Tesla has a new rival

Tesla has a new rival

TSLA Tesla Model 3

Tesla  (TSLA) – Get Free Report, the electric vehicle industry leader, has a firm grip on the market as it produces and delivers thousands more EVs each year than its competitors.

The company is preparing to roll out its Cybertruck pickup, Tesla’s first new model since it brought out the Model Y SUV in March 2019, which is expected to be delivered in the third quarter of 2023. The new vehicle is likely to boost Tesla’s annual sales by tens of thousands of EVs.

The Austin, Texas, EV maker led the world in all-electric deliveries for 2022 with over 1.31 million vehicles, or a 40% increase over its 2021 levels. Tesla plans to produce about 1.8 million vehicles this year with a long-term goal to sell 20 million EVs each year by 2030.

Plenty of Competition for Tesla

General Motors  (GM) – Get Free Report expects to produce an estimated 150,000 EVs for the year. Ford  (F) – Get Free Report sold 61,575 EVs in 2022 and projects an annual production run rate of 150,000 for the Lightning pickup truck by the end of 2023. The Dearborn, Mich., automaker earlier this year said that it began increasing production of its Mustang Mach E increase its annual manufacturing run rate to a targeted 210,000 units by year’s end.

Stellantis  (STLA) – Get Free Report reported it sold a total of 288,000 battery electric vehicles globally in 2022. The company has committed to completing 100% of its European and 50% of its US vehicle sales dedicated to battery electric vehicles, with 75 BEV models and 5 million BEV unit sales, by 2030. The company plans to be 100% electric by 2038.

BYD  (BYDDY) , Tesla’s top rival in the world based in China, delivered over 911,000 EVs in 2022, as well as over 946,000 plug-in hybrids. The Shenzhen, China company is preparing to soon increase that volume as it on June 9 introduced its fifth sub-brand, Fang Cheng Bao, that will roll out a variety of EVs, including off-road vehicles, sports cars and its first model, a sports utility vehicle with the codename SF.

Nissan  (NSANY)  was a pioneer in the EV industry when it introduced its Leaf vehicle in 2010, one of the first mass produced EVs. The Japanese company, however, has said it will phase out the Leaf in the next few years and replace it with a new vehicle in 2026, Electrek reported.

Nissan launched its Ariya Crossover/SUV last year hoping it would be a start of its ramp up of EV production. But the company had a little problem on March 1 with a voluntary safety recall of 1,063 of its 2023 Ariya Electric SUVs after the company discovered missing steering wheel bolts that could cause loss of steering control and an increased risk of a crash.

Infiniti Finally Entering EV Market

The company’s Infiniti luxury division has had a slow start to entering the EV industry but took a big step on June 23 as the company introduced a brand refresh, which included a new logo, modernized showrooms and a new concept electric vehicle that it expects to be ready to sell to the public in 2026, Electrek reported.

The newly designed Infiniti EV sedan will have a longer wheel base with shorter overhang, new headlight and taillight design, single light strip across the width and a rear resembling a Porsche. It will be produced at its Canton, Miss., factory, along with a new crossover EV.

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