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EVs are expected to dominate the automotive market of the future as governments worldwide implement policy measures to support the industry’s growth. According to a SpendEdge report, the EV market is expected to grow at a 20.4% CAGR between 2021 – 2025.
But the industry is overcrowded with new entrants vying for market share. And the shares of many of these companies have soared in price based solely on investor optimism over the industry’s growth prospects. But EV stocks Canoo Inc. (GOEV), Lordstown Motors Corp. (RIDE), and Arcimoto, Inc. (FUV) currently possess high short interest. While this indicates that institutional investors are bearish, retail traders might target them and trigger a short squeeze. So, it could be wise to now add these stocks to one’s watchlist.
