Despite the fundamental success of all of these businesses, ...

Despite the fundamental success of all of these businesses, stock performance among EV companies has been mixed. $XPeng(XPEV.US)$ and $Li Auto(LI.US)$ have managed to post gains over the past year, but $NIO Inc(NIO.US)$ lost 35% of its stock price as investors seemed surprised that its Chinese competitors' delivery figures raced past its own.

The growth of the entire EV industry is likely to continue in 2022, and the question will be who benefits the most from that growth. As new players like electric truck disruptor $Rivian Automotive(RIVN.US)$ and established automakers like $Ford Motor(F.US)$ start moving toward bringing more EVs to market, $Tesla(TSLA.US)$ will have to maintain its immense customer loyalty and first-mover advantage to produce the sort of gains shareholders have gotten used to seeing.