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3 Electric Vehicle Stocks Under $10 That Will Gain More Than 70% According to Analyst Estimates -Breaking

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© Reuters. Based on analyst estimates, 3 electric vehicle stocks below $10 will gain more than 70%

Government incentives and better performance should help drive electric vehicle (EVs) sales. Moreover, the initiatives of governments worldwide to transition to zero-emission vehicles should power the industry’s growth over the short- and long term. Wall Street analysts predict that electric vehicles stocks Faraday Future, Electric Last Mile and Hyzon Motors will see a 70% price increase in the short-term. So, we think it could be worth adding these stocks to one’s watchlist. Let’s examine these names.Although last year was rough for the automotive industry, the strong demand for electric vehicles (EVs) was a bright spot. Sales have increased this year due to rising fuel costs and government incentives that encourage consumers to buy EVs instead of internal combustion engines. Automakers have been investing more in EVs to meet rising demand. Global EV sales are expected to grow at 19.8% annually by 2028.

In the first half 2021, EV sales increased 160% to 2.6million units. This represents 26% of global new automotive sales. The rise in EV sales is due, among others, to improved battery technology, falling costs, better charging infrastructures and attractive new models from automakers. President Biden has also stated that EV sales will account for half of all new vehicles sold by 2030.

We think that it might be worthwhile to watch EV Faraday Future Intelligent Electric Inc., Electric Last Mile Solutions, Inc., (ELMS), Hyzon Motors Inc., (HYZN), because Wall Street analysts believe these low-cost stocks will gain over 70% within the next few years.

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