Not just Tesla: Tech analyst says electric vehicle stocks could soar 50% this year

CEO of Tesla Motors Elon Musk.

Brendan McDermid | Reuters

Electric vehicle stocks could climb as much as 50% this year, in line with Wedbush analyst Daniel Ives, who thinks there’s sufficient room out there for greater than just Tesla.

“In my opinion EV stocks could be up another 40- 50% this year, given what we’re seeing in terms of a green tidal wave globally,” Ives informed CNBC’s “Street Signs Europe” Monday.

“I think right now it’s a big enough ocean for more than one boat,” stated Ives. “It’s not just going to be Tesla’s world.”

Ives stated he expects the electric vehicle business to develop right into a $5 trillion market over the following decade; in 2020, market analysis agency Fortune Business Insights valued it at round $250 billion.

He’s additionally bullish on the outlook for conventional automakers, in addition to pure electric vehicle makers like Tesla.

“This is really going to be what I believe is a renaissance of growth for these automakers and you’re going to see a re-rating,” he stated, pointing to General Motors and Ford.

And it is not just EV makers that analysts are bullish on. In a February notice, Goldman analysts pointed to six EV battery specialists with important potential upside.  

“This is one of the most transformational growth trends in the last 20 or 30 years in terms of EV, and many are going to play and win in this sector over the coming years,” Ives added.

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