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The production of EVs continues to be negatively impacted by a global semiconductor shortage, which is in turn negatively affecting the demand for EV batteries. However, the EV battery market is expected to grow exponentially as increasing climate change concerns eventually lead to EVs domination of the automotive market. Indeed, according to a Fortune Business Insights report, the global EV battery market is expected to reach $82.20 billion by 2027, growing at a 6.65% CAGR. Furthermore, President Biden’s proposed infrastructure plan includes $7.5 billion for EV charging stations. So, EV battery stocks QS and PCRFY could benefit as a result.
PCRFY’s stock has gained 6% in price year-to-date, while QS lost 71.6%. Also, PCRFY’s 5.7% gains over the past three months compare to QS’ 22.6% loss. Moreover, in terms of the past month’s performance, PCRFY is the clear winner with 3.4% gains versus QS’ 4.3% loss.
