4 EV Stocks Soaring As Tesla Tumbles

4 EV Stocks Soaring As Tesla Tumbles

Benzinga
March 26, 2025

NBA legend Michael Jordan once famously said, "Republicans buy sneakers too," emphasizing his choice to steer clear of politics while his iconic shoes propelled Nike to the pinnacle of sports retail.

That’s advice Tesla (NASDAQ:TSLA) shareholders may wish the company’s CEO, Elon Musk, had taken to heart. Shares are down more than 32% this year, as Musk’s heavy involvement with the new administration has cratered Tesla’s electric vehicle (EV) sales.

Tesla sales are down 40% in Europe compared to last year, even as total EV sales soared by 26%. The picture is only slightly rosier in the U.S., with Tesla sales down 11% in January. In China, the world’s largest market for electric vehicles, Tesla has been overtaken by a domestic rival for the first time.

But all this bad news for Tesla has been great news for other EV makers.

Here are four non-Tesla EV stocks set to profit from soaring EV sales.

BYD Company Ltd.

News of BYD Company's (OTC:BYDDY) battery breakthrough earlier this month sent the stock to new all-time highs. BYD's new Super-E platform promises to provide a range of 249 miles with a simple five-minute charge, easing a major customer concern. However, investors with keen eyes have had BYD on their radar for a while, as the stock has risen 88% in the last 12 months (including a 43% rip over the previous three). As mentioned above, the company is now outselling Tesla in China, and the government has been providing very accommodating policies.

BYD is a conglomerate with several divisions. BYD Auto is the most well-known, thanks to its electric and hybrid vehicles and battery charging solutions. Still, the company also has BYD Electronics and ...

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