4 Top-Performing Electric Vehicle Stocks in October -Breaking
With many countries setting targets to get rid of fossil fuel-powered vehicles by 2020, it is likely that the global electric vehicle market will grow significantly in the long-term despite the semiconductor shortage. So, EV stocks Tesla (NASDAQ:), Lucid Group (LCID), Xpeng (NYSE:), and Li Auto (LI) could be good additions to one’s watchlist now because they generated significant returns last month. Read on.Increasing climate change concerns and supportive government policies to address those concerns are expected to drive the electric vehicle (EV) industry’s growth. A Deloitte study shows that global sales of EV vehicles will increase more than 12 fold from 2.5 million units in 2020 to 31.10 millions by 2030. This represents nearly one-third of all new vehicle sales.
Continued shortages of semiconductor chips continue to affect EV production. Nevertheless, falling EV battery costs and increased demand for EVs have heightened investors’ interest in the industry. This is evidenced by the Global X Autonomous & Electric Vehicles ETF (DRIV) and the KraneShares Electric Vehicles and Future Mobility Index ETF’s (KARS) 12.3% and 15.6% gains, respectively, over the past month. This compares to the SPDR S&P 500 Trust ETF’s (SPY) 5.9% returns over the same period.
Therefore, we believe that it is a smart move to include EV stocks (Tesla Inc. (TSLA), Lucid Group Inc. Xpeng Inc (XPEV), and Li Auto Inc. (LI) to your watchlist now. Add Li Auto Inc. and (XPEV) to your watchlist today. These were the industry’s top performers last month.
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