Of all the hot trends in the market this year, the electric vehicle (EV) industry is near the top. Stocks like Tesla (TSLA) and NIO (NIO) are up 423.6% and 953.5%, respectably, this year. While these companies seem to be getting all the press, many smaller companies could be off to the races. Which is why I will be highlighting three EV stocks you should consider…
For quite some time, the EV industry was dominated by only TSLA, but now it seems like there is a new EV company popping up every month. We are currently on track to see close to a dozen new EV stocks going public this year. The industry exploded when Nikola (NKLA) went public in June in a reverse merger with special purpose acquisition corporation (SPAC), VectorIQ.
With so many EV companies to pick from, investors should consider stocks that are not as followed by the broader investment crowd. These smaller companies have the potential to soar in the coming years. Here are three worth a look: Kandi Technologies Group (KNDI, Electrameccanica Vehicles Corp. (SOLO), and Arcimoto Inc. (FUV).
Kandi Technologies Group (KNDI)
KNDI has been a public company for over ten years, but only recently have investors started to notice, as the company recently announced that it was entering the U.S. market. The company offers two models, the K27, which is expected to cost just $9,999 after federal tax credits, and the K23, which is the larger model and is expected to cost $19,999 after federal tax credits.
The car’s low-price tags are what sets this company apart from its peers. The cars offer a no-frills, short commute solution. The K27 runs on a 17.69 kWh battery pack and has a range of 100 miles. KNDI’s target market is younger drivers in urban areas concerned about the environment.
The company is also known for its battery-swapping model. The way it works is when an EV battery runs out of juice, the company will swap it out for a new one. KNDI also has one of the largest car-sharing networks in the world, which connects 19 cities in China.
While the company’s sales and earnings have not been great, its low-cost models have the potential to take off in the U.S., making it one stock to keep an eye on. KNDL reports its latest results on November 9th.
Electrameccanica Vehicles Corp. (SOLO)
SOLO, a Vancouver-based car company, has taken a different approach to the EV market. Its primary model, The Solo, has just three wheels and one seat, which, in essence, makes it a motorcycle. The company believes this is what the next generation of car consumers are looking for. The cars are easy to park, cost less to operate, and reduce a driver’s carbon footprint.
The Solo model costs only $15,500 and can be reserved online for $250. The company also has physical storefronts in Vancouver and Los Angeles. Solo is not the only model in the company’s portfolio. It will also offer the Tofino, a…
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