Published on 31 Mar 2022 on Insider Monkey via Yahoo Finance
10 EV Penny Stocks to Buy Now
In this article, we will discuss 10 EV penny stocks to buy now. If you want to skip reading about the EV industry, its growth in 2021, and major players in the industry, go directly to 5 EV Penny Stocks to Buy Now.
The EV Market and Government Initiatives For It
According to the Electric Vehicle Market report by Markets and Markets, the global electric vehicle market is expected to reach 34.75 million units by 2030, up from 4.09 million units in 2021, registering a compound annual growth rate of 26.8%. As governments around the world transition from being oil-based economies to green economies in efforts to battle climate change and demand for low-emission transportation increases, automobile manufacturers are being incentivized to provide electric vehicles around the world. For instance, in November 2021 the Biden administration signed the Infrastructure Investment and Jobs Act, which authorized $1.2 trillion in spending of which $7.5 billion is to be used for setting up a network of EV charging stations. President Biden has set an ambitious target of deploying 500,000 EV charging stations nationwide by 2030 and is incentivizing EV manufacturers to encourage the deployment of EV charging stations along highways and within communities.