Want to play the EV boom? Citi names 4 battery stocks — including one it says has nearly 40% upside

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Want to play the EV boom? Citi names 4 battery stocks — including one it says has nearly 40% upside
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The world is in the early stages of a long process of electrification, and the competitive landscape will favor battery makers, according to Citi.

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The world is in the early stages of a long process of electrification , and the competitive landscape will favor battery makers, according to Citi. The bank said the U.S. Inflation Reduction Act could give a significant boost to electric vehicle penetration in the U.S. — a "step forward" despite the country's restrictions on critical minerals and other components.

Stock picks Citi's top pick to play this sector is Chinese battery maker Contemporary Amperex Technology Co, or CATL , saying it looks well positioned to benefit from long-term growth in the global EV market. "We see strong competitiveness in CATL thanks to its continued R & D efforts, strategic upstream investment, effective cost management, well-established global customer base, and strong pipeline of expansion projects to meet customer demand," Citi wrote.

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