Morningstar picks top 10 EV investments

Trend is expected to accelerate

Morningstar Research (Thailand) recommends investors focus on 10 leading global companies with high potential to cash in on electric vehicle (EV) trends, as the market is expected to quadruple by 2030 thanks to falling battery costs.

Sales of EVs are projected to reach 40% of all cars this year, roughly 40 million units, excluding another 20 million hybrid cars. That represents an increase of five times from 2022 sales, Morningstar said in a research note.

Battery-powered EVs have become more common in recent years, said the firm.

“As EV sales continue to grow, China and Europe are expected to be the world’s top two in both usage and sales, with the US catching up with both markets in 2030,” said Morningstar.

“Although EVs are more expensive than conventional cars now, the…