It is no secret that times are tough around the world in 2020, but there are certain industries that are actually outperforming expectations. The market for electric vehicles is one such area of the economy that is providing investors with a great deal to look forward to. After years of promising an efficient and productive electric vehicle that can meet consumer demands, it appears as if several companies are positioned to do exactly that. This is why the outlook for EV stocks in 2020 is actually quite good even in the midst of the uncertain times that we are now living through. Here are a few EV stocks that you might actually want to consider investing in right now.
Tesla is perhaps the most well-known EV company in the world today. In addition to making a number of popular electric vehicle models, it has branched out into areas of alternative energy as well. This is a company that makes automobiles that have been well-received by consumers around the world, so the future certainly appears bright for them. They just came off a second-quarter that showed them having a profitable earnings report in the midst of a global pandemic. That alone speaks of its value to today’s investors. Share prices are currently up some 50% for the month, bringing it to a 262% increase for the year. No matter how you look at, Tesla appears to be an EV stock worth investing in during 2020.
While Rivan has not gone public yet, it will be an attractive investment when that day does eventually come. They are slated to be the first company to manufacture an all-electric pickup truck, which they will hopefully bring to the market before Tesla can get a jump on them. They have just raised over $2.5 billion to further this goal. When you look at Rivian stock, it certainly looks like it will be an EV company worth investing in during 2020. They have received financing backing from some of the largest corporations in the world. This includes the likes of Amazon and Ford. According to the experts at Money Morning, “T. Rowe Price isn’t the only big-name investor. Rivian has been given $700 million from Amazon.com Inc. (NASDAQ: AMZN) and $500 million from Ford Motor Co. (NYSE: F).” They continue to express optimism for the future even in the midst of the current global crisis, so that is a positive indicator of where they are headed as well.
NIO is a Chinese company that has caused quite a stir in the EV market globally. They have been turning record profits as Chinese drivers become increasingly environmentally conscious. While some analysts claim that the stock price is currently over-priced, this is a growth industry. It could very well be a great addition to your portfolio if you are looking to diversity internationally.
These are three up and coming companies in the field of electric vehicles. As the world continues to look for ways to decrease its dependence on fossil fuels, the push towards viable electric energy to power transportation vehicles will continue. This should position companies with a solid business for sustained growth into the future. This is good news for investors.