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Electric car stocks are on fire.
Over the past year, the KraneShares Electric Vehicle and Future Mobility ETF (NYSEARCA:KARS) is up nearly 30%, versus a mere 5% gain for the S&P 500. This move comes on the back of optimism that rising consumer awareness, coupled with strengthening government support, will drive 36% growth in electric vehicle sales to record high levels in 2021.
While those numbers — a 30% gain for electric car stocks and a 36% rise in electric vehicle sales — may seem huge, this is just the beginning. The numbers will only get way bigger over the next 10 years.
The reality is that this is the beginning of the future of transportation. Diesel cars on their way out. Electric cars on their way in.
Over the next decade, this shift will only accelerate as battery tech improves driving ranges, battery charging infrastructure expands, consumer demand pivots, automobile production capacity makes a similar pivot, battery and electric vehicle prices come down, and public and private pressure to cut carbon emissions escalates. It’s a confluence of tailwinds that will spark a once-in-a-lifetime transportation revolution — and ultimately make electric vehicles ubiquitous by the end of the decade.
Today, electric vehicles only account for about 3% of all passenger cars.
Needless to say, the best of this growth narrative is yet to come … and the best of the rally in electric car stocks will happen over the next decade.
With that in mind, here are the five best electric car stocks to buy for the next 10 years:
Electric Car Stocks: Tesla (TSLA)
The godfather of the electric vehicle industry, Tesla is and will remain one of the best electric car stocks to buy for the next 10 years.
In 2019, Tesla controlled about 16% of the global passenger electric vehicle market. That number is up from 8% in 2017, thanks to new cars and geographic expansion.
These two drivers will remain in place for the next several years. Tesla will launch the Model Y this year. Then the Cybertruck after that. Then more cars after that. At the same time, the company will continue to push deeper into Europe, establish a premium leadership position in China and eventually makes its way into Latin America.
Against the backdrop of all that growth, Tesla will continue to produce the best cars in the business, because the company has a huge lead when it comes to battery technology and autonomy. Concurrently, Tesla’s brand equity is second to none. That strong brand equity won’t be diluted anytime soon.
Tesla will remain the unparalleled leader of the consumer EV market for the next several years. As the market booms, so will Tesla’s revenues. And Tesla’s profits. And the TSLA stock price.
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