Despite macroeconomic headwinds, demand for electric vehicles (EVs) remains strong. According to Fortune Business Insights, the U.S. EV market is expected to grow at a CAGR of 25.4% from 2021 to 2028. However, the industry’s growth is constrained by supply chain issues and inadequate infrastructure for charging.
On the other hand, rising recession fears are leading to declining consumer confidence. The Conference Board Consumer Confidence Index went down 4.5 points in June from 103.2 in May and is currently at its lowest since February 2021. This could eventually lead to shrinking aggregate demand. Moreover, investors are looking for fundamentally solid low-risk stocks which can help weather an economic slowdown.
