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EV ETF (DRIV) Hits New 52-Week High

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For investors seeking momentum, Global X Autonomous & Electric Vehicles ETF (DRIV - Free Report) is probably on radar. The fund just hit a 52-week high and is up 39.55% from its 52-week low price of $18.91/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

DRIV in Focus

The underlying Solactive Autonomous & Electric Vehicles Index, tracks the price movements in shares of companies that are active in the electric vehicles and autonomous driving segments.. The product charges 68 bps in annual fees (See: all the World ETFs here).

Why the Move?

Notably, all-electric car sales in the country are seeing robust growth, surpassing the overall car market's growth rate. Battery Electric Vehicle (BEV) registrations in the first quarter of 2023 surged to 257,507, marking a 63% increase from the previous year and capturing approximately 7% of the total market, up from 4.6% in Q1 2022.

Furthermore, the U.S. EV charging infrastructure market is experiencing significant growth, projected to increase from USD 3.92 billion in 2022 to USD 43.46 billion by 2032. This surge in demand is driven by the rising sales of electric vehicles. In the first quarter of 2023, global sales of passenger electric vehicles (EVs) increased by 32% compared to the previous year. Furthermore, according to some forecasts, global EV sales will exceed 14.5 million units, by the end of 2023.

More Gains Ahead?

Currently, it might continue its strong performance given, a positive weighted alpha of 26.07.

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