growth rate of 22.6% in this period.
So, the recent pullback provides investors an opportunity to buy quality growth stocks at a lower multiple. Keeping these factors in mind, let’s see which between Tesla (TSLA) and Lucid Group (LCID) is a better EV stock right now. While the former is an established player and a market leader, the latter is just starting to take off.