4 Electric Vehicle Stocks to Buy Before Sales Accelerate in 2023
For years the coming electric vehicle boom has been just beyond the horizon.
Fears of how climate change will disrupt our world have led countries and cities worldwide to begin planning for the end of gas-powered cars. From generous tax credits for electric vehicles to the eventual outright banning of cars with internal combustion engines, there are a number of reasons why electric vehicles will become more prevalent. Investors who can identify those companies that will emerge as electric vehicle leaders should be handsomely rewarded.
Below are four companies involved in the electric vehicle industry whose stocks should return outsized gains in the years to come.
1. Tesla (TSLA)
Tesla (NASDAQ: TSLA), the world’s most popular electric vehicle company, has been in a downturn that’s lasted for over a year; the stock is down 66% from its November 2021 highs, thanks to a combination of disappointing operating results and a market that turned from growth stocks to value stocks. If one believes that Tesla can continue to grow revenues while simultaneously fending off competitors, the current valuation is attractive and could provide outsized returns when the market recovers.
2. Blink Charging (BLNK)
Before we can fully transition to electric vehicles, there needs to be an abundance of charging stations, in the same way, there are countless gas stations. Enter Blink Charging (NASDAQ: BLNK) provides charging equipment and charging services for the U.S. electric vehicle fleet. Revenue is growing fast at the company, with FY22 revenues expected to be 175% higher than FY2021, while FY2023 is projected to grow an additional 65% from FY22 levels.
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3. Lithium Americas (LAC)
Another option for those seeking to invest in the growing lithium demand is Lithium Americas (NYSE: LAC) (TSX: LAC). Thanks to the soaring demand for electric vehicles, the company stands to benefit from expected lithium shortages in the years to come. The company operates two divisions, one in Nevada and the other in Argentina. There’s a plan to separate the divisions into separate companies, potentially unlocking additional value for shareholders.
4. Global X Lithium & Battery Tech ETF (LIT)
If you want to invest in electric vehicles, but aren’t confident in any one company, then the Global X Lithium & Battery Tech ETF (NYSE Arca: LIT) might be for you. The fund focuses on the lifecycle of lithium used in electric vehicle batteries. Included in the ETF are companies that mine lithium, others that refine lithium into a usable form and, finally, companies that use that refined lithium to build battery packs. Top holdings include Albemarle (NYSE: ALB), Panasonic (OTC: PCRFY) and BYD (OTC: BYDDY).
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