Top 5 fundamentally strong EV stocks to watch for in 2024
electric vehicles right now. While some are yelling about the impending doom of electric vehicle manufacturers, the bulls are convinced that the top EV companies could potentially generate billions in revenue and profits. Recently, we came acrossa report that says EV penetration in India continues to improve at a healthy pace, spurred by government initiatives and increasing product launches.
The report by rating agency ICRA states that electric bus, two-wheeler, and three-wheeler penetration is set to grow by leaps and bounds by FY25. There are thousands of investors pouring money into EV stocks right now. They don’t see the parabolic run.
They just see the potential that these companies present. The controversy surrounding the FAME subsidy makes it even more enthralling for the public market investors. The removal of the FAME-II subsidy was a dampener and we can already see the pace of adoption slowing down over the past few months.
Without a subsidy, a buyer will be able to recover the cost of purchase in five years as against three years earlier. As we’ve said before, EVs have their pros and cons just like any other technology. The proponents choose to see the positive, optimistic perspective.
The critics are more focused on the negative, pessimistic perspective. There are plenty of challenges, from technology to regulation to infrastructure to consumer behaviours, that need to be overcome in order for EVs to continue their ascension globally, but there are many signs of how powerful and positive this technology is for the world. Here are the top EV stocks to watch for in 2024.
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