Tesla’s (TSLA – Free Report) 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 – Free Report) 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 – Free Report) and Lucid Group (LCID – Free Report) 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 – Free Report) , the iShares Self-Driving EV and Tech ETF (IDRV – Free Report) and the KraneShares Electric Vehicles and Future Mobility Index ETF (KARS – Free Report) , please watch the short video above.
In addition to popular EV stocks, NVIDIA (NVDA – Free Report) , Apple (AAPL – Free Report) and Microsoft (MSFT – Free Report) are among the top holdings in these ETFs.
