Here are 3 Best Electric Car Stocks to Buy

Electric vehicle stocks have always been close to Wall Street and some of these have reached record heights in the past few weeks. They are becoming increasingly popular in the rest of the world outside of Europe as well since the global impacts of climate change are becoming a highlighted issue in most countries now. Some of the stocks which are worth paying attention to in the coming year are:

Tesla Inc (NASDAQ: TSLA)

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There are very few stocks which create as much debate as Tesla Inc  does in the stock market. But it also leads to short term instability in the stock price of Tesla. Regardless, 2020 has been a beneficial year for Tesla in its earnings and share price even with the looming situation of the pandemic. By December 21 Tesla will move into the S&P 500 index which is good news and has the investors celebrating.

Tesla, Inc. (TSLA) is an American electric vehicle and clean energy company based in Palo Alto, California. While its products include more than just electric cars, it is one of the major avenues of Tesla’s earnings and steadily rising stocks.

In the third quarter TSLA delivered 139,300 vehicles and is in the process of building two more factories, one in Berlin and the other in Austin. Tesla’s revenues for the third quarter have been $8.77 billion which is a 39 per cent increase from the previous year. Its EPS was $0.76 per share which is a 105 per cent increase from the previous year, which marks this as the fifth consecutive year in which the company has been in profit. All in all, Tesla is more of a profitable stock for long term investors rather than short term investors due to its volatility.

Workhorse Group Inc (NASDAQ: WKHS)

Workhorse Group Inc. (WKHS) is a technology company which is largely focused on delivering electric mobility solutions to the transportation sector. It is based in Cincinnati, Ohio and builds high performance battery electric vehicle such as aircrafts and transport trucks. It was first an old GM business unit which was acquired by Navistar which then got taken over by AMP Electric Vehicles which changed it to its current name.

Shares of Workhorse have risen by nearly 800 per cent this year and are currently worth over $3 billion even though there has barely been any revenue. Recently, Workhorse chose EnerDel as one of its additional key battery suppliers for its upcoming C-Series delivery vehicle. It also has a deal with Panasonic since 2016 for lithium-ion batteries for its medium duty trucks which are battery electric.

Workhorse is also in a partnership with Ryder at an Indiana plan and is manufacturing electric delivery vehicles with it. Its sales for the third quarter were recorded at $565,000 and its cost of goods sold increased to $2.8 million from last years $1.4 million in the third quarter. Even though WKHS stated during its third quarter release that it would be unable to give an accurate estimate of its deliveries for the next quarter due to its main battery supplier struggling with the Covid-19 situation, it has an overall positive reputation with a market capitalization of $1.9 billion and has set a production target of 1,800 vehicles for 2021.

Nikola Corporation (NASDAQ: NKLA)

Nikola (NKLA) is an Phoenix, Arizona, based manufacturer of zero emission battery electric and hydrogen electric vehicles. It was founded in 2015 but went public in June 2020 when it decided to merge with VectoIQ. It has presented multiple zero emission vehicle concepts since 2016.

2020 has proved to be a difficult year for NKLA and has raised certain concerns amongst investors. It is even reported that Nikola had to outsource its battery supplies for its initial semi-truck model from Romeo Power Technology, according to the Financial Times. Nikola has denied these allegations but it is under investigation by the US Department of Justice and the US Securities and Exchange Commission.

Nikola plans to produce its battery electric Tre by the end of next year and a fuel powered version of that rig at its own plant is set to be constructed by 2023 in Coolidge, Arizona. During its third quarter, Nikola and IVECO started the assembly of the first five Nikola Tre BEV prototypes and recently finished the assemblage of the first Nikola Tre. It improved on key milestones in the third quarter and made significant progress. It ended the third quarter with $908 million and a net of $15 million in restricted cash.

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