The electric car is being a revolution in its market and new start-ups that put new models on the market have the possibility of getting a part of the pie, and for this reason these companies receive very high stock market valuations.
In general, people have a car from a manufacturer (Volkswagen, GM, Ford, etc ...) and on many occasions they tend to be faithful to that brand when it comes to changing and buying a new car.
With the electric car all that changes, because the large manufacturers hardly offer models to the market and it makes the "new" like Tesla take a significant share of it.
As an example, in the case of the Nissan Leaf (very sold in Northern Europe), 80% of the customers were new to Nissan. In the USA, the Volkswagen ID.4 model has achieved 72% of new customers for VW. And so with most models from other manufacturers. Most of the customers they have gotten with their electric cars have been new customers.
It is true that apart from Tesla, the rest of the manufacturers are selling very few electric cars because they are very recent in the market, but this trend of "loyalty" to a brand is an additional incentive for large manufacturers to try to put new cars as soon as possible electric on the market.
I recently met a Tesla car owner who was so pleased with his purchase that he had convinced his partner to buy a similar car. It will take those two people many years to change car brand, and manufacturers know that.
Something that also happens is that people who like SUV model cars, when changing to an electric car also look for an SUV model, and that is why manufacturers prioritize these models, which is what VW has done with their ID 4.
In short, today all car manufacturers are headfirst into the world of electric cars and offer multiple models for a few years to come (GM announces 30 models between now and 2025), but the reality is that as of “today" there are very few models for sale in the market and it is the "crack" through which new start-ups are creeping.
In a very short time, the offer will be so wide that entering the market will be very difficult for any new company. But meanwhile …..
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