Bernstein forecasts 60% growth for EVs this year

Kandi Technologies

11/02/2021 13:24

** Brokerage Bernstein says the electric vehicle market
could grow 60% in 2021 to about 5 mln units; says EVs grew 40%
to 3 mln units last year, while the global auto market declined
14% amid the COVID-19 pandemic 
    ** Government policy and incentives have been a key driver
of EV demand in recent years, and brokerage expects the policy
push to continue to strengthen
    ** Expects EVs to grow to 15% of total auto sales in 2025,
40% in 2030 and over 75% by 2040 
    ** For Tesla Inc  TSLA.O , brokerage expects co to likely
gain EV market share in 2021, but says it may ultimately need to
trade off profitability to do so
    ** Says Tesla Model 3 continued to be the best-selling BEV
(battery electric vehicle) model globally by a considerable
margin
    ** Tesla chief Elon Musk's brother Kimbal Musk sold 30,000
shares for about $25.6 mln on Feb. 9 - SEC filing dated Feb. 10
(https://bit.ly/3d6MsQr)
    ** Kimbal Musk still holds 599,740 shares worth $482.7 mln
as of last close 
    ** EV stocks, including Nikola Corp  NKLA.O , Nio Inc
 NIO.N , Canadian EV firm ElectraMeccanica Vehicles Corp
 SOLO.O , startup Lordstown Motors Corp  RIDE.O  and China's
Kandi Technologies Group  KNDI.O  had gained significantly in
2020

 (Reporting by Ayanti Bera in Bengaluru)
 ((Ayanti.Bera@thomsonreuters.com;))