While Tesla (NASDAQ: TSLA) has been the darling of Wall Street for quite some time, the EV slump coupled with CEO Elon Musk taking on yet another leading role – his Department of Government Efficiency work for President Trump – has become an issue.

Not only is he catching political heat, but sales of his vehicles are getting hammered due to tariffs that the US is imposing on cars coming in from abroad.

As you can see above, BYD (OTC:BYDDF) is on fire in China and is now the leading EV maker in the world.

What’s more, most of these Chinese EV makers are just now starting to enter international markets. Geely (OTC:GELYY), the maker of Volvo cars, will be expanding into Europe, as will BYD, and many will begin to sell to Asian nations as well.

If Europe continues to transition to a more Euro-centric economy, you can be sure that European EV makers will be growing swiftly at home and abroad.

Also, bear in mind that many nations are choosing EVs due to the fact that gas prices are very expensive and being energy independent is a key goal of many nations. EVs are the current solution.

What’s more, the new generation of EV batteries are just hitting the market. They charge faster and can store more energy. Those features will also reduce some of consumers’ concerns about switching to EVs.

Also, don’t forget about hydrogen. R&D work has been going on in Japan and Europe for decades now, and they’re already using heavy equipment and busses that run on hydrogen.

The greatest challenge remains building a distribution network for consumer vehicles. That’s where the biggest financial hurdle remains, especially as EV charging networks are still under construction.

Airbus (OTC:EADSY) even has built a passenger plane that runs on hydrogen.

Yet space is where hydrogen has real possibilities. NASA has been using hydrogen fuel cells since Apollo 11, and the next generation of hydrogen-powered equipment and fuel cells will be significant players when exploring the Moon and other planets where there are no native fuel sources. With hydrogen, you just need water.

Look for winners, like Honda (NYSE:HM), Toyota (NYSE:TM),and European companies, like Nel ASA (OTC:NLLSY), to be in on the action.