BofA names 4 stocks to tap the world's largest EV market — and says one has 71% upside

China's electric vehicles are "much more competitive than before" — and it's likely to remain the world's largest EV market in 2025, according to BofA. The bank said in a May 29 note that it still expects China to account for 40-45% of the world's EV market by 2025 despite challenges from the U.S. Inflation Reduction Act and Europe's Green Deal Industrial Plan.

As for the EV market, BofA is bullish on its battery supply chain in particular. The market share of the top six China EV battery suppliers was 60% of the global total, up from 40% in 2018, the bank said. "The growth will be supported by China's EV penetration expansion and also overseas order/share gain as they expand overseas," BofA analysts wrote. Its top pick in EV batteries is CATL , which it said it recently upgraded to a "buy" rating.

Source: News Formal (newsformal.com)

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