Is Now the Time to Buy Electric Vehicle Stocks?
After a rough start to the year, electric vehicle (EV) stocks have rebounded nicely since the calendar flipped to July. With EV makers Tesla (NASDAQ: TSLA) and Rivian (NASDAQ: RIVN) down around 21% and 68%, respectively, year to date, but up 22% and 27% this month, investors may be wondering if it's time to purchase some EV stocks.
If you're a long-term believer in the EV transition, I believe now is a perfect time to hop into some EV-focused stocks. Here's why.
Many consumers and companies have questioned whether the world can switch to an EV-based vehicle infrastructure due to battery component scarcity. However, on July 21, Ford (NYSE: F) eased some of these fears by announcing it has secured the raw materials necessary to produce 600,000 EVs annually by late 2023. Additionally, it has sourced 70% of the battery capacity necessary to support at least a 2-million-EV production rate by 2026.
Source Fool.com
