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Summary
- The EV industry is still in its formative years, but show signs of heading for a steep rise in the next decade.
- Elon Musk’s Tesla Inc has been a frontrunner in the race to be the EV industry topper.
- If all goes well, Apple could be a major competitor for Tesla and the rest in the electric vehicle field in the coming decade.
While fossil fuel cars are not going anywhere any time soon, global transportation investment and steady rise in demand shows the world is slowly shifting towards the green alternative of electric vehicles (EV). The EV industry is still in its formative years, but show signs of heading for a steep rise in the next decade. North America has recorded a growth in the market share of electric vehicle recently. Canada, for one, saw the designs of its first own modern electric car, revealed by the Automotive Parts Manufacturers' Association (APMA) recently.
Let’s take a closer look at the companies that are making headways in the electric vehicles industry.
©Kalkine Group Image
Tesla Inc (NASDAQ: TSLA, TSLA:US)
Elon Musk’s Tesla Inc has been a frontrunner in the race to be the EV industry topper. The company recently got listed on the S&P 500 Index, driving its stocks to rally. Earlier in November, Tesla hit a record intraday high of US$ 508.61 (November 19) and went on to become the top performing stock on the Nasdaq-100 Index that week.
As Tesla’s stock price surged, Musk’s net worth jumped to US$ 127.9 billion in November, leading him to replace Microsoft co-founder Bill Gates as the world’s second-richest person.
Facedrive Inc (TSXV:FD)
Ridesharing company Facedrive Inc saw its revenue in the third quarter of 2020 climb to C$ 0.26 million, while its net loss was marginally reduced year-over-year to C$ 3.524 million. Facedrive’s shares, on the other hand, shot up over 600 per cent this year.
The Ontario-based company, which primarily provides green transportation solutions, recently saw its contact-tracing platform TraceSCAN get Canada’s Innovation, Science and Economic Development (ISED) federal certification.
GreenPower Motor Company Inc. (TSXV:GPV)
GreenPower Motor was ranked as one of TMX’s top Consumer Goods stocks across the TSXV platform recently. It also debuted on the Nasdaq stock exchange after raising gross proceeds of US$ 37.7 million in September.
The company reported revenue of US$ 2.8 million and gross profit of 31.2 per cent of revenue and total delivery of a total of 21 buses in its latest third quarter.
NIO Inc. (NIO:US, NYSE: NIO)
Chinese EV maker saw its sales rise to US$ 628.4 million in the third quarter of 2020, an increase of 146.1 per cent YoY. Its stocks climbed over 1,000 per cent this year and about 700 per cent in the last six months.
In the third quarter of 2020, the Chinese company also saw it total revenues of US$ 666.6 million rise 146.4 per cent YoY and 21.7 per cent quarter-over-quarter.
Apple Inc (NASDAQ: APPL, APPL:US)
While Apple Inc is still far from being a running EV company, it threw its hat in the ring in 2014. Most recently, sources quoted by media portals claimed that the company’s self-driving car dream could be a reality by 2024.
Stocks of Apple Inc shot up after the reports earlier in December. The Silicon Valley giant kickstarted its automotive plan, ‘Project Titan’ around 2014 but reportedly dropped the idea sometime later, only to return with reassessment. In 2018, former Apple member Doug Field returned to oversee Project Titan. If all goes well, Apple could be a major competitor for Tesla and the rest in the field in the coming decade.
