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Summary
- Canadian manufactures of electric vehicles (EV) and their parts are emerging into the limelight to catch everyone’s attention.
- As the EV industry expands in the wake of climate change awareness, these enterprises are likely grow with time as well.
- Some EV makers stand out due to their zero-emission levels and adherence to the ESG norms
Canadian manufacturers of electric vehicles (EV) and their parts are emerging into the limelight to catch everyone’s attention. And as the EV industry expands in the wake of climate change awareness, these enterprises are likely grow with time as well.
On that note, let’s explore some of the top Canadian EV stocks to look at this year.
- Electrameccanica Vehicles Corp Ltd (NASDAQ:SOLO)
Although trading on the US-based platform of NASDAQ, Electrameccanica Vehicles Corp is a Canadian electric vehicle (EV) manufacturing company.
Electrameccanica stock jumped by nearly 34 per cent over the last nine months, while its one-year growth stands at about three per cent. It was trading nearly 59 per cent above its 52-week low of US$ 2.34 (September 25, 2020).
On the financial front, Electrameccanica posted cash and cash equivalents and short-term deposits of US$ 260.4 million in the first quarter of 2021, up from that of US$ 129.5 million in Q4 2020. In the latest quarter, the company’s operating loss amounted to US$ 8.9 million, as compared to that of US$ 5.1 million in Q1 2020.
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- Magna International Inc. (TSX:MG)
EV maker Magna International saw its stock close at C$ 110.5 on July 14, recording a jump of nearly 15 per cent for the last six months. Its one-year growth, on the other hand, stood at about 79 per cent.
The stock is up nearly 94 per cent from its 52-week low of C$ 57.42 (September 22, 2020) and is about 12 per cent below its 52-week high of C$ 126 (June 07, 2021).
While the outbreak of COVID-19 had dampened its business operations last year, Magna noted an 18 per cent year-over-year (YoY) jump in its sales of US$ 10.2 billion in Q1 2021. Its global light vehicle production, in the latest quarter, was also up 18 per cent YoY, primarily fueled by an 87 per cent jump in China.
Its income from operations (before taxes) surged by a whopping 109 per cent YoY to US$ 805 million in Q1 2021.
- NFI Group Inc. (TSX:NFI)
NFI Group held a market cap of about C$ 2.018 billion and total outstanding shares of 70.99 million as on July 14, 2021. Its stock price, on the other hand, registered a growth of nearly 78 per cent for the past one year.
NFI scrip also delivered a return of about 17 per cent year-to-date (YTD). It was trading roughly 97 per cent above its 52-week low of C$ 14.40 (August 07, 2020).
The automobile maker posted first quarter sales of US$ 574 million while its revenue stood at US$ 574.1 million.
NFI presently pays a dividend of C$ 0.212 on a quarterly basis.
- GreenPower Motor Company Inc. (TSXV:GPV)
GreenPower Motor Company manufactures electric school, city and charter buses. Its stocks debuted on the Toronto Stock Exchange Venture (TSXV) in June 2011.
At a closing price of C$ 21.99 on July 14, GPV stock was about 358 per cent above its 52-week low of C$ 4.97 (July 8, 2020).
The stock price increased also jumped about 274 per cent in a span of one year.
GreenPower Motor posted a whopping 76 per cent YoY increase in its revenues for the forth fiscal quarter of 2021, amounting to US$ 4.3 million.
- Westport Fuel Systems Inc. (TSX:WPRT)
The company, which focuses on the technology of low-emission engine and fuel system, saw its stocks close at a value of C$ 5.25 on July 14.
The stock has climbed nearly 247 per cent above its 52-week low of C$ 1.24 (July 13, 2020) and surged by about 244 per cent in the last one year.
Westport Fuel Systems’ revenues in the first quarter of 2021 surged by 14 per cent YoY to US$ 76.4 million due to inflated sales volumes in the segment of light and heavy-duty Original Equipment Manufacturing (OEM).
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
