Is Now the Time to Buy Electric Vehicle Stocks?

The electric vehicle industry is in its early growth stage. It is witnessing rapid advancements in key areas such as battery costs, efficiency, range of vehicles, self-driving features, cost of vehicles, charging infrastructure, and so on. While the industry is still evolving, an eventual transition from internal combustion engine (ICE) vehicles to electric ones looks certain.

Several electric vehicle (EV) companies are trying hard to capture a part of the growing EV market. These include established automakers as well as new pure-play EV companies. Investors are obviously interested in benefitting from the fast growth the sector is witnessing. Is now the right time to buy EV stocks?

As of this writing, major EV stocks have corrected between 7% to 62% year to date. While Tesla (NASDAQ: TSLA) stock is down roughly 7%, Rivian Automotive's (NASDAQ: RIVN) shares have fallen nearly 62% in 2022.

Source Fool.com