The next Tesla is hard to find

“That was a punch in the heart for the EV cops,” said Dan Ives, a tech analyst at Wedbush Securities. “For increased demand in 2022 and beyond, the electric vehicle tax credit is a demand factor of 15%.”
“There will be losers in the battle for electric vehicle market share,” said Ives. “Rivian is coming out of the gate with a delivery bottleneck that couldn’t have come at the worst possible time. It’s a dark cloud on pure EV manufacturers. And investors are much less patient with execution mistakes.”
The two worst-hit EV stocks – Nikola and Lordstown Motors – lost 27% and 27% respectively by the close of trading on Thursday.
The difficulty these companies have struggled to deliver on their early promises means companies like Lucid and Rivian will have to do more to prove themselves before they are fully embraced by investors, Ives said.