- Tesla In.’s expenditure on research and development increased by 106% YoY to US$666 million in the quarter ended March 31, 2021.
- In Q1 of 2021, NIO delivered 20,060 vehicles, against 3,838 in the same quarter of 2020.
- ChargePoint’s revenue rose by 24% YoY to US$40.5 million in the quarter ended April 30, 2021, from US$32.8 million in the same quarter of 2020.
The automotive industry is shifting its focus to zero-emission vehicles as climate concerns take the center stage. Towards this endeavor, companies are exploring two alternative modes of energy to power their vehicles: hydrogen and lithium-ion batteries.
EV sales saw significant growth in 2020. Although sales numbers have marginally reduced in the first few months this year, they are expected to pick up.
The government has pledged investment to build infrastructure for electric cars. The industry is expected to create thousands of jobs in the US, while helping to reduce carbon emissions.
We explore here 10 hot EV stocks in the market today.
Tesla, Inc. (NASDAQ: TSLA)
It is one of the world’s leading EV manufacturer, selling around 300,000 vehicles by 2020.
Tesla’s market cap around US$587.9 billion. Its Q1 revenue was US$10.39 billion and net income of US$438 million. Liquidity reserves, as of March 31, 2021, were US$17.14 billion.
Its expenditure on research and development increased by 106% in the quarter ended March 31, 2021, to US$666 million from US$324 million in the same quarter of 2020.
Its share price has increased by 192% over the past year. The stock was trading at US$603.30 at 1:42 pm ET on June 15.
Toyota Motor Corp. (NYSE: TM)
It is a US$251.5 billion company launched in 1937. It is one of the largest auto manufacturing companies, with 10.5 million units sold in FY 2020.
Its share price grew by nearly 38% in the past year. The stock was trading at US$182.09 at 1:44 pm ET on June 15. Toyota plans to introduce 15 EV models by the end of 2025.
In FY 2021, around 9 million units were sold against the estimated 8 million units.
Toyota has unveiled its new Land Cruiser (non-EV) to be available at its stores this year summer.
Fisker Inc. (NYSE: FSR)
It is a US-based electric vehicle maker. Its market cap is around US$5.31 billion.
Fisker’s liquidity reserves as of March 31, 2021, was US$985. Its Q1 net loss from operations was US$176.8 million.
The company is expanding and has a headcount of 203 full-time staff as of May 17, 2021, compared to 89 employees as of October 29, 2020. Fisker debuted on NYSE in October last year. Its research and development expenses in the March quarter increased to US$27.3 million compared to US$0.4 million in the same period of 2020.
Fisker aims to produce climate-friendly vehicles by 2027. In addition, it announced on June 7 that it will use only climate-neutral materials in products and services.
Fisker’s shares have risen nearly 81% over the last year. The stock was trading at US$17.4 at 1:55 pm ET on June 15.
NIO Inc. (NYSE: NIO)
NIO designs and manufactures smart electric cars of the premium segment. It sells its vehicles through a network of company stores.
Founded in 2014, this comparatively new company has a market cap of US$69.5 billion.
In Q1 of 2021, it delivered 20,060 vehicles, against 3,838 in the same quarter of 2020.
Its total revenue was US$1,218.3 million and net loss was US$68.8 million, a decline of 73.3% YoY, during the quarter. Its liquidity reserves stood at US$7.3 billion. Its R&D expenditure for the March quarter was US$104.8 million, up 31.4% from the same quarter in 2020.
Its share price has risen around 578% in the past year. The stock was trading at US$45.51 at 2:00 pm ET on June 15.
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QuantumScape Corp (NYSE: QS)
It is a US$11.2 billion company and develops lithium batteries for EVs. At the end of the March quarter, QuantumScape has partnered with Volkswagen for their joint battery venture.
In the quarter ended March 31, 2021, its R&D expenditure rose from US$29.5 million to US$13.35 million YoY. Net loss was US$75 million due to increased general expenses and change in fair value of assumed stock warrant liabilities. Since August 17, its share price jumped around 200%. The stock was trading at US$27.12 at 2:00 pm ET on June 15.
Blink Charging Co. (NASDAQ: BLNK)
It sells EV charging equipment as well as operates charging stations. Its total revenue rose by 72% to US$2.2 million in Q1 from US$1.3 million in the same quarter of 2020.
As of March 31, 2021, its net loss was US$7.36 million and liquidity reserves were US$ 195.6 million. Its market cap is around US$ 1.6 billion. Its share price rose by an incredible 1,632% over the last year.
ChargePoint Holdings, Inc. (NYSE: CHPT)
It is an US$8.6 billion company and runs an EV charging network in North America and Europe.
ChargePoint’s revenue rose by 24% YoY to US$40.5 million in the quarter ended April 30, 2021, from US$32.8 million in the same quarter of 2020.
Its GAAP net income was US$82.3 million, and cash on the balance sheet was US$609.8 million at the end of the first quarter. Its customers grew to be more than 5,000. Its share price has risen by 188% in the past year. The stock was trading at US$29.17 at 2:05 pm ET on June 15.
Ford Motor Co (NYSE: F)
Ford Motor Co has been in operation since 1903. Ford plans to provide vehicle electrification and mobility solutions, autonomous driving cars, and connected vehicle services soon.
In Q1 of 2021, its net income was $3.26 billion. Total revenue was US$36.2 billion, and cash and cash equivalents were US$21.8 billion.
The automotive industry is facing a constant semiconductor shortage, and due to short supply, the delivery of the vehicles is affected. It was estimated to recover in the second half of 2021.
Ford and Origin Material (carbon-negative materials company) has recently announced to join hands for their Net Zero Automotive program, an emission-free vehicle initiative. Its share price has grown nearly 153% over the past year. The stock was trading at US$15 at 2: 20 pm ET on June 15.
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Workhorse Group, Inc. (NASDAQ: WKHS)
It is a US$1.93 billion company, which designs, manufactures, and sells high-performance commercial electric vehicles and drone systems.
It reported revenue of US$0.5 million for the quarter ended March 31, 2021. The cost of sale rose due to an increase in the volume of initial production and higher compensation cost.
R&D expenses were US$3.9 million and US$1.9 million during the three months ended March 31, 2021, and full-year 2020, respectively. The increase in R&D expenses is primarily due to higher costs, finalization of the design of the C-Series electric delivery truck and the development of the HorseFly delivery drone.
The share price of Workhorse has grown by 317% growth in the past year. The stock was trading at US$14 at 2: 22 pm Et on June 15.
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Arcimoto, Inc. (NASDAQ-GM: FUV)
Its market cap is around US$487 million. Arcimoto designs, manufactures, and sell fun utility vehicle (FUV). FUVs are three-wheel electric vehicles. In 2020, Arcimoto produced 117 vehicles, and in the first quarter ended March 31, 2021, it produced 84 vehicles and delivered 60 vehicles, a 122% improvement over 27 vehicles delivered in the same duration last year.
Its revenue was US$1.39 million. It booked a net loss of US$4.7 million against US$6.2 million in the same quarter last year. R&D expenditure grew 436% YoY to US$2,408,000. Its share price rose 356% in the past year. The stock was trading at US$12.08 at 2:25 ET on June 15.