People wearing face masks are seen in a Tesla showroom at a mall in Wuhan, Hubei province, the epicenter of the Chinese coronavirus disease (COVID-19) outbreak on March 30, 2020.
Aly Song | Reuters
The rising sales of electric cars are increasing investments in the batteries that power them.
In the first quarter, deals were announced worth $ 26.7 billion for global investments in batteries for electric cars, which, according to Fitch Solutions, exceeded investments for the full year 2020 by more than $ 5 billion.
All of that money could drive demand for electric vehicles and batteries as cheaper batteries make cars affordable.
As more data is gathered for the current quarter, “we can already see Europe and North America continue to try to catch up with Asia,” Anna-Marie Baisden, head of automobiles at Fitch Solutions, told CNBC this week.
Analysts from three investment banks rate which battery-related stocks look attractive.