This stock can still rise by 35% according to analysts, after the monstrous increase of 24% recorded in a single day. While enthusiasm for electric vehicles is slowing due to factors such as high interest rates, raw material costs, regulatory uncertainties and competition from Chinese autos, the growth outlook remains strong.
According to theInternational Energy Agencyglobal sales of electric vehicles increased by 3.5 million, reaching nearly 14 million in 2023. This represents a 35% increase compared to 2022 and a six-fold increase compared to five years ago. These data highlight a positive trend that could further support the growth of this stock, considered by many to be a worthy rival of Tesla.
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