Competition in the Electronic vehicle market increased significantly this year due to the growing demand for electric vehicles. While comes to the EV industry the first brand that comes to your mind the US carmaker Tesla because the automaker gets the most media coverage and of course the stock price rally.
Tesla is the largest publicly traded automotive company in the world. Tesla shares rallied more than 700% in 2020. But Tesla currently facing a flood of competition from Chinese and European rivals. From last 4 months, Tesla shares fell more than 20% from this year high of $900.
Here are the 5 important EV stocks the investors should watch now other than Tesla.
Volkswagen planning to manufacture one million electric cars by the end of 2023 and the company expects more than double electric vehicle sales in 2021. Volkswagen was officially unveiled a small electric SUV in September last year - Volkswagen ID.4.
Volkswagen (VOW) share price exploded nearly 65% this year now it is consolidating after making impressive gains. The investors are very much confident that the German brand continues to invest heavily in developing its electric technology. During the last 5 years, the carmaker invested 73B euros in digital and EV technologies.
German luxury carmaker BMW aiming to have more than seven million EVs on roads by the end of 2030. BMW plans to launch five pure-electric vehicles by the end of 2021. The automaker expects by 2025, it will have delivered a cumulative 2 million battery electric vehicles.
"We are intent on ensuring that the 'greenest' electric car on the market is made by BMW," BMW CEO Oliver Zipse said recently.
BMW reported robust Q1 results boosted by the strong sales in Asian countries. During the last quarter, the company revenues rose 15% to 26.78B euros. BMW shares have surged more than 15% since the beginning of the year.
Chinese electric automaker NIO is currently Tesla's biggest competition in China. The company delivered 20,060 vehicles in its first quarter, an increase of 423% from the first quarter of 2020. Nio expects delivery of between 21,000 and 22,000 for the current quarter. The company recently launched the EC6 model, a coupe-style smart electric SUV.
The NIO stock rallied more than 1,700% in 2020 while the stock has fallen more than 15% since the start of 2021.
GENERAL MOTORS & FORD
The largest US automakers GM and Ford unveiled a series of new plans for its electric vehicle lineup. General Motors announced in January that it aspires to have an all-electric model line-up by 2035 and that by the end of 2025, 40% of its models will be pure EVs. Currently, the Chevrolet Bolt EV is the only electric model GM has on the market.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle”. – GM CEO, Mary Barra.
Ford announced its second major product into the electric vehicle market by last week, a new F-150 Lightning electric pickup truck, following the launch of the Mustang Mach-E late last year.
Other than these above 5 EV giants, there are also many other notable ones including US electric car maker FISKER, Chinese automakers XPENG and LI AUTO.
The electric car industry continued to grow in the coming days as global car markets recovering from the worst of the pandemic shutdowns. Most importantly the EV firms receiving immense support from several governments. Recently the Biden administration's proposed infrastructure plan calls for 500,000 new electric vehicle charging stations nationwide.
Sources: (News – Topgear.com, Fortune.com, CNBC, Reuters, volkswagen-newsroom.com, gm.com) (Chart - Tradingview.com)