Want a Great EV Chip Stock? ON Semiconductor Might Be Your Ticket.
Some projections suggest electric-vehicle (EV) sales could reach 60% of all new car sales by 2030, up dramatically from just 1 in 6 vehicles sold in 2022, or about 17%. Investors have caught on to the trend and have invested heavily in automakers.
The problem is that the market has been flooded with automakers who are trying to capture some of this massive wave of projected EV sales. The automotive space already isn't all that profitable, and there's a good chance many investors who buy an EV manufacturer stock will underperform the stock market's performance.
That's why I continue to focus my attention on highly profitable semiconductor companies that supply the automotive industry as a top bet on the EV space. Resurgent chip designer and manufacturer ON Semiconductor (NASDAQ: ON) could be one of those stocks deserving of some investment dollars right now.
Source Fool.com
