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. Despite Tesla’s (NASDAQ:), gaining significantly in shares, Ford Motor (F), Lucid(LCID) and others have seen significant gains. Tata Motors (NYSE:) has attracted more attention from investors than TSLA. Let’s discuss.Rising fossil fuel prices and government initiatives to transition consumers to electric vehicles (EVs) drove EV sales this year. A new Kelley Blue Book report shows that EV sales rose nearly 60% in the third quarter year over year, reaching an all-time record. A 19.8% annualized growth rate is predicted for the global EV market to grow to $812.89 billion in 2028.

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, the auto manufacturers Ford Motor Company (NYSE) and Lucid Group, Inc., (LCID) outperformed TSLA in this year’s market, taking advantage of industry tailwinds.

Continue reading on StockNews