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The Big EV Scramble

Posted July 22, 2022

Ray Blanco

By Ray Blanco

The Big EV Scramble

Electric vehicles are turning into a huge business, and that has automakers scrambling.

Shares of Tesla surged this week on hot earnings. Elon Musk’s EV company posted revenue gains of 42% although inflation has eaten into the company’s margins.

But electric vehicles are far from just a Tesla story anymore, with the entire industry scrambling to make the switch.

That means a huge change in supply chains for an industry that’s already been coping with shortages in components like chips. 

To successfully enter the fray, automakers also have to secure supplies of the most important (and expensive) component of an electric vehicle: the battery. 

Securing needed supplies, like semiconductors, has hindered many automakers and especially so when it comes to EVs. However, I remain optimistic for EVs long term. 

We’ll also be hearing from Ford Motor Company (NYSE: F) next week when it reports earnings. Ford is in the middle of a huge change as it transitions its line of vehicles from internal combustion powered to electric. 

The company has already enjoyed early signs of success with its well-regarded Mustang Mach-E, as well as hot sales of its recently launched Ford F-150 Lightning. Right now Ford says it has access to enough batteries to carry out current production.

But if Ford is going to compete and hit its target of 600,000 EVs by the end of 2023, and 2 million EVs by 2026, it is going to have to scale its battery production more — a lot more.

The massive ramp in battery production for the EV industry is driving huge demand for battery materials like lithium, as well as materials and components needed to build a complete power cell. 

Many automakers and battery companies have seen their stocks struggle through a rough first half of the year. But as EV manufacturing scales, this is a great time to get into companies at the forefront. 

To a bright future,

Ray Blanco

Ray Blanco
Chief Technology Expert, Technology Profits Daily
AskRay@StPaulResearch.com

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