Retail giant Walmart (NYSE: WMT) agreed to buy 4,500 EVs from Canoo to facilitate last-mile delivery. July’s advance was due to the twin deal the company struck during the month. It is still way off its 52-week high of $13.35 reached on Nov. The stock may not have turned the corner. Here are a few cheap electric vehicles stocks that you can pick up for bargains before they can really take off:Ĭanoo (NASDAQ: GOEV) had a strong July, having started the month at $1.86 and ending at $3.46. This pushed the already wary consumers on the backfoot.Īs these headwinds end, it is likely that pent-up demand unlocks, proving healthy for the EV manufacturers. Left with no option, most preferred to pass through the input cost inflation to consumers. The EV industry faced a setback amid the supply crunch that upset their production plans and also escalated their costs. This bodes well for the entrenched players, startups, and legacy automakers who are transitioning to EVs. And the buoyancy continued into 2022, with EV sales touching 2 million units in the first quarter, up about 75% year-over-year.ĮV adoption is only going to accelerate further in the coming years. This is a far cry from the mere 120,000 units sold in 2012. IEA estimates include both battery EVs and plug-in hybrids. This shift in market dynamics provides an opportunity for those looking to pick up some cheap electric vehicle stocks before they boom.ĮV sales doubled in 2021 to a record 6.6 million units, according to estimates by the International Energy Agency. More and more countries have suggested that they would phase out internal combustion engine, or ICE, vehicles sooner than later. Environment consciousness, governmental policy support, and improved charging infrastructure are among the factors that contributed to the strong uptake of electric vehicles (EVs) in recent years.
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