3 EV Stocks With Potential to 10X in the Next Decade
Here are three EV stocks to buy for long-term gains
2h ago · By Will Ashworth, InvestorPlace Contributor
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These EV stocks could 10x over the next 10 years.
BYD (BYDDY): The company is nipping at Elon Musk’s heels.
Tesla (TSLA): It remains the gold standard for electric.
Volkswagen (VWAGY): Volkswagen brings global scale to the EV game.
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EV stocks to buy - 3 EV Stocks With Potential to 10X in the Next Decade
Source: shutterstock.com/Alexander Steamaze
Despite all the negative talk about electric vehicles (EVs) in 2023, Tesla (NASDAQ:TSLA) stock isn’t doing too badly, up 105%, more than double the Nasdaq-100. Yet all anyone seems to be able to talk about is how toxic EV stocks are heading into 2024.
The reason for the negativity involves the slowing demand for EVs.
“We’re taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth,” Reuters reported GM CEO Mary Barra’s comments to analysts.
Elon Musk suggested on his company’s conference call that higher interest rates make it harder to find buyers willing to part with their hard-earned capital. All across the industry, car company executives have sounded the alarm bells.
However, the data suggests things aren’t so bleak.
“EV sales are growing, however. They topped 300,000 units in the United States for the first time in the third quarter, according to a Cox Automotive report. They rose 14.3% in September in the European Union and 22% in China, the world’s largest EV market,” Reuters reported.
