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Rising concerns about climate change, government incentives, and the long-term cost-saving benefits of electric vehicles (EVs) should propel the industry’s growth. As a result, the EV battery market is expected to grow significantly. According to a Fortune Business Insights report, the global EV battery market is projected to grow at a 6.6% CAGR over the next six years to $82.20 billion by 2027. Given this backdrop, fundamentally sound EV battery stocks Panasonic Corporation (PCRFY) and EnerSys (ENS) should witness substantial growth.
However, production and supply bottlenecks have caused some companies in this space to suffer declining financials. For example, the growth prospects of QuantumScape Corporation (QS) and CBAK Energy Technology, Inc. (CBAT) look bleak. These companies are also dealing with several class-action lawsuits. So, we think their stocks are best avoided now.
