All major traditional automakers, along with a slew of startups, have shifted their focus to building electric vehicles, ranging from sedans to SUVs to school buses.
Research reports have suggested that the electric vehicle market will grow from $200 billion today to as high as $830 billion by 2030, representing a compounded growth rate of nearly 20% annually. Periodic surges in fuel costs for traditional vehicles is expected to increasingly push consumers to switch over to plug-in and hybrid vehicles.
The growing surge in electric vehicles represents a rapid growth industry that investors should keep their eye on. Here are five stocks to watch as electric vehicles grow over the coming decade:
1. Tesla (NASDAQ: TSLA)
The first publicly traded, and most well known automaker, Tesla has grown from a market cap of just $1 billion at its 2010 IPO to nearly $200 billion today. Early investors in Tesla have experienced gains of more than 5,000%. The electric automaker now has a market cap that is larger than all other major automakers combined.
During the second quarter, Tesla produced more than 250,000 vehicles and said that the company is on track to produce one million electric vehicles in 2022. The company is aiming to bring electric vehicles to mass consumer markets through its Model 3 sedan and Model Y compact SUV, while its Model S and Model X vehicles are targeted towards higher end luxury vehicle segments.
Shares of Tesla trade on the NASDAQ under the ticker symbol TSLA.
2. Lucid Motors (NASDAQ: LCID)
Lucid Motors is attempting to scale production of its first model EV, the Lucid Air electric vehicle. The high end luxury sedan was named the MotorTrend 2022 Car of the Year® and has an EPA estimated range of more than 500 miles and 1,000 horsepower.
Lucid recently announced a partnership with the government of Saudi Arabia. The deal calls for a new Lucid factory to be built in Saudi Arabia and the country’s government has committed to purchase up to 100,000 Lucid electric vehicles over a ten-year period.
The company has also opened a number of showrooms across North America as it aims to increase its production rate to more than 500,000 vehicles globally by the end of the decade.
Lucid Motors shares trade on the NASDAQ under the ticker symbol LCID.
3. GreenPower Motor (NASDAQ: GP)
GreenPower Motor Company is a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles. Its purpose-built EV lineup ranges from transit buses to school buses to last mile delivery vehicles.
The company also has a working partnership with Workhorse Group (NASDAQ: WKHS) to produce and deliver its EV Star cab and chassis. The chassis are being used in the production of Workhorses’ new Class 4 W750 step van lineup, which is being planned for production in 2022. The W750 vehicle will feature an all-electric range of up to 150 miles, posses a payload capacity of 5,000 pounds, and come equipped with a standard 60 kW DC fast-charging unit as well as optional wireless-charging capabilities.
GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows the company to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements.
Shares of Green Power Motor trade on the NASDAQ exchange under the ticker symbol GP. For more information visit www.greenpowermotor.com.
4. Rivian Automotive (NASDAQ: RIVN)
Rivian Automotive is an EV automaker building sport utility and pickup vehicles at its manufacturing facility in Illinois. The company also has a partnership with Amazon (NASDAQ: AMZN) to build electric last mile delivery vans.
Additionally, Rivian is building a nationwide charging network that it plans to deploy across 600 sites in North America. The company is attempting to match its charging network with 100% renewable energy sources by also building a portfolio of renewable energy projects.
Rivian was founded in 2009 and went public in 2021 at a price of $78 per share. The company trades on the NASDAQ under the symbol RIVN.
5. Canoo (NASDAQ: GOEV)
Canoo, in partnership with Walmart (NYSE: WMT), plans to roll out its lifestyle delivery vehicles in 2023. The deal calls for Walmart to initially purchase 4,5000 all-electric delivery vehicles, along with an option to purchase an additional 10,000 units.
Walmart will utilize the last mile delivery vehicles to grow its online delivery business delivery network, of which it says will reach 80% of the U.S. population to offer same-day delivery. The lifestyle delivery vehicles will be engineered for high frequency stop-and-go driving and optimized cabin areas to maximize cargo space.
Shares of Canoo trade on the NASDAQ under the ticker symbol GOEV.
Investors agree that electric vehicles, whether built for consumers or shipping logistics, are the future of the automobile industry. Listed below are additional electric vehicle stocks to watch:
Nio (NYSE: NIO
Li Auto (NASDAQ: LI
Xpeng (NYSE: XPEV
Polestar Automotive (PSNY
Nikola (NASDAQ: NKLA
Environtech Vehicles (NASDAQ: EVTV
Fisker (NYSE: FSR
Proterra (NASDAQ: PTRA
Lion Electric Company (NYSE: LEV
Arrival (NASDAQ: ARVL
Faraday Future (NASDAQ: FFIE
NFI Group (OTCMKTS: NFYEF
Workhorse Group (NASDAQ: WKHS
Lordstown Motors (NASDAQ: RIDE
Cenntro Electric Group (NASDAQ: CENN
Mullen Automotive (NASDAQ: MULN
Blue Bird (NASDAQ: BLBD
Xos (NASDAQ: XOS
Lightning EMotors (NYSE: ZEV
ElectraMeccanica Vehicles (NASDAQ: SOLO
Kandi Technologies (NASDAQ: KNDI
Arcimoto (NASDAQ: FUV
EV Technology Group (OTCMKTS: EVTGF
For a full list of all electric vehicle stocks, quotes and news visit: https://greenstocknews.com/stocks/electric-vehicle-stocks
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