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The electric vehicle (EV) industry has been thriving as investors continue to park their funds in green stocks. This industry is not only confined to EV manufacturers, but also includes firms that are engaged in powering EVs such as technology-based batteries and charging infrastructure.
The EV wave has extended beyond Tesla Inc. (TSLA:US or NASDAQ: TSLA) and now shifting towards ancillary, batteries technologies and vehicle parts.
In this article, we explore two EV stocks – ChargePoint Holdings (CHPT:US or NYSE:CHPT) and NIO Inc. (NIO: US or NYSE: NIO).
ChargePoint Holdings Inc. (CHPT:US or NYSE:CHPT)
ChargePoint is the first EV charging platform to trade publicly after its stock debuted on the New York Stock Exchange (NYSE) on Monday, March 1.
The company has merged with Switchback Energy, a special-purpose acquisition company (SPAC), on February 26.
To learn more about this newly listed company, we must look at Switchback Energy’s previous trading history.
Before its merger with the SPAC, shares of Switchback were already marching with a massive one-year return of more than 200 per cent. It held a market cap of over US$ 1 billion till last month.
Now, both firms are trading under the ChargePoint banner.
It held available cash of US$ 615 million as of March 1, 2021.
The EV charging infrastructure is expanding and aims to raise EV charging investment worth US$ 190 billion by 2030.
The stock is currently trading at US$ 30.11 versus Switchback’s 52-week high of US$ 49.41 per piece. The stock has a green future as more EVs hit the roads.
Source: Copyright © 2020 Kalkine Media Pty Ltd.
NIO Inc. (NIO: US or NYSE: NIO)
Stocks of Chinese EV maker NIO rose almost 9 per cent on Monday, with a one-day trading volume of nearly 82 million. This surge came on the back of its robust full-year 2020 earnings.
Its revenue from vehicle sales soared by 106.1 per cent year-over-year (YoY) to US$ 2,326.8 million. The EV firm recorded total revenue of US $2,491.6 million for 2020, a rise of 107.8 per cent YoY.
The company had total cash and cash equivalents, short-term investment, and restricted cash worth US$ 6.5 billion at the end of 2020.
Its current share price is US$ 49.76 against a 52-week high of US$ 66.99 per common share. It has rallied by almost 1105 per cent in one year.
NIO’s Outlook
For the first quarter of 2021, it expects EV sales in the range of 20,000 and 20,500 vehicles, a massive jump of nearly 421 per cent to 434 per cent from the same quarter of 2020.
