BofA names 8 stocks to watch as tech giants enter the EV race

Employees work at the Tesla Gigafactory in Shanghai, east China, Nov. 20, 2020.
Ding Ting | Xinhua News Agency | Getty Images

Bank of America has highlighted several stocks to watch as tech giants enter the autos space amid a growing focus on software.

Electric vehicles have experienced a surge in popularity in the last decade as the world looks to move toward more sustainable forms of transport. Electric vehicles account for roughly 2% of the global car market today but a combination of "consumer demand, economics, and environmental concerns" could drive adoption to 10% by 2025 and 40-50% by 2040, according to Goldman Sachs.

Elon Musk's Tesla is currently at the front of the pack, but traditional car makers are doing their best to catch up and tech giants like Apple are also making moves in the sector.

Here are the stocks across both tech and autos that BofA thinks are worth watching, as more futuristic vehicles hit the roads: