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Moreover, countries worldwide have been trying to ramp up semiconductors production, which is crucial for EVs. The United States has allotted $52 billion to curtail the global chip shortage.
The global EV market is expected to grow at a 29% CAGR from 2021 to 2026. Thus, Wall Street analysts expect under-the-radar EV stocks REE Automotive Ltd. (REE), Volta Inc. (VLTA), and Ideal Power Inc. (IPWR) to witness substantial gains in the upcoming months.