If You Can Only Buy One EV Stock in May, It Better Be One of These 3 Names

Core Insights - Electric vehicle (EV) sales are projected to accelerate in 2024, with an expected increase of 20% to 30% following a strong 2023 where U.S. consumers purchased 1.19 million EVs, marking a 46% year-over-year growth [1][2] EV Market Overview - The U.S. EV market reached a significant milestone in 2023, with sales surpassing one million units for the first time [1] - Despite the growth, a lack of charging infrastructure remains a critical barrier for potential EV buyers, with 32% of consumers citing this issue [2] Key EV Stocks - Tesla (TSLA) continues to dominate the EV market with a 51.3% share, despite facing challenges, while competitors like Ford and Hyundai lag significantly in sales [3] - Tesla plans to accelerate the launch of new, more affordable models, which could further boost sales [3] Investment Opportunities - The KraneShares Electric Vehicle and Future Mobility Index ETF (KARS) offers a diversified investment option in the EV sector, with an expense ratio of 0.72% and exposure to various companies involved in EV production and related technologies [5][6] - Copper stocks, particularly Freeport McMoRan (FCX), are expected to benefit from the rising demand for EVs, as each EV requires approximately 2.5 times more copper than traditional vehicles [7] - FCX is projected to see increased demand, with copper consumption expected to nearly double by 2035, driven by the EV market [7]