2 Electric Vehicle Manufacturers Wall Street Analysts Predict Will Gain More Than 80%

After experiencing a slump on concerns over overvaluation and a semiconductor chip shortage, electric vehicle (EV) stocks are gradually regaining investors’ attention in-part because President Biden’s $174 billion spending pitch for EVs–as part of his $2.3 trillion infrastructure spending proposal–is expected to boost the industry’s growth…

Furthermore, the demand for EVs is expected to continue increasing in the United States because Biden’s proposed legislation would boost tax credits to as much as $12,500 for EVs that are assembled in the United States. These factors, together with increasing investments to address the semiconductor chip shortage, should boost the industry’s growth in the United States. As a matter of fact, the global EV market is expected to grow at a 33.6% CAGR between 2020 – 2027, to hit an aggregate $2.5 trillion, according to Meticulous Research.

Given this backdrop, Wall Street analysts expect Fisker Inc. (FSR) and Electrameccanica Vehicles Corp. (SOLO) to gain more than 80% over the next 12 months.

Click here to checkout our Electric Vehicle Industry Report for 2021

Fisker Inc. (FSR)

Founded in 2016, FSR focuses on the design, development, manufacture, and sale of electric vehicles. The company seeks to weave emotions and sustainability into its products in pursuit of delivering the world’s most emotionally charged vehicles with  advanced mobility solutions.

In March 2021, FSR announced that it had agreed with Crédit Agricole Consumer Finance–which is part of the Crédit Agricole Group, the leading financial partner to the French economy and one of the largest banking groups in Europe–on the potential supply of Fisker Ocean SUVs. The agreement would give employees and the private banking market access to Fisker Ocean, with its latest generation technology and performance, while reinforcing Crédit Agricole’s commitment to a low-carbon fleet.

For the first quarter, ended March 31, 2021, FSR reported $22,000 in revenue. Also, the company’s net cash provided by financing activities came in at $88.74 million, compared to  $145,000 in the prior-year quarter.

Analysts expect FSR’s revenue for 2022 to be $416.58 million, representing 3.16% year-over-year growth. The company’s EPS is expected to increase 253.13% year-over-year for its fiscal year ending December 31, 2021.

Of the eight analysts that rated the stock, four have rated it Buy. A $24.71 consensus price target represents a potential 81.6% gain from its last closing price of $13.61.

Electrameccanica Vehicles Corp. (SOLO)

SOLO is a Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs). The company operates in two segments: Electric Vehicles and Custom Build Vehicles. Its flagship product is the SOLO, a single seat vehicle. In addition, the company is developing its Tofino, an all-electric two-seater roadster, along with developing custom built vehicles.

In March, SOLO revealed that it had…

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