The electric vehicle (EV) industry is achieving impressive growth thanks to the increasing focus an efforts of countries worldwide to transition their countries to clean-energy bases. Governments are incentivizing EV sales and production. Given this backdrop, Wall Street analysts expect EV stocks Hyzon Motors (HYZN) and Electric Last Mile (ELMS) to more than double in price in the near term. Read on.The electric vehicle (EV) industry has been growing steadily since last year, driven by favorable government policies, rising environmental concerns, and technological innovations. Despite the pandemic-related downturns in car sales, EV registrations increased by 41% in 2020, with around three million electric cars sold globally.
The EV market is expected to grow at a 33.6% CAGR from 2020 to $2.49 trillion by 2027.
The U.S.’ recently approved $1 trillion infrastructure bill allocates approximately $7.50 billion to the EV industry. As such, Wall Street analysts expect Popular EV stocks Hyzon Motors Inc. (HYZN) and Electric Last Mile Solutions, Inc. (ELMS) to rally by more than 100% in price.