The Stock That's Set to Win the EV Arms Race

By Jason Hall and Tyler Crowe – Apr 16, 2023 at 6:37AM

NASDAQ: TSLA

Tesla

Market Cap

$568B

Today's Change

(-0.40%) -$0.71

Current Price

$178.08

Price as of May 31, 2024, 4:00 p.m. ET

No matter which EV company sells the most cars, there's one company they almost all will rely on to manufacture their vehicles.

Tesla (TSLA -0.40%) has been a massive winner for investors, and a litany of other EV start-ups -- including Rivian (RIVN -0.46%), Lucid Group (LCID -1.39%), and Canoo (GOEV 7.66%) -- (not to mention legacy automakers) are fighting to win their share of the EV pie.

Motley Fool contributors Jason Hall and Tyler Crowe discuss Applied Industrial Technologies (AIT 0.79%) and why this relatively unknown company is set to win in the EV race, no matter which auto company comes out on top.

*Stock prices used were from the afternoon of March 28, 2023. The video was published on April 16, 2023.

Jason Hall has positions in Ford Motor Company. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla and Volkswagen Ag. The Motley Fool recommends General Motors and recommends the following options: long January 2025 $25 calls on General Motors. The Motley Fool has a disclosure policy. Jason Hall is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.