Best EV stocks of 2023
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Tesla Inc. (TSLA)
12 month advance sales
+41%
Last two months sales
$67 billion
Altman Z Score
19.2
12 month advance sales
+41%
Last two months sales
$67 billion
Altman Z Score
19.2
why did we choose it
teslais the world's largest maker of electric vehicles by market capitalization, with more than $67 billion in revenue over the last four quarters. Analysts expect sales growth of 41% over the next 12 months. The company sold more than935.000cars in 2021, an 87% increase compared to 2020 unit sales.
But TSLA doesn't just make cars: the company offers a variety of products, includingsolar panelsybatteriesfor domestic energy storage.
Note that Tesla is the only profitable company on this list, with earnings per share (EPS) of $4.90 in 2021. Analysts expect a 35% increase in EPS in 2022.
Tesla has an Altman Z score of 19.2. Think of this score as a financial health rating. The higher the score, the better. A score below 1.8 is considered bad and Tesla has one of the highest scores on the list.
TSLA stock has dropped along with the rest of the S&P 500 in 2022. The stock is 25% below its all-time high of $1,243.49 and has risen sharply since June.
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NIO Inc. (NIO)
12 month advance sales
+75%
Last two months sales
$5.7 billion
Altman Z Score
3.1
12 month advance sales
+75%
Last two months sales
$5.7 billion
Altman Z Score
3.1
why did we choose it
NIO is a Chinese electric vehicle startup that has conquered markets since its founding in 2014. It is far from China's biggest electric vehicle player (that title goes to BYD) and the company's sales lag behind Tesla's business in China.
NIO's case is based on the fact that industry analysts expected the company to grow revenue at nearly double Tesla's pace over the next year, with a 12-month sales projection of a 75% increase. In 2021, NIO sold more than 91,429 vehicles, 109% more than in 2020.
An Altman Z-Score of 3.1 is highly indicative of a startup that is not yet profitable. As NIO sales increase, that could change, with analysts expecting losses to ease in 2022 and 2023. The lower Z score equates to a Morningstar financial health rating of "C". All stocks listed with Z scores lower than Tesla are rated "C" by Morningstar.
NIO shares have been up since June after falling for more than a year. With the stock trading nearly 70% below its all-time high, it could be attractive to bargain hunters looking for international opportunities.growth stocks.
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Li Auto Inc. (LI)
12 month advance sales
+83,5%
Last two months sales
$4.9 billion
12 month advance sales
+83,5%
Last two months sales
$4.9 billion
Altman Z Score
6.6
why did we choose it
Li Auto is another fast-growing Chinese electric vehicle manufacturer with a lineup of high-end luxury SUV models. The company's sales are expected to grow by nearly 84% over the next 12 months and pass the $5 billion annual revenue mark. More than 90,491 Li vehicles were sold in 2021, 177% more than in 2020.
An Altman Z score of 6.6 shows that you are in reasonable financial health for a newer company that is not yet profitable. Think of it as a financial health rating: the higher the score, the better, and a score of less than 1.8 is considered low. Analysts expect the company to be able to generate positive annual EPS through 2023.
Li has been one of the best performing EV stocks in 2022. It's down about 16% from its 52-week high and 27% from its all-time high of $47.70. Most other EV stocks are down 50% or more from their all-time highs.
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XPeng Inc. (XPEV)
12 month advance sales
+72,5%
Last two months sales
$3.8 billion
Altman Z Score
3.4
12 month advance sales
+72,5%
Last two months sales
$3.8 billion
Altman Z Score
3.4
why did we choose it
Founded in 2015, Chinese electric vehicle manufacturer XPeng targets middle-income consumers in the mid- to high-end market segment. The company sold 98,155 electric vehicles in 2021, 263% more than the previous year. Revenue should grow 72.5% next year.
An Altman Z score of 3.4 positions XPEV in moderate financial health, however analysts do not expect the company to be profitable over the next two years.
XPEV's share price has remained largely within a range for the past two years, with the price currently at the bottom of that range and rising. The stock is 67% below its all-time high of $74.49.
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ChargePoint Holdings (CHPT)
12 month advance sales
+56,5%
Last two months sales
$282 million
Altman Z Score
3.7
12 month advance sales
+56,5%
Last two months sales
$282 million
Altman Z Score
3.7
why did we choose it
ChargePoint provides electric vehicle charging infrastructure in the US and Europe. They also offer home and business charging hardware.
Analysts expect CHPT to increase sales by more than 55% in the coming year. The company has an Altman Z-score of 3.7 financial health, offering moderately stable financials.
Chargepoint shares have been up since May and, at the time of writing, are about 68% below their all-time high of $49.48.
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Proterra Inc. (PTRA)
12 month advance sales
76%
Last two months sales
$247 million
Altman Z Score
2.2
12 month advance sales
76%
Last two months sales
$247 million
Altman Z Score
2.2
why did we choose it
Proterra manufactures electric buses, as well as components for electric vehicles, such as transmissions and batteries for heavy vehicles. There are more than 900 Proterra transit buses on the road, and the company has agreements to supply batteries to other EV manufacturers.
PTRA earns most of its revenue in the US. Revenue is expected to grow 76% over the next year, but analysts don't expect positive annual EPS for the next two years.
The stock is 80% below its all-time high of $31.06 and has been rising after hitting a record low in July.
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Rivian Automotive, Inc. (RIVN)
12 month advance sales
+247%
Last two months sales
$150 million
Altman Z Score
5.8
12 month advance sales
+247%
Last two months sales
$150 million
Altman Z Score
5.8
why did we choose it
automotive rivianoIt was one of the most popular IPOs of 2021, but the new public electric vehicle maker remains in startup mode. Rivian is focused on launching electric pickup trucks and SUV models and will also deliver electric delivery vans for Amazon.
RIVN delivered 920 vehicles in 2021, although customer orders reached 71,000 at the end of 2021. This explains the strong revenue growth expected in 2022 and beyond. Analysts expect revenue to reach $6 billion by the end of 2023. Profitability is not expected for several years.
Morningstar rates Rivian's financial health a "C", which lines up with Altman's Z score of 5.8.
The share price has been rising since mid-May after a seven-month slump. With the entire industry selling off during this time, the stock is 80% down from its all-time high of $179.47.
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Lucid Group, Inc. (LCID)
12 month advance sales
156,2%
Last two months sales
$84 million
Altman Z Score
4.4
12 month advance sales
156,2%
Last two months sales
$84 million
Altman Z Score
4.4
why did we choose it
Lucid Group was another2021 EV IPO Red Hot, and the company has firmly positioned itself in the high-end luxury vehicle market. Lucid delivered 125 units in 2021 and expects to deliver between 12,000 and 14,000 in 2022.
Analysts expect LCID revenue to grow more than 150% through 2022. By the end of 2023, analysts expect revenue of around $3.5 billion.
Financial health is similar to that of most other companies on the list. The expectation is that the company will not be profitable in the coming years.
The stock price dropped during the first part of 2022 but has stabilized since June. It is approximately 70% below its all-time high of $64.86.
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Wallbox NV (WBX)
12 month advance sales
103,5%
Last two months sales
$81 million
Altman Z Score
2.6
12 month advance sales
103,5%
Last two months sales
$81 million
Altman Z Score
2.6
why did we choose it
Wallbox is a Spanish company that manufactures and markets charging units for domestic electric vehicles, as well as charging points for public electric vehicles. Some units can be used in power outages or to power the home and vehicles. They sold 51,000 chargers in the first quarter of 2022, a 180% increase from the same quarter a year ago.
Revenue is expected to double by 2022 and grow to nearly $400 million by 2023. Morningstar has not rated the company, but it has an Altman Z-score of 2.6, typical of an unprofitable company that has made an initial public offering in the US in 2021.
The stock has been moving in a range since late 2020. Price is rising from the bottom of the range and is over 60% below its all-time high of $27.50.
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Blink Cargo Co. (BLNK)
Sales growth next year
64,8%
1 year sales value
$29 million
Altman Z Score
29,7
Sales growth next year
64,8%
1 year sales value
$29 million
Altman Z Score
29,7
why did we choose it
Blink owns and operates a network of electric vehicle charging stations across the US, Europe and the Middle East. Sold or contracted 3,174 charging stations in the first quarter of 2022, double the number sold or contracted in the first quarter of 2021.
Analysts expect BLNK's revenue to reach $45 million in 2022 and $74 million in 2023.
The company has the highest Altman Z score on the list and a financial rating of "B" from Morningstar. The only other stock rated "B" on the list is Tesla, the others are rated "C".
Blink has been rising since mid-June and is 65% below its all-time high of $64.50.
*All analysis and data come fromOscillating Negotiations, valid from September 9, 2022.
Methodology
Aside from a few bold names like Tesla, for example, the public EV stock universe is littered with rudimentary growth stocks that are just a few years or even months post-IPO. Some of them are years away from being profitable.
For these reasons, our list of the best EV stocks is built primarily by triaging sales growth and financial health. In addition, the shares must be listed on a US stock exchange and meet the following requirements:
- Renda TTM.To avoid highly speculative companies with little revenue, all companies on the list had at least $25 million in sales during the last 12 months (Talk to me).
- Revenue growth next year.Each company is expected to increase revenue by at least 10% in the coming year. All stocks on the list are expected to grow sales by 40% or more.
- Annual revenue growth.All companies increased sales in the current year by at least 10% year over year. There are two exceptions to this rule: RIVN and WBX, both of which have a very short history of revenue data.
- Financial health thresholds.All companies haveAltman Z Scoreabove 1.8, the lowest on the list being 2.2. For comparison, these scores correspond to a Morningstar financial health rating of B or C. The Altman Z-Score model is a measure used to predict a company's chances of failing over the next two years.
The methodology aims to identify EV companies that are aggressively increasing their year-on-year revenue, which in the future has the potential to translate into profit. Strong financial health and rising sales indicate companies that are likely to survive until they are profitable, compared to companies with stagnant sales or health issues.
Investors buy these companies because of their growth potential. The lifeblood of these companies continues to increase sales numbers. Be careful if these companies experience declining sales for more than a few quarters, as this will likely have a negative effect on their share price.
To learn more about our rating and review methodology and editorial process, see our guide onHow Forbes Advisor Ranks Investment Products.
Please note that the stocks above were selected by an experienced financial analyst, but may not be suitable for your portfolio. Before purchasing any of these stocks, do a lot of research to ensure they align with your financial goals and risk tolerance.
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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be suitable for your circumstances. We do not provide financial advice, advisory or brokerage services, nor do we recommend or advise individuals or buy or sell specific stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
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FAQs
What should I invest in for EV? ›
The two key ways to invest in electric vehicles are to buy the stock of automakers that focus on making EVs, such as Tesla, or buy an exchange-traded fund that invests primarily in companies tied to EVs.
What electric SUV will run in 2023? ›- 2023 Kia EV6.
- 2023 Hyundai Ioniq 5.
- 2023 Ford Mustang Mach-E.
- 2023 Chevrolet Bolt EUV.
- 2023 Hyundai Kona Electric.
- 2023 Nissan Ariya.
- 2023 Volkswagen ID.4.
- 2023 Kia Niro EV.
- #12022 Tesla Model 3. The Model 3 merits consideration as a compact luxury sedan and electric car. ...
- #22023 Chevrolet Bolt EV. ...
- #32022 Kia Niro EV.
- One of the top EV charging station stocks to consider is ChargePoint (NYSE:CHPT). ...
- Also likely to benefit from the EV charging boom is Blink Charging (NASDAQ:BLNK).
- The Best EV Stocks of 2023.
- Tesla Inc (TSLA)
- NIO Inc. ( NIO)
- Li Auto Inc. ( LI)
- XPeng Inc. ( XPEV)
- ChargePoint Holdings (CHPT)
- Proterra Inc. ( PTRA)
- Rivian Automotive, Inc. ( RIVN)
- Buy stocks of automobile companies that manufacture electric vehicles.
- Buy stocks of EV component makers such as batteries as the rapid penetration of EVs will drive the need for lithium ion batteries.
- Invest in EV charging infrastructure providers.
- #1 2023 Kia EV6. The 2023 Kia EV6 impresses with a long driving range, fun driving dynamics and a wealth of technology. ...
- #2 2023 Hyundai Ioniq 5. The 2023 Hyundai Ioniq 5 is capable, well-rounded and value-packed. ...
- #3 2023 Ford Mustang Mach-E.
Around 38 upcoming electric cars Ioniq, bZ4X, Comet EV, EQS SUV, C40 Recharge will be launched in India in 2023-2025. Among these 38 upcoming cars, there are 3 Sedans, 28 SUVs, 7 Hatchbacks, 1 Pickup Truck, 2 MUVs and 2 Coupes. Of the above, 3 cars are expected to launch in the next three months.
What 2023 electric car has the longest range? ›Officially speaking, the Lucid Air is the electric car with the longest range, promising to be able to travel up to 520 miles on a charge.
Who is the leader in EV technology? ›Who sells the most EVs? Tesla remains the leader in the EV market. In 2022, its deliveries amounted to 1.31 million vehicles while production increased to 1.37 million.
Who is the leader in EV charging? ›
ChargePoint is the largest and most open electric vehicle (EV) charging network in the world, with more than 20,000 charging locations.
Who is the leader in EV market? ›...
US EV Sales Percentages of Total Vehicle Sales By Brand.
| Brand | BMW |
|---|---|
| Total Vehicle Sales | 311,014 |
| EV Sales | 22,926 |
| Brand % EV Sales | 7.37% |
| US % EV Sales | 6.24% |
- Exide Industries Limited & Amara Raja Batteries Limited. Exide Industries Limited & Amara Raja Batteries Limited. Both of these companies are major players in the battery industry. ...
- TATA Chemicals Limited. TATA Chemicals Limited.
The leading battery supplier, CATL, expanded its market share from 32% in 2021 to 34% in 2022. One-third of the world's EV batteries come from the Chinese company. CATL provides lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.
Which is the fastest growing auto stock in the world? ›| Fastest Growing Car Stocks | ||
|---|---|---|
| Price ($) | Market Cap ($B) | |
| Tesla Inc. (TSLA) | 268.21 | 840.4 |
| Ford Motor Co. (F) | 11.47 | 46.1 |
| Ferrari NV (RACE) | 186.42 | 34.1 |
- iShares Self Driving EV and Tech ETF (IDRV)
- Global X Autonomous & Electric Vehicles ETF (DRIV)
- Global X Lithium and Battery Tech ETF (LIT)
- KraneShares Electric Vehicle and Future Mobility ETF (KARS)
- SPDR S&P Kensho Smart Mobility ETF (HAIL)
Based on analyst ratings, ChargePoint Holdings's 12-month average price target is $19.29. What is CHPT's upside potential, based on the analysts' average price target? ChargePoint Holdings has 69.51% upside potential, based on the analysts' average price target.
Should I buy EVGO stock? ›Those same analysts give the stock an average rating of Buy. That average rating earns the stock an Analyst Ranking of 33, which means it ranks higher than 33 of stocks, based on data compiled by InvestorsObserver. Wall Street analysts are rating EVGO a Buy today.
What is the future of Lucid stock? ›Stock Price Forecast
The 8 analysts offering 12-month price forecasts for Lucid Group Inc have a median target of 10.75, with a high estimate of 16.00 and a low estimate of 5.00. The median estimate represents a +20.18% increase from the last price of 8.95.
In 2023, the event set a new winter driving range record with a standard Tesla Model S, which managed 329 miles in conditions between 0 degrees C and -19 degrees C before conking out. This beat the previous record of 324 miles, set in slightly warmer conditions by a Tesla Model 3 Long Range Dual Motor in 2022.
Which automakers will produce electric cars by 2025? ›
- of 12. Jaguar (2025) ...
- of 12. Alfa Romeo (2027) ...
- of 12. Lotus (2028) ...
- of 12. Bentley (2030) ...
- of 12. Cadillac (2030) ...
- of 12. Lexus (2030) ...
- of 12. Mercedes-Benz (2030) ...
- of 12. Mini (2030)
Using fuel cells
The fuel cell hydrogen vehicle is fundamentally similar to an electric vehicle. The difference is that in traditional electric vehicles, the battery is charged from external sources, while in a hydrogen car, electricity is continuously drawn from fuel cells.
| Model | Ex-Showroom Price |
|---|---|
| Kia EV6 | Rs. 60.95 - 65.95 Lakh* |
| Tata Tigor EV | Rs. 12.49 - 13.75 Lakh* |
| Citroen eC3 | Rs. 11.50 - 12.13 Lakh* |
| MG ZS EV | Rs. 22.98 - 27 Lakh* |
Confirmed: Ford Fiesta to be axed in 2023.
Will electric cars ever get 500 mile range? ›Following an announcement this morning, Lightyear has opened up its waitlist to pre-order the Lightyear 2, which will be sold in the US, UK, and Europe. It promises to deliver over 500 miles of range on a single charge with the help of our Sun and start at an MSRP below $40,000.
Will electric cars ever go 1000 miles? ›One of them is Aptera Motors from San Diego, whose solar electric car is offering a mind blowing 1,000 miles range per charge (1.600 kilometres). Yes, that's right, 1,000 miles! Importantly, that's not simply a promise for the distant future, as Aptera is moving quickly toward final production readiness.
Will there be a 1000 mile range EV? ›Aptera Motors is making a 1,000 mile range EV. This is an ambitious project, but if they can pull it off, they'll have an EV that is unrivaled in terms of range and efficiency. Aptera Motors is making a 1,000 mile range EV and this is going to change everything.
Who is the biggest EV battery manufacturers? ›Contemporary Amperex Technology (CATL), based in east China's Fujian province, retained its position as the world's largest EV battery producer, according to Seoul-based SNE Research.
Who are the biggest players in EV market? ›- Tesla.
- BYD Company Ltd.
- Daimler AG.
- Volkswagen AG.
- Toyota Motor Corporation.
Sodium-ion batteries are an emerging technology with promising cost, safety, sustainability and performance advantages over commercialised lithium-ion batteries.
Who is at the forefront of electric cars? ›
Tesla, Elon Musk's innovative technology company, is known for producing top-quality, cutting-edge vehicles with high-end and creative features. Tesla's most popular vehicle to date is the Model Y, followed by the Model 3 and then the Model S.
Who is Tesla biggest competitor? ›Ford, GM, NIO, and Volkswagen are four of Tesla's main competitors. In 2022, the Chinese manufacturer BYD sold more than 1.85 million plug-in electric cars, more than tripling its 2021 result of 593,745.31 Another Chinese company, SGMW, surpassed 1.6 million units the same year, so both companies should be considered.
What is the world's best selling EV? ›The Tesla Model Y was the world's most popular plug-in electric vehicle with worldwide unit sales of roughly 771,300 in 2022. That year, deliveries of Tesla's Model 3 and Model Y have surpassed 1.2 million, which was a year-over-year increase of 36.77 percent for Tesla's best-selling models.
Which EVs hold their value best? ›The Bolt is often touted for its exceptional resale value as it will only depreciate 27% after 5 years, significantly better than most other electric car models. Meanwhile, the Tesla Model 3 has still maintained a resale value of up to 64.3%, even after three years on the market.
What electric car company is Amazon investing in? ›Amazon has an enormous stake in Rivian and has already made plans to buy up to 100,000 electric vehicles, including custom delivery vans. Rivian revealed in a recent legal filing that Amazon owns at least 10% of its stock. Rivian also reported that Ford owns at least 10% of the company.
What is the best lithium stock to invest in? ›- The Best Lithium Stocks of March 2023.
- Ganfeng Lithium Group Co. Ltd. ( GNENF)
- Sociedad Química y Minera S.A (SQM)
- Li-Cycle Holdings Corp. ( LICY)
- Livent Corp. ( LTHM)
- Albemarle Corp. ( ALB)
- Lithium Americas (LAC)
- Piedmont Lithium (PLL)
EV stocks will rise in the future, and if you wish to open a Demat account to invest in stocks, this is a sector to include in your portfolio. Look out for any upcoming IPO in the and sector, and you will do well with your investments.
Is EV go a good investment? ›In addition, EVgo Inc. has a VGM Score of F (this is a weighted average of the individual Style Scores which allow you to focus on the stocks that best fit your personal trading style). Valuation metrics show that EVgo Inc. may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors.
Is the EV market a good investment? ›According to the International Energy Agency, global EV sales doubled in 2021 to a record of 6.6 million vehicles, and continued their strong growth in 2022. Given these sales numbers, EV stocks have started to attract a lot of investor interest.
Who supplies Tesla batteries? ›CATL is the world's largest electric vehicle battery maker and supplier to the likes of Tesla and Ford.
Will EV become cheaper in the future? ›
According to Treehugger.com, experts anticipate that EVs and gas-powered cars will cost about the same by 2025. As even more EVs are manufactured, they will become less expensive to produce, with some experts claiming they will be even cheaper than their gas-powered counterparts in just a few years.
What will EVgo stock price be in 2023? ›On average, analysts forecast that EVGO's EPS will be -$0.31 for 2023, with the lowest EPS forecast at -$0.40, and the highest EPS forecast at -$0.24.
What is the future of EVgo stock? ›Stock Price Forecast
The 10 analysts offering 12-month price forecasts for EVgo Inc have a median target of 8.50, with a high estimate of 21.00 and a low estimate of 6.00. The median estimate represents a +37.88% increase from the last price of 6.17.
Generally, electric vehicle batteries last 10-20 years, but some factors may reduce their lifespan. For instance, batteries may degrade faster in hotter climates as heat does not pair well with EVs.
Is NIO a good stock to buy? ›NIO Inc. currently has an average brokerage recommendation (ABR) of 1.94, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by nine brokerage firms. An ABR of 1.94 approximates between Strong Buy and Buy.
What will be EV market by 2030? ›By 2030, about 40-45% of all two-wheelers (2W) and 15-20% of all four-wheelers (passenger vehicles) sold in India will be electric, it said. The adoption will be a result of 12-13 million new 2W and 1 million new 4W passenger electric vehicles being sold in India annually by 2030, the report released Thursday added.
Is there an ETF for EV stocks? ›1. Global X Autonomous & Electric Vehicles ETF. This ETF provides diversification across all aspects of the EV industry, skewing toward autonomous vehicles (AVs). The Global X Autonomous & Electric Vehicles ETF had almost $1.3 billion of net assets in late 2021 and 76 distinct holdings.