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EV batteries represent a considerable chunk of an EV’s cost, and EV battery manufacturers are constantly looking for sustainable solutions to reduce the cost of these batteries. Companies are also looking to increase the range and longevity of batteries to compete with the range and reliability offered by internal combustion engine (ICE (NYSE:ICE)) vehicles. According to a Fortune Business Insights report, the global EV battery market is expected to grow at a 28.1% CAGR to $154.90 billion by 2028.
So, we think EV battery manufacturers QuantumScape Corporation (QS) and FREYR Battery (FREY) could be good additions to one’s watch list. Wall Street analysts expect them to gain more than 40% in the near term.
