With Tesla (NASDAQ: TSLA) as the only established industry leader, there is still a great opportunity for start-up electric vehicle (EV) makers to ultimately dominate the market. As of now, Nio (NYSE: NIO) and Rivian (NASDAQ: RIVN) are ahead of the competition, but all EV companies have faced supply chain challenges as a result of COVID-19. The bear market has also been less than kind to the EV industry; at Tuesday’s prices, Nio’s stock has dropped almost 70% from its all-time high in January 2021, and other companies are struggling similarly.