It’s no secret that Tesla has been sensationalized for almost as long as electric vehicles have been around. It’s been the first name on the lips of anyone talking about EVs. But its star power is fading somewhat. Just like bell-bottoms and disco, the company will remain an American icon, but it no longer has that dance floor to itself. Many other competitors are moving in from the fringes.
Don’t get me wrong — the company continues to make headlines and profits… slashing prices to remain competitive, major upgrades for self-driving systems, fancy new colors… and just last week, Elon Musk tweeted that the 4 millionth Tesla rolled off the assembly line at the company’s Texas plant.
There’s still money to be made on Tesla, but I’m turning my attention other companies and sectors of the EV industry…
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New Kids on the Block
VinFast, Lordstown, Scout, Fisker, Lucid… these aren’t the names you’d find beneath some Hollywood celebrity’s family photo.
They’re just a few of the up-and-coming carmakers poised to capitalize on the vast potential of the EV sector, especially here in the U.S., and many have been making headlines lately… almost as often as their predecessor and stalwart company, Tesla Inc. (TSLA).
I’ve been bullish on the entire industry here at Smart Money, from the battery metals needed to power them to the EV manufacturers themselves. And I’m zeroing in on the locations, companies, and opportunities where there are profits to be made.
In just the past couple of weeks, you may have seen headlines like…
- South Carolina to Offer $1.3 Billion to New Scout Electric SUV Maker
- Vietnamese EV Maker VinFast Remains Optimistic Despite Challenging Entry to U.S. Auto Market
- Fisker Confirms Ocean EV Deliveries Will Begin in Spring… on Track to Build More Than 40,000 in 2023
Expect more EV automakers to join the fray and garner headlines as they bolster operations to meet demand.
But what all of these carmakers, including Tesla, are going to need is the parts that make them run. I’ll show you where I’ve found the latest opportunities in just a minute.
Tesla’s Still a Major Player – for Now
Demand for EVs is predicted to skyrocket in the next decade or so. Goldman Sachs projects that EVs will make up half of new car sales by 2035. But in this sluggish economy, the average consumer may not want to pay skyhigh prices for a Tesla.
So to stoke even more demand, the company recently cut prices on the luxury Models S and X, which now start at $89,990 and $99,990, a 5% and 9% reduction, respectively. “The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla,” Musk said last week at Tesla’s investor day.
Tesla first cut prices in January on all models by as much as 20%. More affordable models start at approximately $43,000 after the price cut, which qualifies buyers for the tax cuts instituted with the Inflation Reduction Act of 2022. It offers a $7,500 tax cut for EV buyers who purchase cars that cost $55,000 or less.
There are plenty more players ready and willing to take their share of profits on models for far below that price point, including Chevrolet, Hyundai, Nissan, Mini, and more.
Musk’s company will remain a power in the EV marketplace, but there’s plenty of opportunity for automakers with household names – and those with less notoriety – to make their mark in the industry, and soon.
But like I said, I’ve got my eye on the companies making EV components – and you don’t have to look far to find them…
Suppliers and Automakers Strike Close to Home
The headlines like the ones above about EV companies tapping into the American market and setting down roots in the States support the newest megatrend I’ve found.
Earlier this year, I traveled to a place in the U.S. that I believe will be the newest epicenter of wealth – all because of automakers like Scout, General Motors, BMW, and Ford, along with the companies that supply them.
There is an economic “supercluster” of innovation happening, and it’s poised to mint brand-new millionaires for a few folks who take advantage of it.
Companies are making billion-dollar-plus investments in the EV space, and you can get in on the ground floor of what I call “Made in America 2.0,” the push to bring revenue and industry back to the United States.
Get all the details here – including one of my top EV picks, absolutely free.