Competition in the electric vehicle industry is getting fiercer. Price declines have been accelerating since the start of the year, the market is growing and government subsidies have shrunk — putting EV companies' business models to the test, Goldman Sachs said. The investment bank said in an Aug. 10 note that it sees two groups of companies "prevailing in an era of intense competition.
Goldman gave Tesla a neutral rating, and 12-month target price of $275, representing about 25% potential upside. Toyota Motor : Goldman said strong EV products are the "missing piece" for Toyota, but it's a "potential catalyst for share price re-rating." "Toyota lags behind Tesla and BYD in EV sales, but we still see a large possibility of Toyota catching up," Goldman wrote.
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