The majority believe that the automotive industry will soon be taken over by electric vehicles. Even government bodies across the globe are encouraging this transition with the provision of various subsidies. It is expected that the growth in the EV sector will be exponential. Tesla is a great example of how this sector will expand in terms of manufacturing and returns. The industry, for now, is ambitious with great plans, but it is a great time to invest in EV stocks as other players join the game and stabilize themselves. 

The International Energy Agency states in a report that the number of electric vehicles on roads is expected to grow from 11 million to 145 million by the end of the decade. If governments expedite the process to achieve climate goals, the number can reach 230 million by 2030. The IEA found that 3 million electric cars were registered across the world in 2020. 

Fortune Business Insights also reports that the global EV market is expected to grow by 24.3% annually from $287.4 billion in 2021 to $1.3 trillion in 2028. Investors witness this current wave as a disruption of the global auto industry as the EV sector is all set to wipe out demand for millions of barrels of oil. 

Lucid Group Inc. 

Its first car Lucid Air was named the 2022 MotorTrend Car of the Year. Technology is one of the greatest advantages of Lucid Group over the other EV startups. As of November 2021, it has a backlog of 17,000 vehicles which implies a revenue backlog of $1.3 billion. Lucid is a premium and a pure-play EV stock with a great buying opportunity. 

Ford Motor 

Its stock has more than doubled in the year 2021. CEO Jim Farley expedited Ford’s push in the EV scene. The company announced that 40% of all Ford global vehicle volume to be all-electric by the end of decade. The EV production is likely to be increased to 600,000 vehicles by 2023. The planned electrification spending is also raised to $30+ billion by 2025 which includes the development of its IonBoost batteries. This will also make the company the second-largest U.S producer of EVs. 

Fisker 

Its direct-to-consumer model boasts of a rapid path to production and profitability. The FSR stock will remain in the limelight as the company is set to produce its Fisker Ocean in the fourth quarter of 2022. Many investors are hopeful of Fisker’s potential with its recent partnership with Bridgestone. Fisker can expect a healthy launch because of its marketing campaigns in U.S and Germany. 

Rivian Automotive 

Rivian unlike its rivals is completely focused on electric sports utility vehicles and pickup trucks for now. Rivian reportedly plans to invest in building a battery factory in the U.S. It may also open a plant in Europe. Worth mentioning, Rivian EDV van has an order backlog of 100,000 vehicles from its backer, Amazon. 

XPeng Inc. 

XPeng – the “Tesla of China” is expected to launch its G9 model in the third quarter of 2022 and help boost its overall margins. They also plan to export cars to Denmark, Sweden, and the Netherlands. The company has a strong execution in light of the challenges in the recent global supply chain. The company delivered 15,613 vehicles in the month of November – an impressive figure to gain trust. 

Are you willing to bet your money on EV stocks in 2022?