Electric vehicle manufacturers got a shot in the arm last week when California announced it would end the sale of 100% gasoline-powered cars and trucks by 2035. While the legislation will allow the sale of plug-in electric hybrids (PHEVs), the news can only help already hot EV stocks.
The recently passed Inflation Reduction Act also bodes well for EV manufacturers. The legislation provides for unlimited subsidies for EVs, which had previously been capped at 200,000 units per manufacturer.
The easiest way for an investor to profit from rising EV demand is to buy an exchange-traded fund that owns Tesla (NASDAQ:TSLA) and other EV manufacturers. However, if you’re looking for outsized gains, and willing to take on a bit more risk, consider these three hot EV stocks.
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