Exploring the Potential of Polestar Automotive Holding UK PLC (NASDAQ:PSNY) as the Largest EV Stock Globally in 2024
Are you curious about the future of electric vehicles (EVs) and which companies are leading the charge in this rapidly growing market? Look no further than our recent compilation of the 15 Biggest EV Stocks in the World in 2024. In this article, we delve into whether Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is the largest EV stock globally in 2024.
The Global EV Outlook 2024 by the International Energy Agency reveals that electric car sales surged in 2023, reaching nearly 14 million globally. This represents a 35% jump from 2022 and brings the total number of electric cars on the road to 40 million. With weekly registrations surpassing the entire annual total from just ten years ago, it’s clear that the electric car market is maturing with strong momentum. Battery electric cars make up the majority (70%) of electric vehicles on the road today.
While China, Europe, and the United States dominate new electric car registrations, emerging players are also making their mark in other regions. For example, a Vietnamese conglomerate subsidiary debuted on NASDAQ in August 2023, valued at approximately $23 billion. Additionally, emerging markets like Southeast Asia and Brazil are seeing rising EV sales, supported by incentives and investments.
Looking ahead, top automakers have ambitious long-term goals that could put over 20 million electric cars on the road by 2030. This growth trajectory could see electric vehicles accounting for between 42% and 58% of car sales by 2030, exceeding even the most optimistic forecasts. The predicted market size for electric vehicles is over $950 billion by 2030, with a compound annual growth rate (CAGR) of 13.7% between 2023 and 2030.
Key drivers for growth in the Global EV market include decreasing EV battery prices and supportive government policies. Fuel-cell electric vehicles (FCEVs) and mid-priced EVs are the fastest-growing market segments, with the Asia-Pacific region expected to lead market growth. However, challenges such as high initial investments for charging infrastructure could impede growth.
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish EV maker with a market capitalization of $1.63 billion and 12 hedge fund holders. The company has begun manufacturing the Polestar 3 SUV in China and completed test runs at their US factory, with a mid-2024 US launch planned. In 2023, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) recorded the delivery of 54,600 cars, reflecting a 6% YoY increase. Analysts predict a significant stock price increase, making Polestar Automotive Holding UK PLC (NASDAQ:PSNY) one of the top EV stocks to buy right now.
While Polestar Automotive Holding UK PLC (NASDAQ:PSNY) ranks 14th among the 15 biggest EV stocks in the world in 2024, its positive hedge fund sentiment and growth potential make it a compelling investment opportunity. For more insights on the EV market and other investment opportunities, check out our full list of the 15 Biggest EV Stocks in the World in 2024.
In conclusion, the future of electric vehicles is bright, with significant growth expected in the coming years. As the market continues to evolve and expand, companies like Polestar Automotive Holding UK PLC (NASDAQ:PSNY) are well-positioned to capitalize on the growing demand for EVs. Stay tuned for more updates on the exciting world of electric vehicles and the companies driving innovation in this space.