The EV boom is accelerating – and fast.
We already know world leaders want millions of them on the roads by 2030. All in an effort to reduce global emissions. Major automakers are spending billions to go all-electric. Global demand for EVs are rising. Better, related EV stocks are still exploding.
Look at Tesla, for example.
The company’s market cap just briefly touched $1 trillion after Hertz announced it would buy 100,000 EVs from Tesla. On the news, TSLA last traded at $994, with a market cap of $994.
“Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and interest,” said Hertz CEO Mark Fields, as quoted by Barron’s. “The new Hertz is going to lead the way as a mobility company, starting with the largest EV rental fleet in North America.”
Better, Morgan Stanley analyst Adam Jonas just raised his price target to $1,200 from $900. Helping, according to the International Energy Agency, we could see about 130 million EVs on the road by 2030, a monumental move from 5.1 million in 2018.
With the EV boom just starting to accelerate, TSLA could eventually double from here.