Use any weakness in electric vehicle stocks as an opportunity.
Not only do countries all over the world want millions of electric vehicles on the roads, the International Energy Agency (IEA) estimates we could see 135 million EVs in the next 10 years.
General Motors just announced it will boost global spending on EVs to 435 billion through 2025.
Ford increased its spending to more than $30 billion by 2030.
Piper Jaffray analyst Alexander Potter noted, “We have spent the past few months assembling a brand-by-brand, region-by-region forecast for battery electric vehicle (BEV) sales,” as quoted by Barron’s. “Looking ahead, he forecasts EV penetration at 45% of new car sales by 2030.”
Even better, analysts at Ernst & Young say that EV sales could outpace combustion engines in Europe, China, and the U.S. in the next 12 years. By 2045, they added, non-EV sales could make up less than 1% of the global auto market.
While that’s great news for Tesla (TSLA), Nio Inc. (NIO), and Li Auto (LI) to name a few, it’s also great for related EV ETFs such as the Global X Autonomous & Electric Vehicles ETF (DRIV) and the iShares Self-Driving EV and Tech ETF (IDRV).
It’s also great news for charging station stocks.
After all, if we’re going to see EV dominance, we’ll need plenty of charging stations.
At the moment, there aren’t enough charging stations.
However, according to NBC News, “That’s a concern that President Joe Biden wants to address, with $174 billion of his proposed infrastructure bill to be used to promote electric vehicles. About 10 percent of that would help fund a nationwide network of 500,000 chargers.”
That being said, one of the top charging station stocks to consider is Blink Charging (BLNK), which is about to join the Russell 2000.
In addition, according to NBC News, “ChargePoint saw its first-quarter revenues jump by 24 percent to $40.5 million this year, a surge largely driven by rapid growth in the EV market. Sales of battery cars were up 45 percent during the first quarter, compared to a year earlier. To take advantage of that growth, ChargePoint added another 6,000 active ports — the electric equivalent of a gas pump — during the quarter. It now has 112,000 active charge ports.”
With the EV boom only accelerating, don’t get left behind.
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