Increasing climate change concerns and forthcoming government policies to phase out fossil-powered vehicles are expected to drive the electric vehicle (EV) industry’s growth.  According to a Deloitte report, EV sales are expected to grow more than 12-fold to 31.10 million vehicles by 2030.

According to a Pew Research Center survey earlier this year, 7% of U.S. adults said they currently have an electric or hybrid vehicle, and 39% said they were very or somewhat likely to seriously consider buying an electric vehicle the next time they’re in the market for new wheels. Strong investor interest in the EV industry is evident in the  KraneShares Electric Vehicles and Future Mobility Index ETF’s (KARS) and the SPDR S&P Kensho Smart Mobility ETF’s (HAIL) 15.3% and 12.8% returns, respectively, over the past month.

So, we think it could be wise to add EV stocks Lucid Group, Inc. (LCID), Fisker Inc. (FSR), and Volcon, Inc. (VLCN) to one’s  watch list now. They have each advanced  more than 13% in price this month.

Click here to checkout our Electric Vehicle Industry Report for 2021

Lucid Group, Inc. (LCID)

LCID designs, engineers, and builds EVs, electric powertrains, and battery systems.  As of June 30, 2021, the company had eight retail studios in the U.S.  Its offerings include Air Dream Edition, Air Grand Touring, Air Touring, and Air Pure. The company is based in Newark, California

On October 27, 2021, LCID announced that it would commence deliveries of its much-anticipated luxury sedan Lucid Air after production kicked off in September.  The company received its EPA certification on achieving a record 520-mile range on a single battery charge. LCID reported that it had received more than 13,000 reservations for the sedan.

LCID is due to report its third-quarter results on November 15. The company’s EPS is expected to increase 34.8% year-over-year in its fiscal year 2022.  Also, its revenues for fiscal 2022 are expected to grow 2,179% year-over-year to $1.74 billion.

Over the past year, the stock has gained 363% in price to close yesterday’s trading session at $44.78.  Also, it has returned 43.7% month-to-date.

Fisker Inc. (FSR)

FSR focuses on the design, development, manufacture, and sale of EVs. The Manhattan Beach, Calif.-based company is reimagining the way the world moves by producing highly sustainable vehicles.  It is due to launch its first electric SUV, Fisker Ocean, with a range of 300-350 miles on a single charge.

On November 2, 2021, FSR announced its agreement with battery manufacturer and supplier Contemporary Amperex Technology Co. Ltd. Under the terms of the deal, CATL will supply two different battery solutions for the Fisker Ocean, with an initial battery capacity of more than five gigawatt-hours annually, from 2023 through 2025.  The agreement is expected to keep FSR’s plan to roll out its fully electric Ocean SUV on track.

For the third quarter, ended September 30, 2021, FSR’s revenues were  $15,000. The company’s cash and cash equivalents increased 45.5% sequentially to $1.40 billion.  Its current assets were $1.42 billion for the period ended September 30, 2021, compared to $1 billion for the period ended December 31, 2020.

Analysts expect FSR’s EPS to increase 50.8% year-over-year for the quarter ending March 31, 2022. The company’s revenues are expected to rise 637,325% year-over-year to $254.97 million in its fiscal year 2022.

Over the past six months, the stock has gained 76.6% in price to close yesterday’s trading session at $19.92.  It has soared 18.9% so far this month.

Volcon, Inc. (VLCN)

VLCN designs and builds electric off-road vehicles. It is the first all-electric, off-road powersports company, with its offerings suitable for those seeking adventures like  off-road excursions or for activities like hunting and fishing. In addition, its fully electric ATVs and UTVs are highly efficient in carrying and hauling farm loads.  VLCN is based in Round Rock, Tex.

On November 8, 2021, VLCN announced the launch of its nationwide dealership network to introduce its products across the United States. Volcon ePowersports Director of International Sales and Business Development, Melissa Coffey, said, “We’ve already begun early discussions with established powersports dealers, and it has been very rewarding to hear that they already know about the Volcon brand and have been following our progress since the beginning.”

VLCN has returned 13.9% month-to-date. Since it made its stock market debut on October 6, 2021, the stock has gained 63.5% in price to close yesterday’s trading session at $14.93.

Click here to checkout our Electric Vehicle Industry Report for 2021

LCID shares were trading at $43.96 per share on Wednesday morning, down $0.82 (-1.83%). Year-to-date, LCID has gained 339.16%, versus a 26.11% rise in the benchmark S&P 500 index during the same period.

About the Author: Dipanjan Banchur

Since he was in grade school, Dipanjan was interested in the stock market. This led to him obtaining a master’s degree in Finance and Accounting. Currently, as an investment analyst and financial journalist, Dipanjan has a strong interest in reading and analyzing emerging trends in financial markets. More...

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