1. SELLAS Life Sciences Group (NASDAQ:SLS)

Year-to-date gain: 210.19 percent
Market cap: US$477.18 million
Share price: US$3.35

SELLAS Life Sciences Group is a late-stage biopharmaceutical company focused on novel cancer immunotherapies. The company’s approach involves ‘teaching’ the immune system to recognize and kill cancer cells by targeting specific proteins that are overexpressed in tumors.

Its flagship asset is galinpepimut-S (GPS), a vaccine-like immunotherapy for patients with acute myeloid leukemia (AML) who are in remission but at high risk of relapse. Its secondary asset, SLS009, is a highly selective CDK9 inhibitor currently showing promise in Phase 2 trials for various blood cancers.

The company’s stock price surged on December 29 after SELLAS shared an update on the Phase 3 REGAL trial evaluating GPS as a maintenance therapy in patients with AML. The trial is designed as a blind survival study, with the end point triggered on the 80th patient death.

In the update, the company reported that 72 deaths had occurred as of December 26. Because it is taking longer than expected for the trial to complete, which was previously anticipated to happen before the end of 2025, investors are speculating that the patients in the trial are living significantly longer than the historical average.

2. IO Biotech (NASDAQ:IOBT)

Year-to-date gain: 129.47 percent
Market cap: US$144.28 million
Share price: US$2.16

IO Biotech is developing immune-modulating therapeutic cancer vaccines based on its T-win technology platform, designed to activate T cells to target both tumor cells and the immune-suppressive cells.

The clinical-stage biopharmaceutical company’s lead cancer vaccine candidate is IO102-IO103, which has the brand name Cylembio. IO102-IO103 has breakthrough therapy designation from the US Food and Drug Administration (FDA) when used in combination with Merck’s (NYSE:MRK) anti-PD-1 therapy Keytruda for the treatment of advanced melanoma based on positive Phase 1/2 first line metastatic melanoma data.

The candidate reached a major milestone in August 2025 with the readout of its pivotal Phase 3 trial of IO102-IO103 with Keytruda for treating advanced melanoma. While the vaccine combined with Keytruda showed a significant survival benefit — reaching 19.4 months of progression-free survival compared to 11 months for Keytruda alone — it narrowly missed the strict statistical significance threshold.

Following a December meeting with the FDA to discuss a path forward for Cylembio, IO Biotech ended the year focused on a new registrational trial to address the Phase 3 miss and securing further funding to extend its operations into 2026.

Throughout 2025, the company continued to expand its pipeline. In November, it presented new pre-clinical data for IO112 targeting arginase 1 and for IO170 targeting transforming growth factor.

3. Tiziana Life Sciences (NASDAQ:TLSA)

Year-to-date gain: 124.64 percent
Market cap: US$184.22 million
Share price: US$1.55

Tiziana Life Sciences is a clinical-stage biopharma which is developing therapies for autoimmune and inflammatory diseases, degenerative diseases and cancer-related to the liver. Its pipeline of candidates is built on its patented drug delivery technology that provides a possible alternative to intravenous delivery.

Tiziana’s lead candidate is intranasal foralumab, a fully human anti-CD3 monoclonal antibody, which it is currently studying for treatment of a range of conditions.

In March, the company filed an investigational new drug application with the FDA for a Phase 2 clinical trial in amyotrophic lateral sclerosis (ALS), which is supported by the ALS Association. The Phase 2 trial is slated to begin in January 2026. Tiziana also began dosing patients in a Phase 2a trial for multiple system atrophy in August.

In April, John Hopkins University and the University of Massachusetts commenced dosing of the biotech company’s intranasal foralumab in Phase 2 trials for patients with non-active secondary progressive multiple sclerosis (MS). On May 7, the company shared positive results from the use of its lead candidate in improving the quality of life for patients with that form of MS.

Tiziana is also studying the use of intranasal foralumab for treating moderate Alzheimer’s disease. On May 9, it announced that PET scans of a patient with moderate Alzheimer’s showed a significant reduction in microglia activation associated with neuroinflammation after three months of treatment.

On July 21, the company announced an ‘unexpected discovery’ following immunologic analysis of the patient with Alzheimer’s disease: ‘The analysis revealed an increase in phagocytosis markers in classical monocytes, suggesting that nasal foralumab may enhance their ability to clear amyloid plaques. This unexpected effect may open new avenues for treating Alzheimer’s Disease by targeting both inflammation and amyloid accumulation.’

The company dosed the first patient in its randomized Phase 2 Alzheimer’s trial in December.

To end the year, Tiazana submitted a comprehensive safety report to the FDA documenting over 37 patient-years of treatment with no serious drug-related adverse events across its studies.

4. Spero Therapeutics (NASDAQ:SPRO)

Year-to-date gain: 119.05 percent
Market cap: US$129.58 million
Share price: US$2.30

Spero Therapeutics is developing novel treatments for rare diseases and multi-drug resistant bacterial infections with high unmet need.

The company’s lead drug candidate is tebipenem pivoxil hydrobromide (HBr), a late-stage development asset developed in collaboration with pharma giant GSK (NYSE:GSK). GSK has an exclusive license agreement to commercialize the drug candidate in most markets.

Tebipenem HBr is an oral carbapenem developed to treat complicated urinary tract infections (cUTIs), including pyelonephritis. The FDA granted tebipenem HBr qualified infectious disease product and fast-track designations.

Spero’s stock surged 245 percent on May 28 to reach US$2.35 after the company reported that its Phase 3 trial evaluating tebipenem HBr for treating cUTIs met its primary endpoint and stopped early for efficacy.

On December 19, GSK officially filed the new drug application resubmission to the FDA for tebipenem HBr for treating cUTIs supported by the Phase 3 results. This filing triggered a US$25 million milestone payment to Spero that is expected in Q1 2026.

5. OKYO Pharma (NASDAQ:OKYO)

Year-to-date gain: 60.50 percent
Market cap: US$74.85 million
Share price: US$1.91

OKYO Pharma is a clinical-stage biopharma company developing therapies for the treatment of neuropathic corneal pain and dry eye disease. Its lead candidate is urcosimod, a non-steroidal anti-inflammatory and non-opioid analgesic.

OKYO is currently evaluating urcosimod for the treatment of neuropathic corneal pain. The treatment received fast track designation from the FDA in May after the company ended its Phase 2 clinical trial early to analyze data.

On July 17, the company posted strong top-line data from the Phase 2 trial and stated it is planning a meeting with the FDA to discuss next steps for its lead drug candidate. The following day, OKYO received US$1.9 million in non-dilutive funding to support its clinical development of urcosimod.

In September, OKYO announced a 120 patient, multi-center multiple ascending dose clinical trial designed to identify the optimal dose for Phase 3 registration.

A scientific breakthrough followed on December 11, when new imaging data revealed that urcosimod may actually help restore corneal nerve structure, showing median increases in nerve fiber count and length, while those in the placebo group saw median decreases for both.

Investor Insight

Silver Dollar Resources is repositioning its flagship La Joya silver-gold-copper project to unlock high-grade underground potential in Mexico’s prolific Durango-Zacatecas silver belt. Strengthened by the all-share sale of its Ranger-Page project to Bunker Hill Mining, the company offers investors leveraged exposure to near-term silver (zinc-lead) production in Idaho’s Silver Valley, while remaining fully funded to advance exploration across its core portfolio through 2026.

Overview

Silver Dollar Resources (CSE:SLV,OTCQX:SLVDF,FSE:4YW) is a precious metals exploration company focused on advancing high-grade silver and gold opportunities in Mexico. The company’s primary asset is the La Joya silver-gold-copper project, located in the southern portion of the Durango-Zacatecas silver belt, one of the world’s most productive silver regions.

La Joya has been the subject of extensive historical exploration, including more than 51,600 meters of drilling across 182 drill holes. This work outlined multiple mineralized zones, including the Main Mineralized Trend, Santo Niño and Coloradito. Silver Dollar is re-evaluating the project with an underground-focused exploration model, supported by structural analysis, underground sampling and reassessment of historic drill core to identify higher-grade targets at depth.

The company also owns the Nora silver-gold project in Durango, Mexico, which hosts the historic Candy mine and epithermal vein system that has returned high-grade surface sampling results. In addition, Silver Dollar holds an equity position in Bunker Hill Mining following the sale of the Ranger-Page project, providing equity exposure to the planned production restart in Idaho’s Silver Valley in the first 2026.

Silver Dollar is supported by an experienced management and technical team with expertise in underground exploration, epithermal systems and project evaluation. With a strong treasury, active exploration programs and multiple upcoming catalysts, the company is positioned to deliver exploration progress through 2026.

Company Highlights

• 100 percent owned La Joya project, an advanced-stage silver-gold-copper system in Mexico’s Durango-Zacatecas silver belt
• La Joya was originally proposed as an open pit in 2013 based on US$24 silver, US$1,200 gold and US$3 copper
• Strategic shift toward evaluating La Joya’s high-grade underground potential supported by new 3D geological modeling, underground sampling, and drill target development
• Completed sale of the Ranger-Page project to Bunker Hill Mining, providing equity exposure to a near-term US silver producer
• Fully funded to carry out planned exploration programs through 2026
• Largest shareholder is mining investor Eric Sprott, with approximately 17.5 percent ownership
• Multiple exploration catalysts planned, including drilling at La Joya in early 2026

Key Projects

La Joya Silver-Gold-Copper Project

The La Joya project is Silver Dollar’s 100 percent owned flagship asset. It is located within the Durango-Zacatecas silver belt, which hosts numerous past-producing and operating mines, including assets operated by First Majestic Silver, Grupo México, Industrias Peñoles and Pan American Silver.

Historical exploration at La Joya outlined multiple zones of mineralization, including the Main Mineralized Trend, Santo Niño and Coloradito, with mineralization occurring as skarn, replacement and vein-style systems. Previous work was largely oriented toward evaluating open-pit potential.

Silver Dollar is advancing a reinterpretation of La Joya as a potential high-grade underground system. Recent work includes:

• Underground sampling from historic workings, returning values of up to 2,753 grams per metric ton (g/t) silver equivalent
• Identification of the Central Dyke zone over approximately 770 meters, including a sample returning 3,513 g/t (~124 oz/ton) silver
• Discovery of the Brazo zone, located approximately 1 kilometer west of the Main Mineralized Trend, with Phase II drilling returning up to 451 g/t silver over 5 meters
• The Brazo Zone provides evidence of deeper, high-grade mineralization at La Joya
• Development of new 3D geological models is in progress incorporating the large database of structural, geochemical and fault-kinematic analysis

Silver Dollar plans to advance a new phase of drilling at La Joya in the first quarter of 2026, with a focus on testing high-grade underground targets identified through recent modeling and sampling.

Nora Silver-Gold Project

The Nora project is located in Durango, Mexico, within the same regional silver trend as several major operations. The property hosts an epithermal vein system known as the Candy vein.

Geological mapping and surface sampling have returned high-grade gold, silver and base metal values, including samples grading up to 29.61 g/t gold and 2,215 g/t silver, along with locally elevated copper, lead and zinc values.

In 2025, Silver Dollar identified the North Canyon zone, located approximately 1.5 kilometers north of the historic Candy mine. Channel sampling returned 162 g/t silver equivalent over 12.48 meters within a broad oxidation zone. Ongoing mapping and trenching are being used to define drill targets for potential drill testing in the first quarter of 2026.

Ranger-Page Project (Sold)

Silver Dollar acquired the Ranger-Page silver-lead-zinc project in Idaho’s Silver Valley in August 2024 and agreed to sell the asset to neighbor Bunker Hill Mining in October 2025 for C$3.5 million, payable by the issuance of 23,333,334 Bunker Hill shares at a deemed price of C$0.15 per share. The sale closed in December and the value of those Bunker Hill shares at the time of closing was approximately $5.8 million.

The Ranger-Page project is geologically contiguous with the Bunker Hill mine system. The transaction provides Silver Dollar with equity exposure to Bunker Hill’s planned production restart in the first half of 2026. Teck Resources owns ~32 percent of Bunker Hill and has life-of-mine off-take agreement for 100 percent of the zinc and lead production. Silver Dollar expects Bunker Hill to receive increased analyst coverage and a higher valuation next year as production commences.

Red Lake Area Properties

Silver Dollar also holds two 100 percent owned gold grassroots exploration properties in Ontario’s Red Lake mining division: Pakwash Lake and Longlegged Lake. Early-stage work has included airborne magnetic surveys, geological mapping and surface sampling, identifying structural and geophysical targets associated with the Pakwash Lake Fault Zone.

While not a primary focus, the properties provide optionality in a well-established gold district with major Kinross Gold discovery drilling on the Dixie Halo property that adjoins both properties to the north.

Management Team

Gregory Lytle — President, CEO and Director

Gregory Lytle has more than 20 years of experience advising mineral exploration companies on corporate strategy, capital markets and communications. Prior to becoming CEO in 2025, Lytle served as a consultant to Silver Dollar and has facilitated more than $100 million in financings for mining-sector clients.

J.J. (Jeff) Smulders — CFO, Corporate Secretary and Director

Jeff Smulders has more than 45 years of experience in accounting, taxation and financial management. He has provided financial consulting services to public and private companies for more than 25 years.

Bruce MacLachlan — Independent Director

Bruce MacLachlan is an exploration professional with more than four decades of experience across grassroots and advanced-stage projects. He has worked with companies including Noranda, Hemlo Gold, Battle Mountain and Noront.

Guillermo Lozano-Chávez — Independent Director

Guillermo Lozano-Chávez is a geologist with more than 40 years of experience in exploration and mine management across the Americas. He previously served as vice president of exploration at First Majestic Silver.

Dale Moore — Exploration Manager and Qualified Person

Dale Moore is an underground-focused geologist with more than a decade of experience in Idaho’s Coeur d’Alene Mining District. His work includes major deposits such as Lucky Friday and the Galena Complex, and he leads technical work at La Joya.

Mark Malfair — Country Manager, Mexico

Mark Malfair is a bilingual geologist with more than 25 years of experience in exploration and project management in Mexico, including previous work at Chesapeake Gold’s Metates project.

1. Eupraxia Pharmaceuticals (TSX:EPRX)

Year-on-year gain: 136.75 percent
Market cap: C$507.5 million
Share price: C$10.63

Eupraxia Pharmaceuticals is developing clinical candidates that employ its DiffuSphere technology, which delivers treatments to the targeted tissues.

The company’s candidates are currently EP-104GI for eosinophilic esophagitis and EP-104IAR for knee osteoarthritis, and it is exploring the use of its technology for other active compounds as well.

The company has continued to advance the treatment through clinical trials in 2025 and released multiple rounds of positive data from its Phase 1b/2a trial cohorts.

In July, Eupraxia dosed its first patient after advancing its investigation to Phase 2b trials based on safety and efficacy data from the earlier Phase 2a patient cohorts. Top-line results from the Phase 2b study are anticipated in Q3 2026.

In September, the company shared data from the highest-dose cohort of the still ongoing Phase 1b/2a trials, reporting that the group saw the largest improvements so far. Backed by a US$80.5 million public offering completed in September, Eupraxia ends 2025 capitalized through Q1 2028, the company stated.

2. NervGen (TSXV:NGEN)

Year-on-year gain: 123.08 percent
Market cap: C$562.67 million
Share price: C$6.96

NervGen is a clinical-stage Canadian biotechnology company that focuses on developing innovative treatments to enable the nervous system to repair itself following damage from injury or disease.

The company’s core technology targets a mechanism that hinders nervous system repair. When the nervous system is damaged, chondroitin sulfate proteoglycans (CSPG) form a “scar.” Initially, CSPGs help contain damage, but their long-term interaction with the PTPσ receptor inhibits repair.

NervGen’s lead drug candidate, NVG-291, is designed to relieve these inhibitory effects to promote nervous system repair. It received fast-track designation from the US FDA.

On November 24, 2025, the company announced expanded data from its Phase 1b/2a clinical trial testing NVG-291 in patients with chronic spinal cord injury. The results showed ‘unprecedented durable’ improvements in patients, with functional gains continuing to strengthen after the 12 week treatment period ended.

Compared to placebo, more patients who received the treatment reported substantially improved bladder control and muscle spasticity, and GRASSP quantitative prehension scores demonstrating a 3.7-fold greater mean improvement in hand function.

NVG-300, a newer preclinical candidate, is being evaluated for ischemic stroke and SCI.

3. Bright Minds Biosciences (CSE:DRUG)

Year-on-year gain: 103.83 percent
Market cap: C$918.89 million
Share price: C$110.72

Bright Minds Biosciences is developing novel serotonin agonists targeting neurocircuit abnormalities linked to neuropsychiatric disorders and epilepsy, designing next-generation treatments that aim to retain the therapeutic benefits of psychedelics while minimizing side effects.

Its lead candidate, BMB-101, a selective 5-HT2C receptor agonist, has shown encouraging preclinical efficacy by stopping seizures in an epilepsy mouse model, evaluated jointly with Firefly Neuroscience (NASDAQ:AIFF).

The company’s stock surged nearly 1,500 percent in October 2024 following H. Lundbeck’s acquisition announcement of a competitor focused on similar targets. Strengthening its epilepsy expertise, Bright Minds expanded its scientific advisory board in early 2025 by adding five leaders in the field.

In 2025, Bright Minds launched the BREAKTHROUGH study, an open-label Phase 2 trial evaluating BMB-101 in adults with absence epilepsy or developmental and epileptic encephalopathy.

Clinical updates presented at the American Epilepsy Society Annual Meeting on December 7 highlighted BMB-101’s unique G-protein biased agonism, which aims to provide anti-seizure efficacy without the cardiovascular risks typical of older serotonin drugs. The same month, Bright Minds company expanded its scope by initiating a new Phase 2a program investigating BMB-101 for Prader-Willi Syndrome.

4. Hemostemix (TSXV:HEM)

Year-on-year gain: 21.43 percent
Market cap: C$16.02 million
Share price: C$0.09

Hemostemix is a clinical-stage biotech company focused on developing autologous stem cell therapies, meaning the treatments use a patient’s own cells to theoretically enhance safety and efficacy.

Its main product, ACP-01, is an autologous cell therapy designed to promote tissue repair and regeneration in areas affected by diseases, including a range of heart diseases.

The company announced its first advanced sales orders for ACP-01 in Q1 2025 and has been working to expand internationally and attract new investment.

Hemostemix secured the regulatory green light for commercial sales in Florida after the state passed Senate Bill 1768. The bill creates a framework in which healthcare providers can administer stem cell therapies that had not yet been approved by the US Food and Drug Administration (FDA) but meet the bill’s guidelines.

The company now offers commercial ACP-01 treatments for ischemic pain in the state under the name VesCell, with sales forecasted to reach C$22.5 million in 2026. Operational plans target cash flow positivity by Q4 2026, supported by a growing physician network and commercial pipeline.

Additionally, Hemostemix is currently collaborating with Firefly Neuroscience on a Phase 1 clinical trial of ACP-01 for vascular dementia.

A pre-IND meeting, aiming to finalize a single Phase 1 clinical trial designed to study ACP-01 across multiple conditions simultaneously, is scheduled for January 16, 2026.

China remains global EV market leader

At 11.6 million units, China’s EV sales represented 62 percent of total global sales through November 2025, as per Rho Motion. Chinese EV maker BYD (HKEX:1211,OTC Pink:BYDDF) is also the world’s largest EV manufacturer.

What’s more, China’s dominance in the global EV market extends beyond its borders.

“Record overseas sales from BYD reflect the growing global reach of Chinese EV makers,” said Lester.

Rho Motion reported that BYD saw record EV export levels this year in both June (90,000 units) and November (131,935 units). The fastest-growing export markets this year were in Europe (400 percent), Southeast Asia (100 percent) and South America (50 percent).

EV market alive and well in Europe

European EV sales came to 3.8 million units in the first 11 months of 2025, up 33 percent compared to the same period in 2024. However, the story hasn’t been positive for all markets in the region this year, especially as governments cut back on subsidies and tax breaks in the face of growing national debt. For example, Rho Motion notes that French EV sales were negatively impacted in 2025 after the government cut subsidies.

However, November was a bright light for Europe’s EV market after governments in France, Italy and UK offered up “new incentives and wider model availability.’ Somewhat reversing course, the French government increased EV subsidies for low-income households beginning in September in a bid to encourage them to make the transition.

The growth in Europe comes alongside the increasing popularity of small-size battery electric vehicles (BEVs), as well as Chinese-made plug-in hybrid electric vehicles (PHEVs), which are not impacted by European tariffs on BEVs.

North American EV market struggling

North American EV sales in 2025 were down 1 percent to 1.7 million units sold as of November 30.

The Canadian government ran out of funding for incentives for its zero-emission vehicle program in January 2025, with no replacement scheme on the horizon. Facing slower EV adoption, economic headwinds and pressure from auto makers, Canadian Prime Minister Mark Carney has also paused the 2026 Electric Vehicle Availability Standard, which had mandated that 20 percent of new light-duty vehicle sales in the country be zero-emission vehicles.

Interestingly, EV sales in the US experienced a record period in the third quarter of this year. But that was only because US President Donald Trump’s administration decided to take an abrupt U-turn on EVs, ending tax credits for car buyers as part of the One Big Beautiful Bill Act, which passed in July. Consumers rushed to make purchases of EVs and PHEVs to take advantage of the US$7,500 tax credit before it expired on September 30, 2025.

Overall for 2025, EV sales in the US are expected to drop by 2.1 percent year-on-year, according to Cox Automotive. That would be the first time in six years for yearly sales to post negative growth.

BEVs also lost ground to traditional combustion engine vehicles this year, representing just 7.8 percent of the total vehicle market in the US compared to the 8.1 percent won last year. “It’s not a huge drop. And maybe the situation isn’t as dark as some headlines would have you believe. But it’s a notable shift, particularly when you consider the trajectory of EV sales over the last several years,” stated Tim Levin, senior editor at InsideEVs.

New EV growth rate vs. new EV penetration.

Chart via the International Energy Agency.

Economist Intelligence Unit reports that total year-on-year sales growth for EVs, including BEVS, PHEVS and fuel-cell vehicles, will slow from 31 percent in 2025 to 15 percent in 2026.

However, EVs will still account for 38 percent of total new vehicle sales worldwide.

According to the firm, key catalysts for the EV market that investors should watch in 2026 include: China’s export license requirements on fully assembled BEVs and PHEVs, set to begin January 1; the renegotiation of the USMCA free trade agreement in July; and stricter Euro 7 emission standards slated to come into play on November 29.

Hybrids to dominate in changing North American EV landscape

Another key trend to watch in 2026 is hybrid vehicles — experts believe consumers are likely to check their range anxiety with hybrids, and Gartner is forecasting that PHEV sales will rise by 32 percent in 2026.

The results of a survey conducted by CDK Global support this forecast, showing a significant drop in North American consumer interest for EVs. Among those currently driving gas-powered vehicles, only 11 percent reported an interest in purchasing a pure EV. That’s down 20 percent from last year’s survey.

The percentage of hybrid owners interested in purchasing a fully electric vehicle for their next ride also dropped from 54 percent in the 2024 survey to 35 percent in the latest version. At 54 percent, PHEV drivers were the most enthusiastic about BEVs, down only 4 percent from last year. Some of the most common reasons cited for the lack of interest in EVs were the cancellation of federal tax credits and “don’t suit my lifestyle.’

Carmakers are responding to the shift in consumer sentiment by slowing the rollout of new EV models and focusing their manufacturing efforts on hybrids rather than fully electric vehicles. For example, Ford Motor (NASDAQ:F) has pulled the plug on its all-electric F-150 Lightning pickup truck, and instead will opt for producing a hybrid version.

The announcement followed the Trump administration’s decision to cut back on US Corporate Average Fuel Economy standards. “Under the new rule, manufacturers will only need to meet a fleetwide average of ~34.5 mpg by 2031, a big reduction compared to the roughly 50.4 mpg target under the previous rule,” reported Rho Motion.

Additionally, Economist Intelligence Unit says Toyota Motor (NYSE:TM,TSE:7203) is planning to reduce its annual EV sales target for 2026 from 1.5 million units to just 800,000 units, while Honda Motor (NYSE:HMC,TSE:7267) and Nissan Motor (TSE:7201,OTC Pink:NSANF) both plan to cut US production of one electric SUV model each.

“This change of pace will allow them to streamline their operations as trade barriers upend supply chains in 2026. However, backtracking on EV plans now may be detrimental in the longer term for carmakers, as the industry around them continues its shake-up,” the firm’s analysts state.

During his keynote speech at Benchmark Week in November, Stephen Kosowski, manager, long-range strategy and planning, at Kia North America, echoed these sentiments.

“We have a regulatory enforcement that’s ended, right? So EV sales are now shifting to natural demand,” he said. “We’re going to see a rebalancing of production to demand in the marketplace.”

According to Kosowski, regulations and consumer incentives were behind many of the technological advance, range increases and new model lines coming out of the North American EV market. Now that those regulations and incentives are effectively gone, BEVs will likely account for less of the total market share in North America.

With the majority of buyers being higher-income coastal elites, pure EVs lack broader market appeal, explained Kosowski. For EV producers to continue selling into a market facing economic uncertainties, hybrids are the best bet.

“What are the roadblocks? Price in particular, range and charging,” he said. “Hybrids, to us, are the path forward.”