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Trader says market has decided winner of electric vehicle race

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The stock market has already picked a winner in the race to mass electric-vehicle production, one market analyst says.

Tesla’s lofty valuation — 137 times forward price-to-earnings as of Tuesday’s close — speaks volumes about where investors are placing their bets as legacy auto manufacturers rush to develop their own EV projects, TradingAnalysis.com founder Todd Gordon told CNBC’s “Trading Nation” on Tuesday.

UBS Global Research weighed in on the competition in a Tuesday note, saying Volkswagen, General Motors and Hyundai were “likely to emerge as best EV re-rating stories.” The firm also cut its price target on Tesla’s stock to $660 from $730 and upped its targets for GM and



Source cnbc.com

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