You’d think 2022 would have been a good year for electric vehicle stocks. EV sales hit 2 million globally for the first time in the third quarter, according to PwC, up 75% year over year.
Legacy automakers Ford (NYSE:F) and General Motors (NYSE:GM) announced they were making big investments in the sector. And we saw major legislation at the federal and state levels meant to move the U.S. away from gas-powered cars and into the electrified future.
Despite these and myriad other positive headlines for the sector this year, EV stocks have been battered and bruised. This obviously has more to do with the broader bear market and investors’ aversion to growth stocks than it does with the fundamentals of the sector.
With numerous positive tailwinds in play, let’s look at some cheap electric vehicle stocks that are set to accelerate in 2023.
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