Goldman names two stocks to play the EV battery sector, giving one upside of nearly 70%.
Electric vehicle batteries are gaining "critical importance" as part of the energy transition, according to Goldman Sachs, which named a number of stocks set to benefit as countries diversify their supply chains away from China. China currently accounts for around 60% of global EV battery demand, but this share is set to decline to 30% by 2030, Goldman said in a Nov. 14 report. Meanwhile, demand in other markets such as the U.S., European Union, and India is set to pick up.
Inflation Reduction Act . Goldman's top battery stock picks include "home-growth companies ... getting ready for mass production." In the U.S., Tesla stands out as the stock to buy, according to the bank. "We see Tesla as benefiting from being an early mover, and already having high volume supply in Nevada , and being in the process of ramping up its own 4680 cell production in Texas ," said the bank, referring to Tesla's new battery cell.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These stocks are burning cash fast and might need to raise capital soon, Goldman Sachs flagsGoldman Sachs strategists put together a list of companies with high cash burn rates and also lofty valuations
Read more »
China to see slow growth in H1 2023, a more pronounced rebound in H2 – Goldman SachsAnalysts at Goldman Sachs are out with their outlook on the Chinese economy, expecting weak growth in Q4 2022 and Q1 2023 as the Zero Covid Policy (ZC
Read more »
Goldman Sachs says U.S., Europe could end reliance on Chinese EV batteries by 2030 -FTThe United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new capital spending by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast.
Read more »
Goldman Sachs to Pay $4 Million to Settle Investigation Over ESG FundsThe SEC says the firm’s asset-management arm failed to always screen investments as plans required.
Read more »
Bear market is not over yet, and will continue in 2023, Goldman Sachs warnsGoldman Sachs strategists on Monday said that the bear market is not over yet, and it could last through 2023 until the Fed stops hiking interest rates.
Read more »
India's economic growth to slow next year amid higher borrowing costs – Goldman SachsEconomists at Goldman Sachs predict India's economic growth to slow next year, as consumer demand is likely to weaken from higher borrowing costs and
Read more »