Published on 7 Apr 2023 on Insider Monkey via Yahoo Finance

11 Best EV Stocks For The Long Term

In this piece, we will take a look at the 11 best electric vehicle stocks for the long term. For more EV stocks, head on over to 5 Best EV Stocks For The Long Term.

The electric vehicle industry is one of the hottest sectors right now, even as demand for electric cars faces a weak macroeconomic environment. Emissions reduction goals in the West combined with plans to phase out internal combustion vehicles gradually have ensured that there will be demand for electric vehicles for the foreseeable future. And where there's demand, there are companies willing to swoop in and offer products.

This interest in electric vehicles has also led to stellar valuations for the sector. For instance, a research report from Allied Market Research lays out that the global electric vehicle market was worth $163 billion in 2020 and by the end of this decade, it will grow significantly to $823 billion through a compounded annual growth rate (CAGR) of 18.2%. However, the research firm adds that while there is significant demand for electric vehicles alongside government incentives, a key hurdle remains in the form of inadequate charging infrastructure. While gasoline cars have the luxury of a fuel pump located at convenient locations, electric vehicles are often hamstrung by the lack of charging points in certain areas, which then limits their utility. Speaking of which, the renowned accounting firm PricewaterhouseCoopers (PwC) believes that the electric vehicle charging market will have to grow by tenfold to meet the current estimated demand of 27 million cars on the road by 2030 in the U.S.