3 Electric Vehicle (EV) Stocks That Could Make You a Millionaire
There's no denying electric vehicles (EVs) aren't quite as common as the world initially expected them to be by this point in time. Although they exist and have a place within the automobile industry, the International Energy Administration reports that a little less than 1-in-5 vehicles sold in 2023 are powered by an electrically driven motor (including plug-in hybrids). In the meantime, consumer interest in EVs is waning here and abroad, with many people citing a combination of range concerns and sheer cost as their chief purchase roadblocks. Far too many electric vehicle stocks have performed far too poorly as a result.
While it has fallen short of early expectations, the EV industry is still growing. Bloomberg Intelligence predicts last year's worldwide EV sales of around 14 million will swell sales of 30 million in 2027, en route to 73 million EV sales in 2040. With trends working in their favor, several unprofitable EV manufacturers could grow their way out of the red and into the black, pushing their underperforming stocks much higher as a result. It's this projected growth that has investors excited about the potential for millionaire-making returns.
Here's a closer look at three potential millionaire-making EV stocks that risk-tolerant investors might want to consider.
Source Fool.com
