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Highlights
- Electric Vehicles’ stocks have collectively hit the 10 million mark in 2020, reflecting a 43% increase over 2019.
- Analysts predict that by 2025, 20% of all new cars sold will be electric.
- Amazon backed EV start-up – Rivian, became world’s No. 3 carmaker by value on IPO rollout.
Electric Vehicle market has levelled up over the past few years bringing in some significant changes in the overall automobile sector. The global EV shares hit the 10 million mark last year, reflecting a 43% increase over 2019.
However, the global car market was significantly affected by the market uncertainty caused by the ongoing pandemic.
Which EV stocks are creating a buzz globally?
According to analysts, electric car sales will contribute 20% of all new cars sold globally by 2025. This will take a leap to 40% by 2030. If this trend continues, then the number of EVs will soar over in the next decade.
Having said this, let us look at some well-known listed companies that have been in news lately.
Lordstown Motors
Lordstown (NASDAQ:RIDE) is an American electric vehicle company located in Ohio. The company manufactures high quality duty-free commercial fleet vehicles that reduce burdensome costs by providing functional style for present-day job sites.
Related Read - RIDE stock up 8% after plans to sell Ohio plant to Foxconn
The company recently entered a Transformative Strategic Partnership with a Taiwanese company – Foxconn, for US$230 million to establish a contract manufacturing agreement.
RIDE reported a net loss of US$95.8 million and cash of US$233.8 million under its latest quarterly report for the quarter that ended on 30 September.
In October, the company announced that it has received an equity investment of US$50 million from its strategic partner – Foxconn, at the per-share value of US$6.90. As per media reports, company's CEO – Dan Ninivaggi said that this partnership is likely to unlock the tremendous potential of RDE's automotive plant.
The company anticipates beginning its Endurance commercial production in the third quarter of FY22.
Rivian Automotive
Rivian is a US-based electric vehicle automaker founded in 2009. On 9 November 2021, the company announced the pricing of an Upsized Initial Public Offering (IPO) of 1.53 billion Class A shares at an offer price of US$78 per share. In addition, underwriters also got a 30-day option to buy up to 22,950,00 Class A shares.
As per media, Amazon backed EV startup, which only began building its R1T pickup truck, has become the world's number 3 carmaker by value on IPO rollout.
Tesla, Inc.
The world-famous– Tesla (NASDAQ:TSLA ), is an American clean energy and EV company that manufactures and designs electric cars and battery storage from home to grid-scale solar roof tiles.
Always in news, this EV giant's value fell below US1 trillion on 16 November 2021, ending nearly 2% lower at US$1,013.39 on its recent selloff.
RELATED READ – Musk sold around US$6.9 billion Tesla shares
Tesla reported 241,300 deliveries in Q3 2021 report, where total deliveries stood at 237,823, despite logistic and supply chain challenges.
Related Read - Musk's SpaceX Seeks FCC Nod For Additional Starlink Satellites
Bottomline
With companies like- Tesla, surpassing US$1 trillion, the electric car market is likely to grow with a huge potential in the upcoming years. However, there is still a scope for improvement in the EV industry as a whole. Apart from increase in brute force battery capacity, EV makers also need to focus on some key areas like – vehicle power electronics.
