Although Tesla accounts for only a small slice of the total US automotive sales pie, rival legacy brands like General Motors, Volkswagen, Toyota, and Ford are closely monitoring the California-based company’s stock not because they want to invest in a competitor, but due to their own EV futures.
The market reacted favorably when GM announced a few months ago it’ll be battery-electric-only by 2035, and America’s largest automaker wants to retain that goodwill for the long haul. Tesla will continue to be the EV market leader for the time being, but there are those who aim to topple that status.
