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However, a global semiconductor shortage has emerged as a major impediment to the growth of the EV industry. According to the CEO of semiconductor company Marvell (NASDAQ:MRVL) Technology, the semiconductor chip shortage may continue until 2022 and maybe beyond. This could dampen the revenue and earnings growth potential of several EV companies.
Given this backdrop, we think it would be wise to avoid fundamentally weak EV stocks Nikola Corporation (NKLA), Proterra Inc. (PTRA), Hyzon Motors Inc. (HYZN), and Workhorse Group Inc. (WKHS), which were the worst performers in the third quarter.
