The demand for electric vehicles (EVs) is expected to surge in the next decade, and some Canadian EV stocks are considered attractive in 2024. Despite a recent downward correction, Magna International (TSX:MG) stands out as an appealing investment. With a market cap of $21.7 billion and trading at $75.98 per share, Magna focuses on contract manufacturing of vehicle parts for major automakers. The company has demonstrated notable financial improvement, with a 14.4% YoY rise in total revenue to US$32.3 billion in the first three quarters of 2023. Magna's emphasis on developing electric vehicle platforms and autonomous solutions positions it as a strong long-term player in the EV sector. With a 3.3% annualized dividend yield, Magna offers an attractive investment opportunity.
Another noteworthy Canadian EV-related stock is BlackBerry (TSX:BB), based in Waterloo, with a market cap of $2.7 billion and trading at $4.60 per share. While primarily known for enterprise cybersecurity solutions, BlackBerry has increasingly invested in EV and autonomous vehicle technology. The company's QNX operating system is deployed in over 200 million vehicles globally, and its innovative solutions, including the BlackBerry IVY intelligent vehicle data platform, indicate significant growth potential in the IoT segment. Despite a 6% decline in the past year, BlackBerry stock is viewed as a promising long-term investment, aligning with the evolving landscape of futuristic mobility solutions.
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