Published on 6 Aug 2022 on Insider Monkey via Yahoo Finance
10 Best EV Stocks Under $5
In this article, we will discuss the 10 best EV stocks under $5. If you want to skip our discussion of the EV industry, go directly to the 5 Best EV Stocks Under $5.
In 2021, electric vehicle (EV) sales doubled from the preceding year to reach a new high of 6.6 million. In 2021, the market share for electric vehicles was 4x what it was in 2019 and there are now over 16.5 million electric vehicles on the road worldwide, which is 3x more than there were in 2018. With 2 million electric vehicles sold in the first quarter of 2022, a 75% increase from the same time in 2021, the market for electric vehicles continues to grow rapidly.
Legacy automakers like Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Toyota Motor Corporation (NYSE:TM) are diverting significant resources towards developing new EVs. Meanwhile, established startups like Tesla, Inc. (NASDAQ:TSLA) and BYD Company Limited (OTC:BYDDF) are spearheading the industry. Tesla, Inc. (NASDAQ:TSLA) is the biggest auto company in the world in terms of market capitalization.