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Back in my day, the electric car was a thing of the future.
It was up there with hover boards and jet packs – something you like to daydream about and draw on construction paper, but nothing you thought would ever be plausible.
And now, here we are… it’s 2020, and electric cars are taking over the automotive industry.
BloombergNEF just reported that electric vehicles will account for 10% of global passenger sales in 2025. That number is expected to jump to 28% in 2030 and 58% in 2040.
And it’s not just cars… 67% of city busses, 47% of mopeds and motorcycles, and 24% of light commercial vehicles will be electric by 2040 as well.
Needless to say, this technology is growing… and fast.
Now, we’ve seen how lucrative this business can be. I mean, Tesla just reached the highest market cap in the automotive industry, clocking in at a crisp $281 billion.
So, the assumed answer as to how to play this “electric car extravaganza” is to buy TSLA stock. That could very well be a great long-term play, but TSLA has already left the station. It’s one of the most expensive stocks on the market, trading north of $1,500 per share.
So of course, the $1 million question… what company is “the next TSLA?”