These companies are powering up EV production as revolution charges ahead

The EV market is expanding rapidly as market and social trends fuel demand and provide a strong tailwind for growth.

Vikram Barhat 7 November, 2018 | 6:00PM

Tesla's surprise third-quarter profit got the market for electric vehicles (EV) buzzing again. Following a slew of negative headlines over the past couple of months, and a US$20-million fine, the California-based automaker's record production numbers and earnings report sent the stock soaring again, but more importantly it brought the investor focus back on the possibility of a widespread EV uptake and their potential for upstaging conventional vehicles in the foreseeable future.

With a rekindled hope for faster production and adoption of EVs, coupled with the regulatory push for clean energy, the outlook for the industry is expected to continue to improve. According to the most recent forecast by the International Energy Agency (IEA) the number of electric cars on the road globally is set to skyrocket from 3 million in 2017 to a whopping 125 million in 2025, reaching 220 million in 2030.

EVs will represent 32% of global auto sales by 2040, according to Goldman Sachs. Resultantly, the global electric vehicle market is projected to balloon from just over US$118 billion in 2017 to more than US$419 billion by 2024.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Bayerische Motoren Werke AG ADR22.21 USD2.04
General Motors Co24.39 USD4.14
Tesla Inc1,544.65 USD10.78

About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a freelance writer.

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