The EV industry presents a strong investment opportunity as governments, businesses and individuals are collectively pouring billions into the industry, driven by a need to cut carbon emissions, increased efficiency of electric vehicles and cost effectiveness. There are many sectors involving themselves in EV manufacturing such as software providers, EV battery makers, EV parts suppliers and full-cycle EV companies. Many traditional automotive companies are also switching to create EV automobiles.
Here is a summary of Insider Monkey’s 10 Best EV Stocks To Buy Now.
British auto parts company Aptiv is also a key player in the EV industry. Aptiv is well-positioned to take advantage in the ADAS (advanced driver-assistance systems) market. Tesla remains on the list as it has big plans to expand its operations beyond the U.S., into emerging and lucrative markets in Asia.
Lordstown Motors is one of the most promising EV startups. With a $75 million investment from General Motors, the company is focused on making light duty electric trucks primarily for industrial fleet customers. California-based Canoo recently received a Buy rating with a price target of $23 from R.F. Lafferty. The firm said in its note that Canoo’s “lifestyle” EVs offer customization over the lifespan of the vehicle under different owners..
Fisker is behind the world’s first luxury plug-in hybrid electric vehicle. The firm likes increasing retail reservations in March and upcoming catalysts for 2021. Blackberry is an excellent EV software play to gain exposure to the electric vehicles market. The company has several partnerships with major EV companies to power their cars with smart software. Partnering with China’s Xpeng Motors, their EVs will be powered by BlackBerry QNX operating system (OS), including radar sensors, parking sensors and camera.
The Chinese company recently launched a new brand of EVs called Zeekr. Geely recently entered into a partnership with Volvo after which the two companies will merge their powertrain operations. Baidu is an internet giant but has the fulfillment to launch self-driving full electric vehicles with Geely in the next three years.
China-based BYD makes cars, battery-powered bicycles, buses, forklifts, solar panels, trucks and rechargeable batteries. The company’s business is spread across various markets including trucks, e-cycles, ICE vehicles, semiconductors and monorail systems, giving it a strong leverage over its competitors.
Finally, General Motors is one of the best EV stocks to buy now. The company plans to launch 30 EVs around the world by 2025. The company intends to launch electric versions of Cadillac, GMC, Chevrolet and Buick.
Read more of Insider Monkey’s 10 Best EV Stocks To Buy Now here.