CarParts.com Inc (PRTS) announced that they started selling products and services to electric car owners for the first time. Shares of PRTS rose over 50% on January 26 due to positive reactions from investors.
Top 5 EV Tech Stocks to Buy for 2023
According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.
Click Here to Download the FREE Report.
Over 700,000 repair, maintenance, and tuning applications are currently available on CarParts.com’s website for electric and hybrid vehicles. It also offers spare parts for 25 popular electric and hybrid vehicle makes and models, including Tesla, Toyota, and Honda.
Investors have expressed a positive response to electric vehicles, although internal combustion engines remain the most popular form of transportation, and there has been a growing interest in them. Even though many countries have already announced a ban on the sale of new vehicles with internal combustion engines in 10 to 15 years, there is still hope that electric transport will grow during that timeframe.
Considering the trend of electric vehicles becoming more prevalent, CarParts.com Inc (PRTS) believes retailers will not be hindered. Hybrid cars and electric vehicles are similar in many ways to traditional cars: brakes, headlamps, and mirrors, with the same controls, pedals, and shock absorbers, the company said.
Since most of the retailer’s vehicles are internal combustion engines, the new segment will not make that much of an impact on financial performance. However, it is expected that as the used electric vehicle market develops, the demand for electric vehicles will grow despite the challenges. As a result, the retailer will have an advantage over its competitors who haven’t begun selling automotive parts for electric vehicles.
Now let us learn about this publicly-traded company’s past performance, CarParts.com Inc (PRTS), through its moving averages. This stock increased 41.29% during the past week, while it has increased 33.56% over the past one-month period. The company’s stock rose 34.07% in the last quarter. During the previous six months, the stock has increased 35.41%, with a full-year gain of 566.29%. This stock’s year-to-date (YTD) performance now stands at 41.97%.