Electric Vehicles: Charge Ahead or Pump the Brakes?

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Mark Wai


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After years of rapid growth, recent trends indicate a slowdown in sales momentum for the electric vehicle (EV) market in the US, raising questions about whether EV adoption will continue its upward trajectory or face significant headwinds. On one side lies the promise of continued innovation, government incentives, and environmental urgency driving EV adoption. On the other, challenges such as high costs, infrastructure bottlenecks, changing incentives and laws, as well as shifting consumer preferences could slow the pace of change. Which future do you believe in?


The core question: Will EVs continue their growth (EV Charge Ahead), or will changing priorities from car manufacturers (shifting to hybrids) and changing government incentives for infrastructure and battery development affect their progress (EV Pump Brakes)?

We’ve constructed two equally-weighted portfolios to help you align your investments with your predictions about the future of EVs. These strategies are risky and concentrated, not suitable for all investors. This post is for informational purposes only and should not be considered financial advice. Remember, all investments involve risk, and outcomes may vary regardless of your choice.


EV Charge Ahead (view strategy)

This strategy focuses on companies poised to benefit from continued EV adoption, technological advancements, and supportive government policies.

  • Tesla (TSLA): One of the most well-known EV makers (even despite recent challenges); with innovations in battery technology and autonomous driving.
  • Rivian (RIVN): An emerging US challenger in the electric truck and SUV market.
  • NIO (NIO): Known for their electric cars and innovative battery-swapping technology.
  • Albemarle (ALB): Focused on lithium production, essential for EV batteries.
  • ChargePoint (CHPT): Expanding charging infrastructure to meet growing demand.
  • Lucid Motors (LCID): Focused on luxury electric vehicles with extended range capabilities.
  • General Motors (GM): Investing heavily in an all-electric future with models like the Bolt and Hummer EV.
  • QuantumScape (QS): A developer of solid-state battery technology, competing with existing EV battery technology on performance and efficiency.
  • EVgo (EVGO): Charging infrastructure through the US & Canada.
  • Lithium Americas (LAC): Discovers and develops lithium properties in the US & Canada.
  • Enersys (ENS): Provides energy storage systems and batteries for EVs and other applications.
  • Ambarella Inc. (AMBA): Supplies advanced vision processors used in autonomous driving systems.

EV Pump Brakes (view strategy)

This strategy highlights companies that may benefit from a slower transition to EVs or offer alternatives like hybrids and plug-in hybrids.

  • Toyota (TM): Known for a strong lineup in hybrid technology and a relatively more cautious approach to full electrification.
  • Honda (HMC): Focused on hybrids while gradually expanding its EV offerings.
  • Ford Motor Company (F): Leveraging hybrid sales while building its electric portfolio.
  • ExxonMobil (XOM): Benefiting from continued demand for internal combustion engines during the transition period.
  • Chevron Corporation (CVX): Positioned to profit from traditional energy sources as EV adoption slows.
  • Magna International (MGA): Traditional ICE supplier.
  • BorgWarner (BWA): Supplying components for both ICE vehicles and hybrids.
  • Cirrus Logic (CRUS): Supplies audio and signal processing components for automotive applications, including hybrids.
  • NXP Semiconductors (NXPI): A designer and manufacturer of automotive semiconductors, supporting both ICE and hybrid vehicles.
  • Texas Instruments (TXN): Provides electronics for automotive systems, including hybrids and ICE vehicles.
  • Analog Devices Inc. (ADI): Supplies components for hybrid and ICE vehicle technologies, alongside EV applications.

This blog post is for demonstrative purposes only regarding Double's tools and is not financial advice.

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Mark Wai


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