3 Electric Vehicle Stocks Under $10 Wall Street Predicts Will Rally by More Than 55% By StockNews
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© Reuters 3 Electric Vehicle Stocks Under $10 Wall Street Predicts Will Rally by More Than 55%The Biden administration has unveiled plans for significant spending on EV infrastructure. Moreover, the revival of the semiconductor industry from its current supply shortage, and declining input costs, should drive the EV industry’s growth. Wall Street analysts predict that EV stocks Hylion (HYLN), Electric Last Mile Solutionss (ELMS), Workhorse Groups (WKHS), will see a price rise of more than 55% within the next few months. Keep reading. Countries around the world have made significant investments to shift to green technology in order to tackle climate change. Biden has set the goal for half of all new vehicles to be electric or battery-powered by 2030. In line with these goals, a U.S. House of Representatives panel recommended spending $13.5 million on electric vehicle infrastructure.
A rebounding semiconductor market and decreasing input costs will help the North American electric vehicle (EV) market grow at a 37.2% annual rate over 2021-2028.
Given the industry’s solid growth prospects, Wall Street analysts expect EV stocks Hyliion Holdings Corp. (HYLN), Electric Last Mile Solutions, Inc. (ELMS), and Workhorse Group Inc. (WKHS), which are currently trading at less than $10, to rally by more than 55% in price in the near term.
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