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 (TSLA), Lucid Group (LCID), Xpeng (XPEV), and Li Auto (LI) could be good additions to one’s watchlist now because they generated significant returns last month. Read on. shutterstock.com - StockNews 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 industr...