Biggest Companies in the EV Space

Shares of electric vehicle companies are hitting record highs, displacing traditional petrol and diesel vehicles. As concerns over climate change have continued to rise, a lot of industries are rethinking how their products affect the environment, and the vehicle industry is trying to set that pace. Are you prepared for the electric car revolution? Here are some of the biggest electric vehicle companies to help you get started:

Tesla

With a $476 billion market capitalization, Tesla (NASDAQ: TSLA) has earned the world’s most valuable car company title. The company pioneered the electric car revolution in 2003, and its Model 3 car currently is the world’s best-selling electric car with over 500,000 sold. Another great reason to love Tesla is the company’s diversification. Asides electric vehicles it produces solar panels and solar roofs. Tesla’s reported third-quarter revenue of $8.77 billion is 39% higher than the previous year.

Nio

Electric car company Nio (NYSE: NIO) is popularly dubbed as the Tesla of China. The stock has jumped from $3.24 at the start of 2020 to a current price of $46.59. Nio is on its way to becoming one of the biggest names in the EV space. In October 2020, Nio hit a new milestone by delivering over 5,055 vehicles, a 100.1% increase year-over-year.

General Motors

General Motors (NYSE: GM) is the manufacturer of household names like Chevrolet and Cadillac, and it now has an emerging electric vehicle segment, so we know it is serious about its electric revolution. The car company also doled out $2 billion to its Tennessee manufacturing plant to charge electric vehicle production. General Motors has recovered from its March lows, where it lost 50% of its value. It is up 16% year to date and has a $4.05 billion net income, a remarkable 76% jump from last year.

Fisker Inc.

Since making its debut in October 2020, Fisker (NYSE: FSR) has garnered a lot of attention. It’s SUV, dubbed Fisker Ocean, will launch in 2022. The Fisker Ocean is being branded as “The World’s Most Sustainable SUV. It features a solar roof, recycled carpeting, and vegan interiors. In the interim, Fisker is partnering with Viggo Sign for the delivery of 300 vehicles in the fourth quarter of 2022. Fisker is currently valued at  $4.84 billion, and its shares have gained 94.6% since its debut in October.

Workhorse Group

Workhorse Group (NASDAQ: WKHS) is among the few vehicle manufacturers that also services the aviation industry. Workhorse partnered with Ryder for the production of its electric delivery vehicles. Workhorse has a current market capitalization of $1.9 billion, and growth looks steady. Workhorse is valued at $23.13 per share and could soon hit an all-time high of $30.99.

Xpeng

Electric vehicle company Xpeng (NYSE: XPEV), though considerably smaller than Tesla and Nio by market cap, is getting a lot of attention in the EV space. Xpeng Motors eyes Tesla’s highbrow market and is also building smart and innovative electric cars for the younger generation. The EV company completed production of 10,000 of its electric sports sedans in October, ahead of schedule. Xpeng’s third-quarter report showed strong growth prospects, and investors are getting behind the stock.