U.S. automakers line up EV models to take on Tesla

Tesla

Tesla (NASDAQ:TSLA) Inc. is trading down 5.35% at 1088.12

The demand for electric vehicles pushed U.S. automakers last year to unveil plans to spend billions of dollars to electrify gasoline models or introduce electric cars and trucks in a bid to catch up with market leader Tesla (NASDAQ:TSLA) Inc.

General Motors Co (NYSE:GM) and Ford Motor (NYSE:F) Co are among those leading the chase. Last week, Ford’s market value rose above GM for the first time in five years in a sign of increasing investor confidence in its electrification strategy.

Brokerage Wedbush estimates the electric vehicle (EV) market could be worth $5 trillion over the next decade. Here is a list of the major U.S. EV companies, along with their models and deliveries, if applicable:

Tesla, led by billionaire Elon Musk, sells four EV models: luxury sedan Model S, a less-expensive sedan Model 3, SUV Model Y and a luxury SUV Model X. Musk said the world’s most valuable carmaker is aiming to deliver its second-generation roadster and Semi electric commercial truck in 2023. Production of its much-anticipated Cybertruck is likely to begin at the end of this year, with volume production in 2023, he said.Tesla delivered 936,172 EVs in 2021

On technical fronts Tesla (NASDAQ:TSLA) Inc RSI stood at 65.57 and currently stock is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : Tesla (NASDAQ:TSLA) Inc – BUY: 1088.12, TARGET: 1117.69, STOP LOSS : 1063.32

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