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iShares Self-Driving EV and Tech ETF (IDRV) - free report >>
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iShares Self-Driving EV and Tech ETF (IDRV) - free report >>
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EV ETF (IDRV) Hits New 52-Week High
For investors seeking momentum, ishares Self-Driving Ev and Tech ETF (IDRV - Free Report) is probably on radar. The fund just hit a 52-week high and is up 38.79% from its 52-week low price of $31.86/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:
IDRV in Focus
The underlying NYSE FactSet Global Autonomous Driving and Electric Vehicle Index comprises of developed and emerging market companies that may benefit from growth and innovation in and around electric vehicles, battery technologies and autonomous driving technologies. The product charges 47 bps in annual fees (See: all the World ETFs here).
Why the Move?
The electric vehicle (EV) space has been gaining momentum globally in recent times. In Q2, the United States witnessed a remarkable surge in sales of fully battery-electric vehicles (BEVs), with nearly 300,000 units sold.This figure not only sets a new record for any quarter but also represents substantial 48.4% growth from a year ago.
The impressive sales numbers can be attributed to significant price reductions offered by certain automakers and generous incentives that surpass the industry average.Additionally, the implementation of the EV tax credit subsidy in the United States is expected to contribute to a substantial increase in sales within the country. The U.S. EV charging infrastructure market is experiencing significant growth and is projected to increase from $3.92 billion in 2022 to $43.46 billion by 2032, according to The Brainy Insights .
According to counterpoint, in the first quarter of 2023, there was a significant 32% year-on-year increase in global sales of passenger EVs. The United States overtook Germany to become the second-largest EV market globally, while China remained the leader, with 29% year-on-year sales growth. China played a major role in driving global EV sales, accounting for 56% of total EV sales in the first quarter of 2023.
More Gains Ahead?
IDRV is likely to continue its strong performance given a positive weighted alpha of 23.04.