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Technology Stocks : Nikola Corp
NKLA 2.600-1.1%3:56 PM EST

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From: DJK13/29/2021 11:13:08 AM
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Electric vehicle sector full of long-term opportunities

Wedbush Securities sees an opportunity for long-term investors in the electric vehicle sector.

Analyst Dan Ives: "While the stocks and the EV space is clearly going through a painful digestion period, we view this as a short-term pullback in a multi-year upward rally. The EV investing landscape is bigger than just the auto makers as over the coming years the Street will have an enormous ecosystem of EV battery players (QS among others), green driven EV recycle pure plays (Li-Cycle), and super charger infrastructure vendors driving this transformational market still in the early days of playing out... We forecast the EV market represents a $5 trillion TAM over the next decade with many EV OEMs/supply chain players poised to be major winners over the coming years.

Ives and team also believe stalwarts General Motors (NYSE:GM) and Tesla (NASDAQ:TSLA) will importantly see a restoration of federal EV tax credits under new legislation coming out of the Biden Administration. They think that one of the core underpinnings of the Biden platform will be around pushing clean energy and zero-emissions vehicles with hopes of accelerating the deployment of electric vehicles and ~500k public charging outlets by 2030.

Earlier this month, Volkswagen's big EV commitment lifted the EV sector.

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