Interesting Facts You May Not Know About EV Stocks

For those looking for stocks to invest their cash in, the electric vehicle (“EV”) industry may seem quite enticing. Electric vehicles represent the next frontier of vehicular travel, after all, and most developed countries are planning on phasing out carbon fuel-powered vehicles for EVs over the next decade or two. And if you’ve been paying attention to the stock market for the past year or so, you’ve probably noticed the upward trend of Tesla, which is the 12th most valuable company in the country by market capitalization.

However, shopping for EV stocks requires a keen eye and some knowledge of how the nascent industry works. For starters,

Tesla isn’t the only EV make around. You’d the forgiven for thinking that Tesla invented the concept of the electric vehicle, but that’s actually been around for a long time. Tesla brought the concept to the mainstream and popularized it. But while Tesla has had a monopoly on the EV industry for a while, the sector has seen plenty of new entrants. By the end of the year, we will have seen up to a dozen new electric vehicle stocks.

This includes fuel cell-powered truck maker Nikola, Lidar specialist Velodyne Lidar, electric powertrain manufacturer Hyllion as well as electric vehicle manufacturers Lordstown Motors Corp, Fisker Inc. (NYSE: SPAQ), and Canoo. Chinese EV firms Li Auto and Xeng also went public this year through traditional U.S. IPOs.

Some publicly traded EV companies haven’t built a car yet. At the moment, a number of EV makers still haven’t gotten round to building their first electric vehicle. Nikola, for instance, has built prototypes for its Nikola One, Nikola Two, and Nikola Tre Semi-trucks but hasn’t taken any of the vehicle concepts through the design process. In fact, the fuel cell-powered truck maker hasn’t built a production facility yet.

Although Lordstown Motors has a facility in the former General Motors plant in Lordstown, Ohio, it isn’t expected to begin production of its first vehicle, the Endurance electric pickup truck, until 2021.

All car stocks are now technically electric car stocks. Today, you can choose electric car stocks from an entire roster of manufacturers, not just Tesla. Every major automaker around the globe has at least one electric vehicle model either on sale or in development, with many of these vehicles hitting the market in 2021 or 2022. Aside from the known EV-only firms like Tesla and Nikola, automakers such as Ford, Nissan. BMW, Volkswagen, Subaru, and Toyota are also making electric vehicles.

Additionally, some large automakers have started investing in smaller companies. For instance, General Motors owns a stake in Lordstown Motors and it is slated to invest in Nikola as well while Volkswagen is backing battery maker QuantumScape. With this much diversity in the market, not all firms are going to secure a big enough market share, and prospective EV investors should take that into consideration.

About Green Car Stocks

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