Goldman Sachs picks stocks to ride the EV wave, giving one upside of 120%

Goldman Sachs says the development of electric vehicles — and the companies involved in this — are set to see "considerable growth" through 2030. "We expect technological innovation, and we see considerable growth through 2030 in the EV ecosystem, and think profit pools in the automobile industry will be transformed," Goldman analysts wrote in a Jan. 30 report. They added that EV-related operating profits are set to grow from $2 billion in 2020 to $133 billion in 2030.

The investment bank said it believes six stocks stand to benefit the most from the increased adoption of EVs. Four of the stocks are buy-rated by Goldman: Tesla and battery-makers Freyr Battery , SK Innovation and Samsung SDI . "We think these companies should be able to tap [Inflation Reduction Act] opportunities as the battery market becomes more concentrated," Goldman wrote.

Which stocks?

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