That’s advice Tesla (NASDAQ:TSLA) shareholders may wish the company’s CEO, Elon Musk, had taken to heart. Shares are down more than 32% this year, as Musk’s heavy involvement with the new administration has cratered Tesla’s electric vehicle (EV) sales.
Tesla sales are down 40% in Europe compared to last year, even as total EV sales soared by 26%. The picture is only slightly rosier in the U.S., with Tesla sales down 11% in January. In China, the world’s largest market for electric vehicles, Tesla has been overtaken by a domestic rival for the first time.
But all this bad news for Tesla has been great news for other EV makers.
Here are four non-Tesla EV stocks set to profit from soaring EV sales.
BYD Company Ltd.
News of BYD Company's (OTC:BYDDY) battery breakthrough earlier this month sent the stock to new all-time highs. BYD's new Super-E platform promises to provide a range of 249 miles with a simple five-minute charge, easing a major customer concern. However, investors with keen eyes have had BYD on their radar for a while, as the stock has risen 88% in the last 12 months (including a 43% rip over the previous three). As mentioned above, the company is now outselling Tesla in China, and the government has been providing very accommodating policies.
BYD is a conglomerate with several divisions. BYD Auto is the most well-known, thanks to its electric and hybrid vehicles and battery charging solutions. Still, the company also has BYD Electronics and ...
