With the EV boom showing no signs of slowing, all investors should own related stocks.
For one, with the Trump Administration turning the keys over to Biden, green related stocks have begun to explode. Most notably, electric vehicle related stocks.
“There are now one million electric vehicles on the road in the United States. But a key barrier to further deployment of these greenhouse-gas reducing vehicles is the lack of charging stations and coordination across all levels of government. As President, Biden will work with our nation’s governors and mayors to support the deployment of more than 500,000 new public charging outlets by the end of 2030,” as noted on his site.
Helping quite a bit, governments around the world are pushing for EVs, too.
California Gov. Gavin Newsom, for example, just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. In Europe, “Automakers need to sell more electric vehicles after EU lawmakers in December 2018 ordered them to cut CO2 emissions by 40 percent between 2007 and 2021.”
With that in mind, it’s not surprising related EV stocks are exploding, including:
· Albemarle (ALB), a lithium opportunity
· Nio Inc. (NIO)
· Li Auto (LI)
· Blink Charging (BLNK)
And of course, there’s Tesla, which will soon be added to the S&P 500.
From a current price of $547.82, the stock could easily hit $1,000 a share again after it’s added to the index. After posting its best quarterly profit to date, and with hopes of selling a half million cars this year, the stock is up again.
Even Wedbush analyst Daniel Ives is bullish on the stock, increasing his price target to $560 from $500 a share. “With the sustained path to profitability and S&P 500 index inclusion achieved, the Tesla bull story is now all about a stepped up EV demand trajectory into 2021,” Ives said, as quoted by MarketWatch.
The post The Top Reasons to Consider EV Stocks Immediately appeared first on Morningology.
