Tesla (TSLA 5.34%) has dominated EV sales for the past several years, will it continue? In this video clip from "The Rank" on Motley Fool Live, recorded on July 13, Fool.com contributors Matt Frankel and John Bromels discuss how there is more competition on the horizon for the automaker that will alter the EV industry.
Matt Frankel: Tesla is delivering cars at a rate of over a million a year right now. They are profitable. I don't know if you know of the TSLAQ crowd on Twitter (TWTR) that's been saying the company is going to go bankrupt. That's not the case. This is a very profitable business. John's face says it all right now.
John Bromels: I am going to talk so everyone can see my face.
Frankel: There you go. It's a very profitable company. My problem with Tesla, and then I'll shut up and let you talk, is that I think there are better plays in the electric vehicle space. I think the next two or three years are going to be the biggest shift in the EV space that we've seen to date. It's been Tesla and everyone else. Now it's going to be Tesla and a lot of other companies. General Motors (GM 0.26%) is one of my biggest stock positions and it's how I'm playing the EV space for the most part. I own a small amount of Lucid (LCID 10.05%). You can criticize me for that all you want to.
Bromels: No, because I own a bit of NIO (NIO) and a bit of Canoo (GOEV -9.28%).
Frankel: Well, there you go. I just think the market is underestimating the increase in competition they're going to see in the next few years.
