The rise in demand for electric vehicles (EVs) has boosted the sales of companies that sell components used in their production. Copper and lithium mining companies work closely with the electric vehicle industry. The growth in EV sales has also benefited semiconductor manufacturers. NIO and Tesla, Inc. are two of the most prominent names in the electric vehicle market. EV stocks have gained 17 percent year to far in June, compared to 15 percent for the S&P 500. EV sales increased by 140 percent year over year in the first quarter of this year. The majority of this increase was ascribed to EV sales in China and Europe. According to the IEA, electric car sales could account for 7% of the road vehicle fleet by 2030.
Here is Insider Monkey’s list of the 10 best EV materials stocks to buy. Nano Dimension Ltd. is an Israeli manufacturer and distributor of additive electronics. On the list of the top ten EV materials stocks to purchase, it ranks tenth. The company has a market capitalization of $1.6 billion and revenue of $3.4 million last year. BorgWarner Inc. is the ninth best EV materials company to purchase on the list of ten top EV materials stocks to buy. The company is based in Michigan and provides solutions for electric automobiles all over the world. Its income increased 162 percent year over year to $3.7 billion. MP Materials Corp. is ranked eighth. The company is based in Nevada and is involved in rare earth mining and processing. These rare earth metals are employed in a range of electric vehicle-related goods. Allison Transmission Holdings, Inc. is the eighth best EV materials stock to purchase on the list. Automatic transmissions for commercial vehicles are manufactured and sold by this company. It was established in 1915 and now has a market capitalization of more than $4 billion. Albemarle Corporation is a specialty chemical manufacturer and distributor based in North Carolina. The company is a leading manufacturer of lithium compounds, which are utilized in electric vehicle batteries. On the list of the top ten EV materials stocks to purchase, it ranks sixth. For more details, click 10 Best EV Materials Stocks to Buy.
