3 Electric Vehicle Stocks To Park Your Money In For Long-term Growth

3 Electric Vehicle Stocks To Park Your Money In For Long-term Growth

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Global demand for electric vehicles (EV) is only growing.

In fact, according to the International Energy Agency, we could see about 130 million EVs on the road by 2030, a considerable jump from 5.1 million in 2018.

Just over the last five years, EV sales have been growing at a rate of nearly 41%, reports Clean Technica contributor Johnna Crider: “In the next 5–10 years, or by 2030, the possibility of the US and China selling more EVs than gas cars is extremely high.”

To date, in Asia, EVs have seen 55% annual growth. In the Americas, they’ve seen 32% annual growth. In Europe, EV annual growth is up to 26%. Better, European electric car sales just rocketed 121% higher just in Jan. 2020. Better, Italian sales were up 587% in January 2020.

However, the shift toward EVs has only begun, creating sizable opportunity. All of that points to solid growth for EV-related stocks over the next 10 years.

Electric Vehicle Stocks To Park Money In: Tesla (TSLA)

Tesla Stock Investors Need to Keep It Real

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At the top of the list is Tesla (NASDAQ:TSLA), one of the most well-known EV stocks in the world with 367,500 vehicles delivered in 2019 (50% more than in 2018). The Model 3 was the best-selling EV in 2019, with full-year deliveries at more than 300,000, says OilPrice contributor Irina Slav. That was 14 percent more than Model 3 sales in 2018 and it constituted a solid portion of total EV sales, which stood at 2.2 million last year.

The future could be even better, though.

At the moment, the company pledges to deliver 35% more vehicles in 2020. Analysts are just as bullish, with Wedbush’s Dan Ives calling for $1,000 a share, seeing “clear momentum around global EV demand inflection heading into 2020 and beyond, with Tesla leading the charge.”

Better, even at $717 a share, ARK Investment Management’s Catherine Wood believes Tesla is still undervalued, and says the stock could be worth up to $7,000 a share.  With bigger revenue expected, and sizable growth in store, all will eventually lead to higher highs for the Tesla. By year end, I wouldn’t be shocked to see the stock at $1,000.

General Motors (GM)

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General Motors (NYSE:GM) invested $2.2 billion in an assembly plant that will be 100% devoted to producing all-electric trucks and SUVs. The company’s first electric-truck will be a pickup with production scheduled for late next year.

“Through this investment, GM is taking a big step forward in making our vision of an all-electric future a reality,” said Mark Reuss, GM president. “Our electric pickup will be the first of multiple electric truck variants we will build at Detroit-Hamtramck over the next few years.”

General Electric also expects for all Cadillac vehicles to be electric in the next 10 years. GM’s luxury brand also plans to introduce a compact electric SUV in China in 2022, with a companion model slated to go into production in the United States in late 2023, reports Reuters.

Thanks to General Motors’ efforts to go electric, Morgan Stanley says the stock is their top auto pick with a price target of $100 a share.

Ford (F)

Coronavirus Fears Are Creating an Opportunity in F Stock

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Ford (NYSE:F) has been moving aggressively into the EV market, too.

Back in 2018, the company said it was creating 16 fully electric vehicles and 40 electrified vehicles through 2022. It’s also pushing forward with plans to build a Mustang-influenced EV crossover as an alternative to Tesla’s Model Y. It’s also set to roll out a F-150 electric truck.

Then, just last year, Ford spent $11.5 billion in the pursuit of electrification.

“These new electric vehicles will help recharge demand for Ford vehicles in the company’s key North America and Europe markets, where electric vehicle demand is rapidly rising,” notes InvestorPlace contributor Luke Lango.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999. As of this writing, Ian Cooper did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/3-electric-vehicle-stocks-to-park-your-money-in-for-long-term-growth/.

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