People wearing face masks are seen inside a Tesla showroom at a shopping mall in Wuhan, Hubei province, the epicentre of China’s coronavirus disease (COVID-19) outbreak, March 30, 2020.
Aly Song | Reuters
Surging electric car sales are boosting investments in batteries that power them.
Deals worth $26.7 billion for global investment in electric car batteries were announced in the first quarter — exceeding investments for all of 2020 by more than $5 billion, according to Fitch Solutions.
All that money could drive up demand for electric vehicles and batteries as the cars become affordable, thanks to cheaper batteries.
While more data is being collected for the current quarter, “we can already see that Europe and North America are continuing their push to catch up with Asia,” Anna-Marie Baisden, head of automobiles at Fitch Solutions, told CNBC this week.
Analysts from three investment banks weigh in on which battery-related stocks look attractive.