The electric vehicle space has been dominated by Tesla, Inc. (TSLA - Get Rating) over the last couple of years. However, many companies are emerging in this industry to capitalize on the recent trend in the automobile industry, given its fast-paced growth. According to data released by Deloitte, EV sales are expected to reach 21 million by 2030, from 4 million in 2020. While TSLA is currently venturing into similar industries after dominating the electric vehicle industry, companies such as Electrameccanica Vehicles Corp (SOLO - Get Rating) are focused on building cost efficient EVs.
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Both companies have generated significant returns over the past year. While TSLA generated 479.4% over this period, SOLO has returned 213.6%. However, in terms of six-month performance, SOLO is the clear winner with a 514.9% gain versus TSLA’s 155.3% return.
But which stock is a better buy now? Let’s find out.