Together with government incentives, better performance and lower recurring costs should drive electric vehicle (EV) sales. Moreover, the initiatives of governments worldwide to transition to zero-emission vehicles should power the industry’s growth over the short- and long term. With that, Wall Street analysts expect low-priced electric vehicle stocks Faraday Future (FFIE), Electric Last Mile (ELMS), and Hyzon Motors (HYZN) to gain more than 70% in price in the near term. So, we think it could be worth adding these stocks to one’s watchlist. Let’s examine these names.Although last year was rough for the automotive industry, the strong demand for electric vehicles (EVs) was a bright spot. Increasing fuel prices and government incentives for consumers to replace internal-combustion vehicles with EVs have boosted sales this year also. To meet the rising demand, automakers are increasingly investing in the EV space. Indeed, the global EV market is expected to reach $812.89 billion by 2028, registering a 19.8% CAGR.
EV sales increased 160% year-over-year in the first half of 2021 to 2.6 million units, representing 26% of new sales in the global automotive market. EV sales are surging due to improvements in battery technology, declining costs, more charging infrastructures, and new attractive models from automakers, among other factors. Furthermore, President Biden wants EV sales to account for 50% of all new vehicle sales by 2030.
Therefore, we think it could be worth watching EV Faraday Future Intelligent Electric Inc. (FFIE), Electric Last Mile Solutions, Inc. (ELMS), and Hyzon Motors Inc. (HYZN) because Wall Street analysts expect these below-$10 stocks to gain more than 70% in the near term.