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EV giant Tesla, Inc. (TSLA) has attracted enviable investor attention of late, which has driven the stock to trade at an expensive valuation. Its 200.78 forward non-GAAP P/E ratio is currently 1,167.7% higher than the 15.84 industry average. And in terms of forward Price/Sales multiple, TSLA is trading 1,802.6% above the 1.27 industry average. In addition, for its third fiscal quarter, ended September 30, TSLA’s total cost of revenue increased 50.5% year-over-year to $10.1 billion, while its total operating expenses rose 32.1% from the same period last year to $1.66 billion. And its $835.53 12-month median price target indicates a 32.1% potential downside.
Therefore, we think EV stocks NIO Inc. (NIO), Li Auto Inc. (LI), and Workhorse Group Inc. (WKHS) could be better bets than TSLA to capitalize on the industry tailwinds. These stocks possess solid upsides based on the Street’s predictions.
