3 Electric Vehicle Stocks Under $10 Wall Street Predicts Will Rally by More Than 55%

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imageStock Markets58 minutes ago (Sep 27, 2021 04:30PM ET)

(C) Reuters 3 Electric Vehicle Stocks Under $10 Wall Street Predicts Will Rally by More Than 55%

The Biden administration has unveiled plans for significant spending on EV infrastructure. Moreover, the revival of the semiconductor industry from its current supply shortage, and declining input costs, should drive the EV industry’s growth. Therefore, Wall Street analysts expect low-priced EV stocks Hyliion (HYLN), Electric Last Mile Solutions (ELMS), and Workhorse Group (WKHS) to rally in price by more than 55% in the near term. Read on.Governments around the globe are investing heavily to transition to green technology to address climate change concerns. The Biden administration, for its part, has set a goal of half of new vehicles sold to be battery-electric or cell-powered by 2030. Aligned with this, a U.S. House of Representatives panel earlier this month proposed $13.5 billion spending on electric vehicles (EV) infrastructure.

The North American EV market is expected to grow at a 37.2% CAGR over the period 2021 – 2028, aided by the rebounding semiconductor industry from a supply shortage and declining input costs.

Given the industry’s solid growth prospects, Wall Street analysts expect EV stocks Hyliion Holdings Corp. (HYLN), Electric Last Mile Solutions, Inc. (ELMS), and Workhorse Group Inc. (WKHS), which are currently trading at less than $10, to rally by more than 55% in price in the near term.

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3 Electric Vehicle Stocks Under $10 Wall Street Predicts Will Rally by More Than 55%

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