There was a significant divergence in the fortunes of electric vehicle (EV) stocks in 2023. While Tesla (TSLA) has more than doubled in the year, many others – like Lucid Motors (LCID), Nikola (NKLA), Fisker (FSR), and Polestar (PSNY) – fell to record lows, albeit at different points throughout the year.
We also had a new EV listing in the form of VinFast (VFS), and the Vietnam-based company quickly gained “meme status.” VFS soared after its initial listing in August, and printed as high as $93 – which gave the startup EV company a market cap of over $200 billion. That exceeded the combined market caps of Ford Motor (F), General Motors (GM), and Volkswagen (VWAGY).
This was also the year when the “demand” question came to the forefront, and multiple players – including Ford and General Motors – scaled back their EV production and slowed the pace of investments. Even the formidable Tesla has alluded to…
