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, $特斯拉(TSLA.US)$ 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...

2022年5月23日当周表现最好的板块将是哪个？
$纳指100ETF-Invesco QQQ Trust(QQQ.US)$ $SPDR 标普500指数ETF(SPY.US)$ $雪佛龙(CVX.US)$ $特斯拉(TSLA.US)$ $沃尔玛(WMT.US)$

Goldman Sachs sold 10.5 billion in stocks causing a 25billion dollar sell-off. Companies included:
$腾讯音乐(TME.US)$ 
$百度(BIDU.US)$ 
$ViacomCBS Inc(VIAC.US)$ 
$唯品会(VIPS.US)$ 
$Discovery Inc(DISCB.US)$ 
$Farfetch Ltd(FTCH.US)$ 
$爱奇艺(IQ.US)$ 
$GSX Techedu(GSX.US)$

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$PDD 210319 140.00P(PDD210319P140000.US)$  交易详情
$PDD 210319 150.00P(PDD210319P150000.US)$  交易详情

$Ocugen(OCGN.US)$ 今天早上6.1眼睁睁地看他长到10十。钱要25号才到帐，心疼啊