The electric vehicle boom has only begun to accelerate.
With a pledge to reduce U.S. emissions by up to 52%, President Biden wants to fuel EV growth with tax credits and incentives, and install up to 500,000 EV charging stations around the country. Better, countries all over the world want millions of them on the roads.
Europe, for example, is already seeing a sales boom.
In fact, during the first quarter, registrations for battery electric vehicles jumped 59.1% to 146,185, benefiting from government stimulus for zero emissions, according to the European Automobile Manufacturers Association. Registrations for PHEVs were up 175% to 208,389. Hybrid electric vehicles registrations increase by 101.6%.
China expects for EV sales to grow by more than 50% this year.
“Prospects are very good for China’s EV market in 2021,” said Chris Jones, Chief Analyst for automotive at Canalys. “There is already an excellent network of standardized public EV chargers in China, good government support and now a return to strong consumer demand.”
In the U.S., EVs could see record sales this year, according to Edmunds.
“Electric vehicle sales are poised to hit their highest level on record in 2021, according to the car shopping experts at Edmunds. Edmunds data shows that EV sales made up 1.9% of retail sales in the United States in 2020; Edmunds analysts expect this number to grow to 2.5% this year,” they noted in a February 2021 report.
Globally, by 2030, according to the International Energy Agency (IEA), the world could see up to 145 million electric vehicles on the road. We could see up to 230 million by the end of the decade, they added, which could fuel unbelievable upside for EV stocks, like Tesla and Nio.
Again, the EV boom has only started to accelerate.
EV stocks like Tesla (TSLA), Nio (NIO), Li Auto (LI) are likely to benefit, along with related ETFs such as the Global X Autonomous & Electric Vehicles ETF (DRIV).
Metals like lithium, cobalt, and graphite will see sky-high demand, as auto companies try to keep up with demand. While investors can always buy stocks like Albemarle (ALB) and Lithium Americas (LAC), ETFs like the Global X Lithium & Battery ETF (LIT) offer good opportunity.
Even charging station stocks, like Blink Charging (BLNK) and ChargePoint Inc. (CHPT) could benefit, especially with Biden’s push for 500,000 charging stations across the U.S.
In short, take full advantage of the EV boom. It’s accelerating fast.