Since the beginning of the year, the benchmark indexes have been extremely volatile due to multi-decade high inflation, looming interest rate hikes, and hostilities between Ukraine and Russia.
The major stock market indexes suffered a sell-off last week as Russia exhibited no interest in de-escalating its attack on Ukraine. The S&P 500 declined 1.4%, while the tech-heavy Nasdaq lost 3.2%. The possible deepening of supply disruptions and rising crude oil prices spooked investors. The benchmark Brent and WTI hit multi-year highs on concerns over economic sanctions on Russia, a major oil and gas exporter. The situation has caused many investors to shift their focus to electric vehicle (EV) stocks in anticipation of heightened demand for EVs. With attractive government policies in place, global EV sales more than doubled in 2021, as reported by the International Energy Agency (IEA). And according to a study by Astute Analytica, the global electric vehicle market is expected to register revenues of $72.79 trillion by 2050, growing at a 21.9% CAGR.
