Despite the pandemic last year, the rating agency forecast that sales would rebound in 2021. Tesla, IGlobal management consultancy McKinsey reports that electric vehicle sales rose almost 65% between 2017 and 2018, continuing on an upward trajectory into 2020, but were hit by the pandemic. However, they have rebounded since, with electric carmakers like Inc. The rise of electric vehicle firms and a global push to combat greenhouse gas emissions by taxing automakers has forced traditional car manufacturers to switch towards clean energy units. Baidu, often known as China’s Google, earlier this year announced its plans to enter the EV market in partnership with Geely. The automotive industry is definitely shifting towards clean energy options. It was not long ago that established carmakers were value stocks that offered steady gains to investors.
Insider Monkey analyses the 10 best automotive stocks to invest in now. XPeng Inc. is a China-based electric vehicle maker. The firm also has stakes in the electric battery, vehicle leasing, and ride-hailing businesses. Honda, besides making cars, sells car spare parts as well. The new chief of the company, Toshihiro Mibe, has said that Honda is working on a plan to solely sell clean energy vehicles within the next two decades. NIO Inc. is a Shanghai-based automobile manufacturer. Their cars are cheaper than Tesla, Inc. Ford Motor Company makes and sells trucks, cars, sport utility vehicles, electrified vehicles, and Lincoln luxury vehicles. It has recently increased spending on electric and autonomous vehicles as the car industry shifts towards EV production to reduce greenhouse gas emissions. Li Auto Inc. is a China-based electric vehicle manufacturer. The firm makes electric vehicles that can be powered by gasoline as well. Many more companies are still on this list—click 10 Best Automotive Stocks to Invest In Now.
