Electric vehicles (EVs) have become a hot topic in recent years. There has been a significant movement away from the nation’s dependence on oil, and interest in greener technologies continues to grow. As a result, many investors would if adding EV stocks to their portfolio is a good idea. If you’re interested in taking advantage of the current interest level by investing, here are five EV stocks you should buy now.
1. Workhorse Group
On the consumer level, Workhorse flies under the radar. Unlike many other EV companies, Workhorse isn’t looking to hop into the consumer market. Instead, the company plans to focus more on delivery vehicles, giving it a bit of a unique position within the larger marketplace.
In 2020, Workhorse had a solid sales record, and it’s expected to have significant growth in the coming years. Plus, it isn’t just limited to ground vehicles. The company also produces a UAV for package delivery, and although they weren’t awarded the USPS contract for their new mail trucks, they are still a company to watch.
Workhorse has potential. It fits into a niche that isn’t as competitive as consumer vehicles, and that could work in the company’s favor.
2. NFI Group
While NFI’s story has had some ups and downs, it’s one of the EV stocks worth keeping in mind. The company is focused on the motorcycle and bus space, so it isn’t competing directly with many of the well-established consumer EV producers.
Plus, while there were some cash flow issues, the company has managed to reduce its debt load. While there is still some speculation involved here, it could be an interesting opportunity for investors who are open to a bit of risk.
3. Lordstown Motors
Unlike many EV producers, Lordstown Motors is focused more heavily on the truck space. Since trucks are a popular form factor, and EV options in that segment are limited, it gives the company a somewhat unique position.
While full production isn’t slated to begin until 2022 and the approximately 100,000 current reservations are non-binding, that doesn’t mean you should automatically write off this EV stock. The revenue potential from the reservations is significant, and its business plan has potential.
It is true that jumping in now could be a risk. However, if you’re open to taking a chance on an EV stock, this one is worth watching.
Nio has had its fair share of troubles. Not long ago, bankruptcy rumors were swirling, leading many investors to give up on the EV manufacturer.
However, Nio ultimately bounced back, outperforming many estimates and keeping its numbers in order. Plus, its “battery-as-a-service” platform was viewed by many as revolutionary, pushing the stock up fast.
If it keeps up with deliveries and continues to innovate, Nio could be a real contender in the EV space. As a result, the stock has the potential to keep rising, which may make it a solid option for investors looking to capture some earnings.
5. Lucid Motors
While the investment landscape for Lucid Motors is incredibly speculative today, as the company hasn’t gone public (though it is one that path), it should still be on your radar. There are no sales yet, but the company’s CEO is a former Tesla chief engineer who worked on the Model S, so he certainly has some clout in the industry.
Additionally, Lucid may be producing a vehicle with a 500 mile per charge rate, a number that certainly drums up interest. The Churchill Capital IV merger rumor is also intriguing and could be a signal of the stock’s potential.
What other EV stocks you should buy now? Share your thoughts in the comments below.
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