HSBC research:"smaller, less advanced manufacturers will be squeezed out" as competition becomes more robust.With recent rallies in Tesla , market participants are starting to mull whether or not EV stocks are about to be looked at favorably and outperform once again.
Ding predicts that"smaller, less advanced manufacturers will be squeezed out" as competition becomes more robust. Larger automakers account for 73% of the country's EV market, he writes, meaning that 57 other brands are left fighting for the remaining 27% of the market. He predicts that up to 8.2 million EVs will be sold in 2023 and 12.6 million per year by 2025. By 2030, he is expecting 22.6 million EV sales per year and he has raised his forecast on higher volumes and increased supplies.
And Tesla is definitely holding its own for now. We noted yesterday that despite price wars, Tesla was able to grow its sales in the country by 20.6% MOM. Tesla sold 74,212 vehicles and exported 19,468 units for the month of June, solidifying a 20.6% sequential rise for the EV maker, per Bloomberg's calculations.
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