In 2021, sales of new light-duty fully electric vehicles (EVs) nearly doubled in the United States from the prior year, while overall light-duty vehicle sales increased by only 3%, according to government figures. Two stocks that have strong long-term growth potential are those of lithium producer Albemarle (NYSE: ALB) and EV maker Rivian Automotive (NASDAQ: RIVN). The U.S.-based company is one of the world's top producers of lithium, a component of the lithium-ion batteries that power EVs.
These EV stocks are way down, but that's no guarantee that investors who buy shares now will make money.
Recession fears took a toll on the stock market for another day Friday, and automotive stocks in particular were taking it on the chin, with Ford (NYSE: F) and General Motors (NYSE: GM) down 5.8% and 6.3%, respectively, at 2:30 p.m. ET. On the plus side, shares of electric-truck maker Rivian (NASDAQ: RIVN), which fell right alongside the legacy automakers earlier in the day, were down less than 1% at 2:30.