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Jan. 19, 2022, 2:53 p.m. EST

An 'EV tipping point' is approaching, but that's not good news for Tesla: B. of A.

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By Claudia Assis

With several electric vehicles coming to the market by legacy and new auto makers soon, analysts at B. of A. Securities expect that a "tipping point" for EVs will happen this year, although higher prices would remain a constraint. The year 2022 "marks the start of commercialization for electric vehicles ... with many of start-up EV automakers launching/ramping new product and many of the incumbent automakers also beginning their product launch onslaught," the analysts said in a note Wednesday. B. of A. analysts said they expects about 1 million EVs sold in 2022, rising to about 1.8 million in 2023 and 3 million in 2024, implying EV penetration of around 6% this year, 11% in 2023, and 16% in 2024. Tesla Inc. /zigman2/quotes/203558040/composite TSLA -6.42% EV market share could fall to 19% by 2024, from 69% in 2021. Among "incumbent" auto makers in the U.S., Ford Motor Co. /zigman2/quotes/208911460/composite F -2.72% and General Motors Co. /zigman2/quotes/205226835/composite GM -1.99% "appear to be the biggest share gainers in the EV market," the analysts said, both increasing their share from mid-single digits to mid-double digits over the period. Moreover, 2022 will be characterized by the production ad sales ramp of Lucid Group Inc.'s /zigman2/quotes/221104327/composite LCID -4.57% Air sedan and Rivian Automotive Inc.'s /zigman2/quotes/230726939/composite RIVN -2.33% R1T pickup truck, R1S SUV, and the electric commercial van. It also could see the launch of Fisker Inc.'s /zigman2/quotes/209924856/composite FSR -2.89% Ocean SUV, Canoo Inc. /zigman2/quotes/211334934/composite GOEV -7.14% Lifestyle Vehicle, and Lordstown Motors Corp.'s /zigman2/quotes/211334938/composite RIDE -9.36% Endurance pickup, the analysts said.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 663.90
-45.52 -6.42%
Volume: 48.32M
May 20, 2022 4:00p
P/E Ratio
90.09
Dividend Yield
N/A
Market Cap
$687.81 billion
Rev. per Employee
$626,347
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/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 12.50
-0.35 -2.72%
Volume: 78.18M
May 20, 2022 4:03p
P/E Ratio
4.39
Dividend Yield
3.20%
Market Cap
$50.25 billion
Rev. per Employee
$735,459
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/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 35.40
-0.72 -1.99%
Volume: 24.41M
May 20, 2022 4:00p
P/E Ratio
5.88
Dividend Yield
0.00%
Market Cap
$51.61 billion
Rev. per Employee
$831,267
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/zigman2/quotes/221104327/composite
US : U.S.: Nasdaq
$ 18.39
-0.88 -4.57%
Volume: 28.54M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$30.67 billion
Rev. per Employee
$21,615
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/zigman2/quotes/230726939/composite
US : U.S.: Nasdaq
$ 28.92
-0.69 -2.33%
Volume: 22.76M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$26.05 billion
Rev. per Employee
$5,277
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/zigman2/quotes/209924856/composite
US : U.S.: NYSE
$ 11.07
-0.33 -2.89%
Volume: 5.82M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.29 billion
Rev. per Employee
$239.90
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/zigman2/quotes/211334934/composite
US : U.S.: Nasdaq
$ 3.38
-0.26 -7.14%
Volume: 1.87M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$812.33 million
Rev. per Employee
N/A
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/zigman2/quotes/211334938/composite
US : U.S.: Nasdaq
$ 2.13
-0.22 -9.36%
Volume: 11.22M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$420.46 million
Rev. per Employee
N/A
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