With the global promotion of energy conservation and emission reduction in recent years, some new energy vehicle enterprises are emerging in the market. To avoid potential risks in the new energy vehicle market with over-investment, the paper selects Tesla, BYD, and Toyota as examples, and uses CAPM and WACC to calculate and analyze the risks of three automobile enterprises based on the financial data in 2022. The result shows that Tesla owned the largest WACC and risks due to the calculation, and Toyota had the smallest WACC and risks. According to the analysis of data combined with the market situation of three companies, the author finds unique risks for each enterprise and provides a feasible direction for the development of three enterprises. It shows that the development of electric vehicles, guarantee of production, good product quality, and reasonable allocation of funds can help automobile enterprises avoid risks in the future.