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EV sales increased 160% year-over-year in the first half of 2021 to 2.6 million units, representing 26% of new sales in the global automotive market. EV sales are surging due to improvements in battery technology, declining costs, more charging infrastructures, and new attractive models from automakers, among other factors. Furthermore, President Biden wants EV sales to account for 50% of all new vehicle sales by 2030.
Therefore, we think it could be worth watching EV Faraday Future Intelligent Electric Inc. (FFIE), Electric Last Mile Solutions, Inc. (ELMS), and Hyzon Motors Inc. (HYZN) because Wall Street analysts expect these below-$10 stocks to gain more than 70% in the near term.
