Deep Dive: 20 EV stocks that could rebound the most in 2023

by | Dec 29, 2022 | Stock Market

Even as electric-vehicle sales have been gaining traction, associated stocks have been crushed during 2022, led by Tesla. Below is a screen of stocks of companies involved in the development, production or charging of electric vehicles that analysts believe will soar (or recover) the most over the next 12 months.

There are many different ways for investors to ride the EV trend. One favorite industry stock, Tesla Inc.
has been crushed. CEO Elon Musk has sold shares, in part to help fund his purchase of Twitter, which he took private in November. According to calculations by Dow Jones Data and MarketWatch, Musk has sold $39.3 billion worth of Tesla shares since November 2021. He said last week he wouldn’t sell any more for at least the next year and a half. Tesla’s stock has fallen 68% during 2022, which has placed a drag not only on the S&P 500
but on any exchange-traded fund focused on the EV space. This doesn’t mean that consumers or governments trying to reduce greenhouse emissions are shying away from electric vehicles. In its Global EV Outlook for 2022, published in May, the International Energy Agency said the number of electric vehicles on the road worldwide had tripled in three years to 16.5 million in 2021. That included battery electric vehicles (BEV) and plug-in hybrids (PHEV). EV sales during 2021 nearly doubled to 6.6 million, according to the IEA, with BEV making up about 70% of sales “[a]s in previous years.” I …

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