With battery prices on the rise but demand for electric vehicles...

With battery prices on the rise but demand for electric vehicles showing no signs of slowing, analysts at Goldman Sachs have named their top stock to play this trend.Goldman Sachs has raised its global average battery pack price forecast by 8% to 26% into 2025, with the bank expecting battery prices to peak in 2023. It noted that while technology and chemistry improvement have led to a decline in battery prices, around 40% of the cost deflation has been offset by higher commodity prices.Despite higher battery prices, Goldman said demand for EVs remains strong, supported by the recent strength in oil prices.“Global demand for autos today sits ahead of supply, with EV sales growth still tracking double digits,” Goldman’s analysts, led by Nikhil Bhandari, said in a research note on Jun. 1.“EV sales continue to be the bright spot in broader car sales — while growth rates have slowed down from the 2021 levels, March sales were still 29% year-on-year,” he added.