EV Stocks Are On Fire, And Investors Can’t Resist Them
EV stocks are particularly hot in recent weeks. The recent surge of interest in electric vehicles has sent investors looking for the best EV stocks to buy. The reality is that this could just be the beginning of the future of transportation. Starting this month, delivery figures came out strong for the two most popular EV brands in the market. These include Nio Inc (NIO Stock Report) and Tesla (TSLA Stock Report), which saw their share prices rise 18% and 8% respectively on Thursday.
In this decade, we could expect the demand in electric vehicles to accelerate as battery tech improves. This is further supported by the expansion of battery charging infrastructure over time. We can also expect a price reduction in EV in the future when there is more competition in the space. Now that both Tesla and Nio have announced solid deliveries. Production is also back to pre-pandemic levels. And because of this, EV stocks are on the move right now. That said, are any of these EV stocks on your watchlist next week?
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Best EV Stocks To Watch: Workhorse Group
Shares of Workhorse Group (WKHS Stock Report) continued their surgeon Thursday. There was no specific news about the company that was driving the company’s share price upwards. However, the positive sentiments surrounding the EV space certainly benefited WKHS stock. This came amid the growing awareness of the potential of its battery-electric delivery vans. Shares of Workhorse Group have jumped more than a whopping 110% this week alone.
The company’s new C-Series delivery vans are perfect for delivery services. It’s the kind of vehicle that might be of interest to logistics companies. Among them, United Parcel Service (UPS Stock Report) has partnered with Workhorse on the design of trucks and has already ordered more than 1,000 of them. Of course, UPS is not the only logistics company interested in electric delivery vehicles. Last year, DHL ordered 63 electric vans from Workhorse. With logistics companies beginning to roll out EV to their fleet, Workhorse is in a strong position to capitalize on this trend. Given the attention it has drawn lately, would WKHS stock be the best EV stock to watch this month?
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Best EV Stocks To Watch: Tortoise Acquisition Corp.
A new EV player, flush with cash, is emerging in the alternative energy transportation industry. The electric-truck drivetrain maker Hyliion, up until now has remained outside of the reach of investors in publicly-traded securities. But that’s history now, thanks to its merger into shell company Tortoise Acquisition (SHLL Stock Report). The explosive surge of investors’ interests in EV has lifted SHLL stocks. Like Workhorse Group, there was no specific news about the company that sent the company shares upwards.
With a keen focus on SHLL flagship electric-truck drivetrain, can we expect the company to have the same huge run-up like Nikola (NKLA Stock Report) shares over the last month? Over a span of two weeks, SHLL stocks have doubled after the announcement. Both Nikola and Tortoise Hyliion share some similarities. These two companies are looking to capitalize on the need for green alternatives to diesel-powered heavy trucks.
Unlike Nikola however, Hyliion first works on hybrid powertrains that can be connected to any truck to increase efficiency and reduce emissions. It is also working on a range extender powertrain, which can achieve a longer range than a pure electric truck. And Hyliion is a few steps ahead of Nikola. Hyliion has entered into a partnership with Dana (DAN Stock Report), a long-established supplier and manufacturer. Besides, funding would not be difficult for Hyliion’s expansion considering the EV revolution we are in right now. For this reason, can SHLL stock continue its rally next week?