Electric vehicle (EV) use is rising worldwide as governments promote sustainable alternatives to gas-powered automobiles to achieve net zero goals. Therefore, it could be worth watching Electrameccanica Vehicles Corp. (SOLO). However, it could be wise to avoid Faraday Future Intelligent Electric Inc. (FFIE) due to its weak fundamentals.
According to Statista, revenue in the Electric Vehicles market is expected to show a CAGR of 10.1%, resulting in a projected market volume of $906.70 billion by 2028. Moreover, fuelled by government initiatives through the Inflation Reduction Act of 2022, domestic EV battery production is picking up.
