According to an Industry Research Future analysis, the present EV market is predicted to grow from $208.95 billion to $957.42 billion by 2030, a figure that may more than double. With increased demand, rising gasoline prices, and numerous government incentives, more people will opt for electric vehicles. Between 2022 and 2030, according to the research organization, the CAGR will be 24.51 percent.

According to the survey, “tax breaks, non-monetary incentives like-new car registration as well as carpool lane access, active participation of OEMs, greater vehicle range, availability of charging infrastructure in frequent areas, and other variables can all lead to expansion of EV market trends.” While Teslas represented 79 percent of all-electric cars sold in 2020, according to IHS Markit statistics obtained by CNBC, this will not be the case for long, even as hundreds of the new models are expected to join the market by the year 2025. There were only a few dozen available in 2021.

Electric vehicle heavyweights’ stock prices, Tesla (TSLA) – Get Tesla Inc Report, Lucid (LCID) – Get Lucid Motors Report, and Fisker (FSR) – Get Fisker Report all fell. Bank of America raised its target price on the following equities.  Despite a recent downturn, Tesla’s stock has increased by 36% in the last month. Tesla’s Nasdaq Composite has increased by 9 percent in the last month. Lucid has increased by 85 percent in the last month, while Fisker has increased by 46 percent.

Bank of America strategists led by John Murphy boosted their price targets for Lucid, Tesla, and Fisker to $60 from $30, $1,200 from $1,000, and $24 from $18. Murphy rates Lucid as a buy, while Fisker and Tesla are rated as neutral.

“It’s doubtful whether some of the start-up electric vehicle automakers will be dominant in the long run, particularly in a highly competitive field where major automakers are also stepping up EV operations,” Murphy wrote in a blog. “However, the growth story is going to likely continue to win the day for the equities if a significant worldwide footprint can be developed with no-cost capital.”

Lucid shares rose another 7% in the premarket trading on Wednesday, bringing the luxury electric vehicle maker’s market value to nearly $90 billion, surpassing Ford (F) – Get Ford Motor Company Report and trailing only General Motors (GM) – Get General Motors Company (GM) Report. The stock dropped more than 16 percent in lunchtime trade on Thursday, bringing it back to Earth. Lucid’s profits came less than four months after it went public with Churchill Capital IV via a SPAC (special purpose acquisition company) deal. Lucid’s stock price has increased by more than 80% since then.

It also comes at a time when investors are pouring money into everything EV-related, from car and truck firms to companies that make the chips and other components that go into the electric vehicles to the chain of chargers which will keep trucks and cars without engines moving.

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