With environmental and sustainability concerns coming into focus this past year, electric vehicle stocks have seen some strong momentum. The shift from gasoline to battery-powered cars is now a fast-growing trend in the auto sector. Because of that, traditional automakers are moving aggressively towards electrification while fresh-on-the-scene electric vehicle (EV) companies work on innovative new technologies.
So, EVs have received widespread support. Still, they continue to have their challenges. For one, charging stations remain scarce, which in turn limits the duration of travel. Adding to this, electric cars typically come at higher price tags. However, the U.S. government has introduced a $7,500 tax credit to help bridge this gap. Long-term, more affordable vehicle options and the greater adoption of EVs will level the playing field between gasoline and electric.
Right now, 2021 is set to be a breakout year for EVs, as investors and automakers remain optimistic about the future. While the tech selloff and global chip shortage have put pressure on prices, EV makers still show a lot of runway for growth.
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