EV stocks have had a rough year. Rivian (NASDAQ: RIVN) shares, for example, are down by 40% since 2024 began. 's stock price, meanwhile, has fallen by more than 10%, wiping out roughly $70 billion in value.

There are several reasons for the decline in valuations. But if you're still bullish on EV stocks long term, there's one statistic that you should know about. It's perhaps the biggest reason why investors shouldn't abandon EV stocks just yet.

Before we get into why it's reasonable to remain very bullish about EV stocks like Rivian, it's important to review why these companies have struggled so far this year. The biggest problem has been a lag between reality and expectations. Consumer data company J.D. Power, for instance, was forced to lower its 2024 EV sales forecast only a few months into the year. A few months later, it lowered its sales growth estimates yet again.

Continue reading

Source Fool.com