4 Top-Performing Electric Vehicle Stocks in October
StockNews
Published Nov 02, 2021 11:38AM ET
Updated Nov 02, 2021 12:30PM ET
4 Top-Performing Electric Vehicle Stocks in October
With countries worldwide setting goals to phase out fossil fuel-powered vehicles, the electric vehicle industry is expected to grow significantly over the long term despite the current semiconductor shortage. So, EV stocks Tesla (NASDAQ:TSLA), Lucid Group (LCID), Xpeng (NYSE:XPEV), 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. According to a Deloitte report, global EV vehicle sales are expected to grow more than 12-fold from 2.5 million vehicles in 2020 to 31.10 million by 2030, and account for nearly one third of new vehicle sales.
The ongoing semiconductor chip shortage continues to impact 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.
So, we think it could be wise to add EV stocks, Tesla Inc. (TSLA), Lucid Group Inc. (LCID), Xpeng Inc . (XPEV), and Li Auto Inc. (LI), to your watchlist now. These stocks were the top-performing industry participants last month.
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