Tesla’s TSLA stock surged about 33% last week after the company posted strong results and is now up more than 50% this month. CEO Elon Musk was optimistic about the outlook and said the company could produce 2 million cars this year.
Earlier this month, the EV giant slashed prices on some of its models and Ford Motor F announced price cuts on its electric Mustang Mach-E yesterday, stepping up price wars in the EV market.
Tesla controls about 65% of the US EV market and remains years ahead of competitors, with vastly higher profit margins. EV start-ups like Rivian Automotive RIVN and Lucid Group LCID may not report profits any time soon.
Lucid had soared last week on unconfirmed rumors that the company could be acquired by Saudi Arabia Public Investment Fund.
Annual EV sales are expected to increase from around 10 million in 2022 to more than 20 million by 2025 and over 60 million by 2035, per Rho Motion.
The Inflation Reduction Act and the Infrastructure Investment and Jobs Act aim to boost EV development and adoption through billions of dollars in funding.
To learn about the Global X Autonomous & Electric Vehicles ETF DRIV, the iShares Self-Driving EV and Tech ETF IDRV and the KraneShares Electric Vehicles and Future Mobility Index ETF KARS, please watch the short video above.
In addition to popular EV stocks, NVIDIA NVDA, Apple AAPL and Microsoft MSFT are among the top holdings in these ETFs.
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Ford Motor Company (F) : Free Stock Analysis Report
Apple Inc. (AAPL) : Free Stock Analysis Report
Microsoft Corporation (MSFT) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Global X Autonomous & Electric Vehicles ETF (DRIV): ETF Research Reports
Tesla, Inc. (TSLA) : Free Stock Analysis Report
KraneShares Electric Vehicles and Future Mobility Index ETF (KARS): ETF Research Reports
iShares Self-Driving EV and Tech ETF (IDRV): ETF Research Reports
Lucid Group, Inc. (LCID) : Free Stock Analysis Report
Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report
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