JPMorgan and UBS choose battery stocks that will soar
People wearing face masks are seen in a Tesla showroom at a shopping mall in Wuhan, Hubei province, the epicenter of the coronavirus outbreak in China (COVID-19), March 30, 2020.
Aly Song | Reuters
Soaring sales of electric cars are spurring investment in the batteries that power them.
Transactions worth $ 26.7 billion for a global investment in electric car batteries were announced in the first quarter, topping investments for all of 2020 by more than $ 5 billion, according to Fitch Solutions .
All that money could increase the demand for electric vehicles and batteries as cars become affordable, thanks to cheaper batteries.
As more data is collected for the current quarter, “we can already see that Europe and North America continues efforts to catch up with AsiaAnna-Marie Baisden, automotive manager at Fitch Solutions, told CNBC this week.
Analysts at three investment banks are looking at battery-related stocks that look attractive.