3 Attractive Electric Vehicle Plays That Aren't Tesla
These firms stand to benefit from increased adoption of electric vehicles--and they're undervalued.
The Biden administration's proposed infrastructure plan calls for 500,000 new electric vehicle charging stations nationwide. Gov. Gavin Newsom recently announced that California will mandate all new cars and passenger trucks sold in the state to be zero-emission vehicles by 2035.
Indeed, many have high hopes for the electric vehicle market. Morningstar senior analyst Seth Goldstein forecasts a 2028 global adoption rate of 15% and explains "when you count the lower variable operating costs from electricity versus gasoline, you're going to have a cost of ownership from electric vehicles that's going to be on par with traditional internal combustion engines."
Keonhee Kim does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.