Ride Out the Turbulence: 3 EV Stocks to Own for Massive Wealth Creation

Reportedly, the death of electric vehicles has been overly exaggerated, according to Forbes.com. All of which is creating an opportunity for EV stocks to buy.

They note that “global EV sales could hit 17 million in 2024, meaning more than one in five cars sold worldwide will be electric. Surging demand for clean, cheap EVs across the rest of this decade will completely change the global auto industry. By 2035, IEA projects 50% of all cars sold globally will be EVs.”

Plus, in the U.S., EV sales jumped 60% year-over-year from a million in 2022 to 1.6 million in 2023, says MarketWatch.com. They added that California, Florida, Texas and Washington leading the U.S. in EV registrations.

We should also note that sales could improve once the U.S. installs more EV charging stations. Also, when the Federal Reserve starts cutting interest rates. That being said, investors may want to take advantage of any weakness – especially in EV stocks to buy, such as:

Albemarle (ALB)

Source: IgorGolovniov/Shutterstock.com

Over the last few weeks, Albemarle (NYSE:ALB) ran from a low of about $110 to a high of $137.50. Now back to $131.12, it’s starting to pivot higher again. ALB also declared a quarterly dividend of 40 cents a share, payable July 1 to shareholders of record as of June 14.

In addition, with lithium prices finally showing signs of bottoming out, ALB could push aggressively higher. We also have to consider that a significant amount of chaos and fear has been priced into ALB, too. 

Also, according to analysts at Canaccord Genuity, lithium prices and related stocks are “poised to rebound by July.” The firm says lithium prices could reach $16,000 per tonne for chemicals, and $1,200 per tonne for spodumene concentrate.

“Canaccord says it’s more confident in its current view that lithium has bottomed than it was last May due to production prices for lithium carbonate equivalent recently falling across several producers,” says NorthernMiner.com.

Tesla (TSLA)

Source: Vitaliy Karimov / Shutterstock.com

It’s time to buy the fear in Tesla (NASDAQ:TSLA).

Granted, sales have slipped but it’s still dominating the EV market. 

As noted by QZ.com, “While Tesla was out selling 50,000 new EVs, Ford was struggling to hit 10,000 EVs sold in second place. Behind it was Hyundai, which shifted 5,686 electric cars in March and BMW sold 4,246 electric models.”

And, as noted by Bernstein analysts, first-quarter deliveries were dire, but the margins were better than expected. Plus, Elon Musk did hint at newer, cheaper models, and a potentially new mapping partnership with Baidu (NASDAQ:BIDU).

In addition, according to Investorplace contributor Chandler Capital, “The struggles for Tesla have been well-documented this year but Wall Street analysts have remained bullish on the future of the company. In April, the stock saw more than 12 buy ratings from analysts including an Overweight rating from Cantor Fitzgerald and a price target of $230.” 

While others are still running from TSLA on fear, it’s time to buy that fear.

Global X Autonomous & Electric Vehicles ETF (DRIV)

Or, if you want greater exposure autonomous and electric vehicle (EV) stocks at less cost, look at the Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV).

The last time I highlighted opportunity in the DRIV ETF, it traded at $23.22 on April. Now at $24.70, it could potentially test $27 next. From here, if EV sales momentum can improve; if we see more charging stations installed; and if the Federal Reserve does cut interest rates, electric vehicle stocks and ETFs, like DRIV could accelerate to higher highs.

That is, if it can break above strong, current resistance at $25.  With an expense ratio of 0.68%, the ETF currently invests in 45 stocks involved in the development of autonomous vehicle technology, electric vehicles and EV components and materials. 

Some of its top holdings include Nvidia, Toyota (NYSE:TM), Microsoft (NASDAQ:MSFT), Tesla, and Apple (NASDAQ:AAPL) to name a few. 

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.