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The global electric vehicle market is set to experience robust growth, projected to expand from USD 600.13 billion in 2024 to USD 1.58 trillion by 2033, with a compound annual growth rate (CAGR) of 11.43%. This expansion is driven by increased public awareness, the need for reduced emissions, advancements in battery technology, and supportive government policies and incentives. Moreover, improvements in electric car range and charging infrastructure are bolstering industry growth, along with the automotive sector's investment in research and development to enhance electric vehicle performance. However, the market also faces challenges such as inadequate charging infrastructure and high purchase costs, though these are anticipated to improve as technological and policy advancements continue.
Elsewhere in the market, Hyundai MobisLtd was trading firmly up 4.6% and ending trading at ₩263,500, not far from its 52-week high. At the same time, General Motors softened, down 8.9% to end trading at $50.04. On Tuesday, GM provided 2025 earnings guidance with expected net income between $11.2 billion to $12.5 billion and EPS-diluted of $11 to $12.
Best EV Stocks
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NIO settled at $4.32 up 1.2%.
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Tesla settled at $398.09 up 0.2%.
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Ford Motor settled at $10.08 down 2.9%.
Next Steps
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Take a closer look at our EV Stocks list of 51 companies, such as Tata Motors, Aisin and Gentex, by clicking here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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