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However, EV production costs are increasing because the world is currently witnessing a global semiconductor shortage. This, along with stock price overvaluation, is motivating investors to rotate drop EV stocks in favor of relatively cheaper cyclical stocks amid the economic recovery. This activity is evidenced by the Global X Autonomous & Electric Vehicles ETF’s (DRIV) 4.1% gains over the past three months versus the SPDR S&P 500 ETF Trust’s (SPY) 12.8% returns.
So, it’s wise to stay away from fundamentally weak EV stocks ChargePoint Holdings, Inc. (CHPT), Hyllion Holdings Corp. (HYLN), and XL Fleet Corp. (XL).
