Do some digging and you will find there are more electric vehicle stocks than those featured in the mainstream media. It simply does not make sense to put all of your investing eggs in the basket of NIO when there are several other green automotive stocks just as worthy or even more worthy of your money.
Here is a quick look at four of the top electric vehicle stocks outperforming NIO year-to-date: Workhorse (WKHS), Nikola (NKLA), Electrameccanica Vehicles Corp. (SOLO), and Lordstown Motors (RIDE).
Workhorse (WKHS – Get Rating)
Click here to learn more about the electric vehicle industry in 2021
WKHS has been on fire to start the new year, nearly doubling in a mere six weeks. Part of WKHS’s recent success is attributable to anticipated government spending on electric vehicles under the Biden administration. Plenty of investors believe WKHS will win a $6.3 billion U.S. Postal Service contract that will be decided in the second quarter of ’21.
Even if WKHS does not win the USPS contract, the company will still survive. This past January, WKHS executives revealed the company received an order for more than 6,000 electric delivery vans. The order is larger than the company’s expected orders for the entirety of the year ahead. The order was placed by Pride Group Enterprises, an auto wholesaler that operates in North America. WKHS employees are hard at work manufacturing the 6,000+ C-Series electric package-delivery vans. The only caveat to the deal is about 2,000 of the vehicles would be delivered in ’21 while the remainder is delivered through ’26.
In short, it is clear that there will be significant and ongoing demand for WKHS “last mile” electric vehicles. Though these vehicles top out at 75 miles per hour, they will not spend the majority of their miles on highways. Rather, these electric vans will transport packages and other items from distribution centers to residences and businesses, most of which are located in the suburbs and cities.
Nikola (NKLA – Get Rating)
NKLA, an emerging EV-maker, uses batteries and hydrogen fuel cell technology to power vehicles in a green manner. NKLA also makes Powersports vehicles and semi-trucks. NKLA started the year at $16.08 and is now trading at an impressive $23.
The analysts are bullish on NKLA, setting an average price target of …
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