The shift to electric vehicles will represent one of the biggest changes in the economy over the next several decades. While EVs represent only about 3 percent market share today, Energias Market Research estimates the EV market will grow by 23.9 percent annually over the next five years. According to Boston Consulting Group, EV market share will be 28 percent by 2030 and continue to rise in the longer term. Here are seven public companies with the early lead in the U.S. EV market, according to CleanTechnica and EV Obsession.
Tesla (ticker: TSLA)
It should come as no surprise that Tesla is leading the way in U.S. EV sales, but the extent of its dominance is impressive. In the third quarter, the Model 3, Model S and Model X were the three best-selling U.S. EV models in the market, accounting for a combined 69,540 vehicle sales. Not only did those numbers outpace the competition, the Model 3 alone (54,540 vehicle sales) outsold all of the other EV models on the market combined. Tesla stock is expensive but its EV dominance is undeniable.
Toyota Motor Corp. (TM)
In a very distant fourth place behind the Tesla Model 3, Model S and Model X, the Toyota Prius hybrid was the closest competition in EV sales in the third quarter, with 6,268 units sold. Toyota has seemingly been faring much better with EV sales in the rest of the world, reporting a total of 1.5 million global EV sales in 2017. The company has said it is working toward a long-term goal of selling 5.5 million EVs per year by 2030 and reached 1.5 million sales three years ahead of schedule.
General Motors Co. (GM)
The Chevrolet Bolt hasn’t been the Model 3 killer the company may have hoped. The Bolt won the coveted Motor Trend Car of the Year award in 2017, but U.S. sales have slumped in 2018, falling to just 3,949 in the third quarter. General Motors says the decline is due to the company shifting its attention to international markets like Canada and South Korea. The hybrid Chevy Volt, which has a fully electric range of about 50 miles, was…
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