The existing innovation theory about new entrants surpassing establishers is based on the fact that the former adopts new technology and that the research perspective is limited and quantitative research is insufficient, so it is difficult to explain systematically the phenomenon of innovation in which the establishers of electric vehicle conduct research and development but the new entrants lead the innovation. Based on expert interviews and literature research, this paper constructs and verifies the reasons and mechanisms for analyzing the lead of new entrants by using structural equation modeling and explains the aforesaid phenomenon. The study found that the main reasons for new entrants to take the lead are due to their sources of innovation, technological model and business model. The business model is the main reason why new entrants are currently taking the lead; the technological model plays an important role in ensuring new entrants to stay ahead; and the sources of innovation is the key to promote enterprises to optimize their technological model and business model. This research enriches the innovation theory of new entrants and establishers and it has important implications for new entrants and establishers to allocate effectively innovative resources.