This surging stock looks like a promising bet on electric cars — and it’s not Tesla

As Yogi Berra might have put it: Nobody buys Tesla stock anymore. It’s too popular.

Yet the hunt continues for promising bets on rising ­demand for electric vehicles, and battery-materials company Umicore UMI, -1.59% could fit the bill.

“There are very few EV champions—companies that have a meaningful percentage of their profits today coming from the electrification megatrend,” says Adam Collins, an analyst at investment firm Liberum covering specialty chemicals and new energy technologies. “We, in our notes, have been talking about possibly four: Albemarle, the lithium leader; Tesla, I don’t have to introduce them; Infineon Technologies, in the power semiconductors space; and Umicore, in cathode materials.

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