With countries worldwide setting goals to phase out fossil fuel-powered vehicles, the electric vehicle (EV) industry is set to grow rapidly. Against this backdrop, EV stocks Lucid Group (LCID), Fisker (FSR), and Volcon (VLCN) could be good additions to one’s watchlist because they have soared in price month-to-date. So, read on for a closer look at these names.Increasing climate change concerns and forthcoming government policies to phase out fossil-powered vehicles are expected to drive the electric vehicle (EV) industry’s growth. According to a Deloitte report, EV sales are expected to grow more than 12-fold to 31.10 million vehicles by 2030.
According to a Pew Research Center survey earlier this year, 7% of U.S. adults said they currently have an electric or hybrid vehicle, and 39% said they were very or somewhat likely to seriously consider buying an electric vehicle the next time they’re in the market for new wheels. Strong investor interest in the EV industry is evident in the KraneShares Electric Vehicles and Future Mobility Index ETF’s (KARS) and the SPDR S&P Kensho Smart Mobility ETF’s (HAIL) 15.3% and 12.8% returns, respectively, over the past month.
So, we think it could be wise to add EV stocks Lucid Group, Inc. (LCID), Fisker Inc. (FSR), and Volcon, Inc. (VLCN) to one’s watch list now. They have each advanced more than 13% in price this month.