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Best Electric Vehicle (EV) Stocks to Invest In

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Electric vehicle sales are projected to grow rapidly for years into the future

Electric vehicle sales are projected to grow rapidly for years into the future

The world is quickly moving towards utilizing electric vehicles (EVs) for ground transportation as concerns regarding global warming and dwindling oil supplies motivate people and companies to switch to EVs. This changeover to EVs is creating a lot of investment opportunities in new emerging EV car and truck companies, as well EV battery companies. Many of these companies have already gone public and have stocks that trade publicly on stock exchanges. While some of these stocks have increased in price, there is still a lot of growth ahead in the future that could translate into long-term investment gains.

Now is the time to assess which are the best EV stocks to invest in to take advantage of the future growth in the EV sector, which should lead to increased revenue and profits, and subsequently higher stock prices over the long-term. The following are some of the best EV stocks to invest in for potential long-term gains. The stocks are not presented in any particular order of importance. Do your own due diligence before investing in any stock.

Fisker Ocean is a sleek electric SUV

Fisker Ocean is a sleek electric SUV

Electric Vehicle (EV) Stocks That Are Publicly Traded

  • Fisker (FSR) - Fisker is an interesting EV company. Started by famed automobile designer, Henrik Fisker, their Ocean model is garnering a lot of interest due to its sleek design and luxury features. Additionally, Fisker has generated a lot of excitement over its announcement of a partnership with iPhone maker Foxconn in which Foxconn will produce 250,000 vehicles per year of a yet to be announced model. Some have speculated that this will be the long-rumored Apple Car; however, there has been no confirmation that Apple has partnered with Fisker.
  • Canoo (GOEV) - Canoo is planning on building EVs that are rather simple and take advantage of its skateboard platform. The skateboard platform reduces both development and manufacturing costs because it serves as a uniform base for its various models. Canoo’s EVs are distinctive in their simplicity and their sharp edges that give their vehicles a box-like look. The company is going after a different segment of the EV market than many other EV start-ups that focus on high-end and luxury EVs. Instead, Canoo’s business model is to capture middle-rung segments of the market such as passenger minivans, pick-up trucks, sedans, and delivery vehicles.
  • Lucid Motors (CCIV to become LCID) - Lucid Motors has generated a lot of excitement because Lucid is striving to compete with EV sector-leading Tesla in the high-end EV market. Saudi Arabia’s Public Investment Fund’s $1 billion investment in Lucid in 2018 has also generated a lot of interest and publicity for this formerly unknown EV start-up. In the longer run, Lucid is planning to develop an affordable EV that will compete with the Tesla 3 and provide an option for car buyers that are not looking for high-end models.
  • Tesla (TSLA) - Tesla is the king of all EV companies at the moment. Led by visionary Elon Musk, the company has a huge head-start in both vehicles on the road and name recognition. The company’s stock and valuation are much more valuable than its competitors in the EV space, having run up to incredible heights. This is not to say that Tesla’s stock is a bad investment and will not continue higher as the company grows sales and profits. Musk is a tremendous innovator and will likely continue to defy his detractors as he develops leading-edge technologies that propel Tesla to new heights.
  • NIO Limited (NIO) - NIO is a China-based EV company that some call the Tesla of China. Whether or not the comparison is valid, one thing NIO has going for it is being based in China, which is the world’s largest automobile market. The company offers a variety of models including sedans, an SUV, and a sports car.
  • Workhorse (WKHS) - Workhorse is yet another relatively recent newcomer in the EV field. The company’s niche is providing medium-sized delivery vehicles that are approximately the size of UPS delivery vehicles. It is currently building EV delivery vehicles on a small scale with plans to ramp up production over time to meet demand.
  • Lordstown Motors (RIDE) - Lordstown Motors appears to be destined to be the first EV manufacture that will deliver an EV pickup truck, which they are calling the Endurance. The truck will feature an innovative propulsion system that is powered by independent electric motors in each of the truck’s four wheels rather than a central electric motor. With its own factory ready to start delivering the Endurance by the end of 2021, Lordstown Motors appears to be further along than many other EV start-ups.
  • Electric Last Mile Solutions (FIII to become ELMS) – ”Last mile delivery” is a phrase that has become common in the era of e-commerce, as packages need to be delivered locally to customers after going through extensive shipping networks. Electric Last Mile Solutions (ELMS) derives its name from this phrase since the company’s business plan is to focus on manufacturing urban delivery EVs that are well suited for companies doing local deliveries.
  • Faraday Future (PSAC to become FFIE) - Faraday Future is an EV startup that is integrating technology into their vehicles, making them ready for automated driving and seamless connectivity to the Internet of Things (IoT). Their first production vehicle, called the FF 91, is a sleek crossover sport utility vehicle (SUV). The company has two additional models under development that will be smaller and more affordable than the FF 91.
  • Lightning eMotors (GIK to become ZEV) - Lightning eMotors is focused on producing commercial EVs of various sizes for fleets. The company has over 100 EVs in operation already. What distinguishes Lightning eMotors from other EV companies in the commercial vehicle space is the fact that it not only produces small and medium-sized EVs, but it also has plans to produce large EVs, including tractor trailers and busses.

Futuristic Interior of Faraday Future FF 91

Faraday Future FF 91 boasts an impressive futuristic interior look

Faraday Future FF 91 boasts an impressive futuristic interior look

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This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2021 John Coviello


Liz Westwood from UK on March 18, 2021:

This is a very interesting and thought-provoking article. You make valid and interesting points.

Jack Lee from Yorktown NY on March 17, 2021:

I am glad you are so positive on EV. I am still a skeptic. Having test drove a Tesla 3, I think EV still has a long way to go to be competitive with gasoline powered cars.

These EV car companies you listed, half of them will not survive. GM, and Ford are getting in to the act. They can make it cheaper and in higher volumes.

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