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The day after Christmas saw a triple stock-price increase for electric car companies, with shares of Rivian Automotive, Lucid Group, and QuantumScape all making gains. However, newspapers ran stories downplaying the popularity of electric cars, focusing on slowing growth in EV sales and challenges related to electric car chargers. Despite these negative reports, investors turned the news into gains for EV stock prices. While it’s great to see sales continue to grow rapidly, analysts predict that it will be several years before these companies turn a profit.

The growth of EV sales is significant, with sales increasing by about 50% this year from 2022 levels. Even though the growth is slowing, it is still growing at a rate five times faster than the entire new car market in the U.S. Investors should exercise caution as it will likely be several years before these companies turn a profit, despite the rapid sales growth. The stock market gains may be encouraging, but this industry still has a long way to go before reaching profitability.



Read more: Why Rivian, Lucid, and QuantumScape Stocks all Popped Today