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Electric vehicle (EV) stocks have massively underperformed the broader markets in the last three years due to several factors, including slower-than-forecast demand, stubbornly high inflation, elevated interest rates, rising competition, and a sluggish macro economy. In fact, most EV stocks currently trade at a sizeable discount to their record prices.
However, the pullback allows you to identify quality stocks and buy them at a lower multiple, given the longer-term, ongoing worldwide shift toward battery-powered vehicles. So, let’s see if this EV penny stock should be a part of your portfolio right now.
