Eight hot stocks to consider in a booming EV market

August 23, 2021 04:42 PM PDT | By Team Kalkine Media
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  • Tesla, Inc. (NASDAQ: TSLA) has a P/E ratio of 368.88. The stock closed at US$680.26 on Aug 20.
  • NIO Inc. (NYSE: NIO) delivered 21,896 in Q2, 2021. The stock closed at US$36.92 on Aug 20, 2021.
  • General Motors (NYSE: GM) has a P/E ratio of 5.58. It is calling back 73,000 Chevrolet Bolt electric vehicles due to fire risk from the battery pack. The stock closed at US$48.8 on Aug 20, 2021.

Electric vehicles stocks are drawing investors interest as the debate on global warming takes centerstage. The Biden administration has earmarked billions of dollars to revamp the infrastructure to match the needs of a green economy over the next few years. 

The US's EV and renewable energy markets are upbeat over these developments, prompting some auto and conventional fossil-fuel-based energy companies to switch sides to renewables as they set their eyes on capitalizing on the government's zero-emission policy push. 

Here we explore seven EV stocks that may benefit from the emerging pro-climate policy framework.

Tesla, Inc. (NASDAQ: TSLA) is the most famous name in the EV segment. Its market capitalization is US$701 billion, and its P/E ratio is 368.88. The company earned total revenue of US$11.96 billion in the June quarter of 2021 compared to US$6.04 billion a year ago. Its revenue came from energy generation, storage, services, and other activities, besides EV sales.

The net income was US$1.2 billion against US$129 million in the same quarter the previous year. The stock closed at US$680.26 on Aug 20, 2021.

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NIO Inc. (NYSE: NIO) is China's premium electric vehicle manufacturer. Its market cap is US$62.7 billion. Its Q2 revenue was US$1,308.4 million, an increase of 127.2% YoY, while the net loss was US$90.9 million, reflecting a decrease of 50.1% from the June quarter of 2020. 

The company delivered 21,896 vehicles in Q2, 2021. The stock closed at US$36.92 on Aug 20, 2021.

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Source – pixabay

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XPeng Inc. (XPEV) is China's smart vehicle manufacturing company. It will declare its Q2 results on Aug 26. It has delivered 8,040 vehicles in July and 38,778 vehicles YTD.

Its March quarter revenue was US$450.4 million, and the net loss was US$120.1 million. It delivered 13,340 vehicles in the quarter. The stock price closed at US$38.69 on Aug 20.

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Canoo Inc. (NASDAQ: GOEV) is an electric vehicle manufacturer with a market capitalization of US$1.8 billion. In the June quarter, it earned no revenue. The company plans to launch its EV by the fourth quarter of next year. Its net loss in the quarter was US$1112.55 million against a net loss of US$23.24 million in the prior year’s quarter. The stock closed at US$5.91 on Aug 20.

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General Motors (NYSE: GM) is a well-known name in the automotive market. It entered the EV market not long ago. It has a market cap of US$70 billion with a P/E ratio of 5.58.

In the June quarter, GM’s net sales and revenue were US$34.17 billion compared to US$16.78 billion in the year-ago period. Its net income was US$2.78 billion against a net loss of US$780 million in the year-ago period.

On Aug 21, it recalled 73,000 Chevrolet Bolt EVs due to a fault in the battery pack. It will cost the company around US$1 billion. Recently, GM has partnered with AT&T to provide 5G connectivity in its EV vehicles. The stock closed at US$48.8 on Aug 20, 2021.

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Fisker Inc. (NYSE: FSR) develops eco-friendly electric vehicles. It is headquartered in California. Its market cap is US$4 billion. In the June quarter, its revenue was US$27000 compared to nil the year-ago period. Its net loss was US$46.22 million compared to a net loss of US$1.82 million in the same period of 2020. The stock closed at US$13.29 on Aug 20.

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Blink Charging Co. (BLNK) is a charging service provider for electric vehicles, with a market cap of US$1.36 billion. The revenue in the June quarter was US$4.4 million against US$1.6 million in the same quarter of 2020. The net loss was US$13.46 million compared to a net loss of US$3.03 million in the same period of 2020.

The company has contracted, sold, or deployed 3,264 charging stations for commercial and residential vehicles in Q2, 2021, compared to 380 charging stations in 2020 in the same period.

Blink stock closed at US$30.71 on Aug 20, 2021.

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Source – pixabay

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ChargePoint Holdings, Inc. (NYSE: CHPT) is another charging network provider based in California. The market cap of the company is US$7 billion.

The company will declare its Q2 results on Sep 1.

Its April quarter revenue was US$40.5 million against US$32.8 million in Q1 the previous year. Its net income was US$82.29 million against US$30.1 million in the April quarter of 2020.

The ChargePoint stock closed at US$21.26 on Aug 20, 2021.

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The EV market is expected to boom in the coming years with the growing focus on emission-free vehicles. Besides EVs, other ancillary sectors such as battery companies are also expected to grow. The semiconductor shortage has been plaguing the auto industry lately, but the sector will likely make a strong comeback after the pandemic disruptions settle.


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