DRIV - DRIV: Electric Vehicle ETF Passes My Road Test
2024-03-27 07:03:39 ET
Summary
- Crude oil prices reached a record high in June 2022, leading to increased interest in electric vehicles.
- Electric vehicle sales increased to 18% of total car sales in 2023, up from 4% in 2020.
- DRIV gets a hold rating from me now, but I like it at a lower price or a sustained price breakout, whichever comes first.
I'll admit that I am not personally an electric vehicle enthusiast. That is, I don't drive a fully-electric car and have no plans to do so in the near future. Hybrid is my speed, if you will. But that has zero impact on my investment case for an intriguing ETF, the nearly $600 million in assets Global X Autonomous & Electric Vehicles ETF (DRIV). I rate it a Hold, but only because I don't see a strong price trend catalyst right now. I define below what that might look like....
DRIV: Electric Vehicle ETF Passes My Road Test