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:
$Tencent Music (TME.US)$ 
$Baidu (BIDU.US)$ 
$ViacomCBS (VIAC.US)$ 
$Vipshop (VIPS.US)$ 
$Discovery-B (DISCB.US)$ 
$Farfetch (FTCH.US)$ 
$iQIYI (IQ.US)$ 
$GSX Techedu (GSX.US)$

Trends in the large cap market.
Account profit and loss.
Position details.
Trading statistics.
$PDD 210319 140.00P$Trading details.
$PDD 210319 150.00P$Trading details.

$Ocugen (OCGN.US)$ I watched him grow to 10 at 6.1 this morning. The money won't be in until the 25th, it's heartbreaking.