TECH - EV Market Set For 20-23% Growth Led By China-Based Companies Like Nio XPeng Li Auto: JPMorgan | Benzinga
The recent North American Battery Series, hosted by J.P. Morgan, provided crucial insights into the battery industry’s future. The event featured experts and corporations from various segments of the battery value chain. Key themes emerged, shedding light on the industry's trajectory, innovation focus, and supply chain strategies.
EV Sales Projected To Grow 20%-23% YoY In 2024
J.P. Morgan’s Global EV Battery team, led by Parsley Ong, shared an optimistic outlook for global EV sales, projecting a 20%-23% year-over-year growth in 2024.
China will lead this growth, while the U.S. and European markets will align with more muted expectations.
In this light, stocks of China-based EV makers such as Xiaomi Corp (OTCPK:XIACF) (OTCPK:XIACY), Li Auto Inc (NASDAQ:LI), Nio Inc (NYSE:NIO), VinFast Auto Ltd (NASDAQ:VFS), XPeng Inc (NYSE:XPEV), Lucid Group Inc (NASDAQ:LCID) and ZEEKR Intelligent Technology Holding Ltd (NYSE:ZK) should be on investors’ radar.
Adequate battery material capacity will support up to a 25%-30% growth rate, with potential temporary price increases if demand exceeds this range. Battery volume recovery will be gradual and weighted towards the second half of the year, with ...