If you think of electric cars, the first company name you are likely to bring to mind is (NASDAQ: TSLA). But Tesla most certainly isn't the only electric vehicle (EV) company or the only company making cars powered by alternative energy sources (including hybrids that use both carbon fuels and electricity). And there is a growing competitive threat that investors might not know about because it operates mostly in China.

To be fair, there is good news coming out of Tesla. For example, in the third quarter of 2023, it increased production by a huge 35% year over year. Deliveries were up an even larger 38%. That's an impressive increase, but more importantly, it shows that there's still strong demand for the company's various all-electric vehicles. It is the leader in the U.S. market, with a market share of more than 40% in the still fairly small EV niche.

Image source: Tesla.

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Source Fool.com