Electric vehicles (EVs) are taking the market by storm, and soon, auto manufacturers everywhere will fall in line.
In fact, investors watching this shift are gearing up to make a lot of money by investing in electric vehicle stocks.
Just take a look at Volkswagen AG's (OTCMKTS: VWAGY) most recent announcement: They plan to produce 22 million EVs within the next decade.
And right now, manufacturers everywhere are slowly phasing out gas-powered vehicles. If you don't believe that, just look at their online catalogs. Check out all the hybrids on the road nowadays.
This is a $1.7 trillion industry where the biggest names are announcing their lineups of hybrids and EVs.
And while most vehicles still run on gas, the above trends show the shift has already started. Whether it's Ford, BMW, or Volkswagen, they're all putting money into hybrid and electric vehicles.
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Even Money Morning Defense and Tech Specialist Michael A. Robinson sees EVs as the future of the auto industry. In fact, he has a play that can help you get in on the action.
It's one of the best electric vehicle stocks you can buy. And it's kind of like owning an exchange-traded fund (ETF) for future automotive technology.
This EV Is Changing the Game
Volkswagen's goal of 22 million EVs is a game-changer for the auto industry. In fact, it's a 46% jump from its previous target of 15 million.
And right now, Volkswagen is the best-selling automotive company on the planet. It has even outsold Toyota Motor Corp. (NYSE: TM) for the past three years in a row.
Beyond that, the company predicts 40% of all its vehicles will be EVs in just a few years. By 2050, it expects to be completely carbon-neutral.
Allied Market Research says Volkswagen is a key leader in global EV production. According to their research, it's a market segment that's growing more than 22% annually.
AMR even predicts that the company's EV sales will top $567 billion by 2025. That's a 380.5% increase from 2017.
With such impressive growth, it's a golden market for automotive suppliers to jump in and supply components to manufacturers for EVs.
In fact, we have a company that is one of the best suppliers to automotive manufacturers. This company is one of the best electric vehicle stocks to buy today.
So, if you're a tech investor looking to make big profits, you better take this EV stock out for a spin.
This Electric Vehicle Stock Is Like Buying an ETF
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The company is Magna International Inc. (NYSE: MGA).
It's not a household name, but for the auto industry, it's a very well-known supplier. The company produces gearboxes, electronics, and plenty of other parts for the top global auto manufacturers.
And right now, Magna has over 300 manufacturing sites with roughly 160,000 total works. The company also has more than 100 research and development (R&D) programs to maintain its competitive edge.
In the last five years alone, the R&D centers have been developing new and innovative tech. And because of this, the company is one of the top dogs for car cameras and vision equipment.
But that's just one example from Money Morning's top electric vehicle stock.
Magna's E-Car Systems subsidiary is also a turnkey platform for manufacturers who want full-electric powertrains in their vehicles. And this E-Car Systems division has close to 700 employees in the global market.
Beyond that, Magna provides parts to top-tier manufacturers. The company has been working alongside Volkswagen for years now. And it will continue to have a major role in helping the company maintain its dominant position in the EV market.
MGA also works with BMW (OTCMKTS: BMWYY). Magna actually builds whole vehicles for the manufacturer. For example, take the new BMW Z4. It was outsourced entirely to Magna's Austrian plant.
To cut down on costs and speed up manufacturing, both Daimler AG (OTCMKTS: DDAIF) and BMW plan to share technology platforms. This means it's pretty likely that Magna's relationship with BMW will also extend to Daimler as well.
But Magna is also electrifying Volvo AB/ADR's (OTCMKTS: VLVLY) vehicles. The company is even helping a new Chinese firm develop deluxe electric SUVs.
Along with electric vehicles, Magna is also a major player in the self-driving car and advanced driver-assistance systems (ADAS) market.
And as of right now, Magna has a deal with the ride-sharing company Lyft Inc. (NASDAQ: LYFT), to develop these self-driving systems together. And they're being designed to work with any vehicle.
In just two years, Magna also is launching an autonomous driving platform with the help of partners BMW and Intel Corp. (NASDAQ: INTC). The company is contributing its knowledge of sensor suites and domain controllers.
Now, it's much easier to understand why Magna is like an advanced vehicle tech ETF rather than "just a stock."
Magna is one of the best electric vehicle stocks to buy today for the long term. In fact, if there are any short-term slides, count it as a buying opportunity.
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