2 Top Electric Vehicle Stocks to Buy for the Long Haul

Between the legacy automakers pivoting their businesses and start-ups looking to make a splash in the near future, the transportation sector will likely be significantly more electrified by the start of the next decade. That creates a $5 trillion market, even if electric vehicle (EV) penetration is still only 30% by 2030, according to Wedbush analyst Dan Ives.

Lucid Group (NASDAQ: LCID) CEO and chief technology officer Peter Rawlinson believes the winners in that market will be the leaders in EV technology. Considering Rawlinson was the lead engineer on the team that developed Tesla's first mass-market car, the luxury Model S, he carries credibility in that department. Now he runs a company he believes has better in-house technology than his former employer and leader in the space. It remains to be seen if he's right, but Lucid is off to a good start. His new venture, and Nio (NYSE: NIO), another EV tech leader overseas, would make two solid, yet diverse, options for investors looking to hold EV stocks for the long haul.

Lucid Air interior. Image source: Lucid Group.

Source Fool.com