Words like “epic” and “unprecedented” get thrown around a lot these days. It’s not every day that we experience a pandemic, a global shutdown, and the biggest central bank stimulus injection in history.
But the action in electric vehicle (EV) actions has certainly been epic. Tesla, for example, has risen about 315% from its 2020 lows … and TSLA stocks aren’t even considered speculative by industry standards.
But perhaps “unprecedented” would be an exaggeration. Tech stocks in general have been euphoric this year, bringing back memories of the tech bubble of the 1990s.
The excitement in the sector is not necessarily unfounded. Electric vehicles really are a growing market.
“When it comes to renewable energy, this is not something that will happen years in the future. It is happening today,” says Allister Wilmott, president of ARC Aviation Renewables, a solar and LED aviation lighting firm. “Already, about one in 40 new cars is electric. But that number grows every year, and 20% or more of all new car sales will likely be electric by 2030.”
At the same time, traditional automakers are not going to sit back and watch their market share collapse. Virtually every major automaker is aggressively expanding into electric, hybrid, and other green alternatives, even as falling gasoline prices have made the purchase decision less economical for drivers.
The data is from July 19.
