Should The Oil Market Be Worried About Skyrocketing EV Sales?

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Tesla’s rivals roll out cheaper, larger EVs

“This very EV6 just set a new Guinness World Record.”Automakers took on electric vehicle leader Tesla at the Los Angeles Auto Show on Thursday, unveiling new, more affordable and larger electric SUVs.EVs represent one of the fastest-growing segments of the U.S. auto market- and a growing number of automakers are eager to cash in.Kia Motors called Tesla out at the show, announcing that its upcoming electric crossover EV6 beat Tesla’s record for the shortest charging time by more than five hours.Kia Brand Experience Director Michael McHale says the competition against Tesla is heating up.”They have strong sales and they have a very good public awareness, but not everything is for everybody so there should always be an alternative and we’re a different way to approach EVs.”Tesla has become the world’s most valuable automaker, with a market capitalization of more than $1 trillion.It’s redefined the EV market with sleek, high-tech cars such as the Model Y, and it’s taken advantage of that edge by raising the cost of its in-demand vehicles.That’s created what its rivals see as an opening — challenger Vinfast says its cars will be more reasonably priced, while others like Fisker are betting on novel features like a rotating dashboard screen.Still, analysts say it’ll be tough for other automakers to scale up their EV production — and make a dent in Tesla’s market dominance.

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