My argument for incumbents is they already have a large userbase that's familiar with them, and they have an existing source of free cashflow unlike the pure-EV plays which means they're less risky, considering how bloated the pure-plays are because they're valued like "it's gonna be the next Tesla!"
Reminder, $Tesla(TSLA.US)$ IPOed at only $1B.
Meanwhile, $Rivian Automotive(RIVN.US)$ / $Lucid Group(LCID.US)$ were at one point $100B companies despite having nothing to back it up.
Consider the foll...

What will be the best performing sector for the week of May 23rd, 2022?
$Invesco QQQ Trust(QQQ.US)$ $SPDR S&P 500 ETF(SPY.US)$ $Chevron(CVX.US)$ $Tesla(TSLA.US)$ $Walmart(WMT.US)$

Goldman Sachs sold 10.5 billion in stocks causing a 25billion dollar sell-off. Companies included:
$Tencent Music(TME.US)$ 
$Baidu(BIDU.US)$ 
$ViacomCBS Inc(VIAC.US)$ 
$Vipshop(VIPS.US)$ 
$Discovery Inc(DISCB.US)$ 
$Farfetch Ltd(FTCH.US)$ 
$iQIYI(IQ.US)$ 
$GSX Techedu(GSX.US)$

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$PDD 210319 140.00P(PDD210319P140000.US)$ Transaction details
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$Ocugen(OCGN.US)$I watched him grow to 10-10 this morning. "it won't arrive until the 25th." it hurts.