3 EV Stocks You Should Avoid Despite Positive Industry Trends

[Investing Insights Daily]( May 15th, 2023 SPONSORED AD [7 Stocks Yielding Us 26% A Year (And 5 To Buy Right Now)]( All across the country - in cities like Atlanta, Philadelphia and Charlotte - we're holding 37 "Cash Cows" that are now handing us an average effective yield of 26%! And the best part... This cash keeps coming in like clockwork. No matter what the market is doing. [Get the full story here]( [3 EV Stocks You Should Avoid Despite Positive Industry Trends]( As the possibility of a recession continues to loom, the automobile industry is becoming increasingly worried about a period of strain. In times of economic uncertainty, consumers often reduce their spending on high-priced items like cars, which can lead to a decline in the demand for automobiles. This, in turn, could put significant pressure on the industry. Given the current market uncertainties, it could be wise to opt for a bearish stance on the fundamentally weak stocks Rivian Automotive, Inc. ([RIVN]( – [Get Rating]( Lucid Group, Inc. ([LCID]( – [Get Rating]( and ChargePoint Holdings, Inc. ([CHPT]( – [Get Rating](. The global auto industry is undergoing a profound transformation with implications for the energy sector as electrification is set to reduce the need for five million barrels of oil a day by 2030. The International Energy Agency (IEA) recently reported that Electric Vehicle (EV) sales are expected to [leap 35% this year to reach 14 million](. Moreover, with [increasing concerns about climate change]( Americans are seen hoping to zero-emissions vehicle transition through EVs, thereby removing a major source of carbon emissions from their day-to-day life. According to a survey, [over half of consumers intend to buy an EV]( within the next five years. However, the stakes are running high in the EV space as Tesla, Inc. ([TSLA]( [slashed prices to spur demand]( as competition escalates, leading some companies to forecast a coming price war in the marketplace. Ford Motor Company’s ([F]( Chief Executive Officer Jim Farley said these price cuts could start a… Continue reading at [STOCKNEWS.com]( Copyright © 2023 StockNews.com | All Rights Reserved [Unsubscribe]( Magnifi Communities, 1 Penn Plaza, Suite 3910, New York, NY 10019