3 Electric Vehicle Stocks Down More Than 30% That Wall Street Predicts Will Grow More Than 100% in 2022

: RIVN | Rivian Automotive Inc. Cl A News, Ratings, and Charts

RIVN – Favorable government policies and an easing of the semiconductor shortage should drive the electric vehicle (EV) industry’s growth this year. So, quality EV stocks Rivian (RIVN), Arrival (ARVL), and Workhorse (WKHS), which are down more than 30% in price year-to-date, should have a solid rebound. Indeed, Wall Street analysts expect these stocks to grow more than 100% in 2022. So, let’s discuss.

Electric vehicles (EVs) have been dubbed the “future of mobility” because they provide a cleaner alternative to vehicles with highly polluting internal combustion engines. EV stocks have garnered significant investor attention over the past few years, with governments worldwide focusing increasingly on addressing climate change concerns.

The $1.2 trillion bipartisan Infrastructure Investment and Jobs Act (IIJA), which President Biden signed last November, allocates $30.70 billion to EVs and their related charging infrastructure. According to a Research and Markets report, EVs are expected to represent 48% of all new cars sold in 2030.

Given this backdrop, we think quality EV stocks Rivian Automotive, Inc. (RIVN), Arrival (ARVL), and Workhorse Group Inc. (WKHS), which are down more than 30% in price year-to-date, should witness a solid rebound. Wall Street analysts expect these stocks to grow more than 100% in 2022. So, it could be worth adding these stocks to one’s watchlist.

Click here to checkout our Electric Vehicle Industry Report for 2022

Rivian Automotive, Inc. (RIVN)

Recently listed RIVN, which is headquartered in Irvine, Calif., designs and manufactures EVs, accessories, and services. The company has now commenced delivery of its first-generation consumer vehicle, R1T. It also provides advanced technologies, such as advanced driver assistance systems (ADAS), Driver+ to enhance the driving experience of its customers.

On December 16, 2021, RIVN announced that its second U.S. plant would be established in Georgia, which will help expand its manufacturing operations. Construction of the facility is expected to begin this year, with vehicle production slated for 2024. The facility is expected to produce up to 400,000 vehicles annually.

RIVN’s cash and cash equivalents for the nine months ended Sept. 30, 2021, came in at $5.15 billion, compared to $2.97 billion for the fiscal year ended Dec. 31, 2020, while its total current assets were $5.34 billion, compared to $3.01 billion for its fiscal year ended Dec. 31, 2020. The company’s revenue was $1 million for the third quarter, ended Sept. 30, 2021.

Analysts expect RIVN’s EPS and revenue for its fiscal year 2022 to increase 25% and 5,902.6%, respectively, year-over-year to $4.99 and $3.53 billion. The stock has declined 45% in price year-to-date to close the last trading session at $57.12. However, Wall Street analysts expect the stock to hit $133.21 in the near term, indicating a potential 133.21% upside.

Arrival (ARVL)

Based in Luxembourg, ARVL is transitioning to electric vehicles by creating zero-emission, desirable, sustainable, and equitable products. The company also offers technology, development, supply chain, automotive, mobility, and fintech solutions.

On Dec. 6, 2021, ARVL announced that it was establishing a High Voltage Battery Module (HVBM) assembly plant on Charlotte’s West Side with an investment of approximately $11.50 million. ARVL’s CEO Mike Ableson said, “By bringing the assembly of our proprietary High Voltage Battery Modules in-house, we’re striving to be as vertically integrated as possible.”

ARVL’s non-current liabilities for the nine months ended Sept. 30, 2021, came in at €567.73 million ($632.89 million), versus €296.36 million ($330.37 million) for the fiscal period ended Dec. 31, 2020. Also, its current assets were €471.03 million ($525.08 million), compared to €153.52 million ($171.13 million) for the fiscal year ended Dec. 31, 2020. The company’s finance income came in at €27.95 million ($31.15 million), compared to €2 million ($2.22 million) in the year-ago period.

For its fiscal year 2022, ARVL’s EPS is expected to increase 64% year-over-year to $0.4. The stock has declined 57.4% in price year-to-date to close the last trading session at $3.16. However, Wall Street analysts expect the stock to hit $16.50 in the near term, indicating a potential 422.1% upside.

Workhorse Group Inc. (WKHS)

 Loveland, Ohio-based WKHS is a technology company that is focused on providing solutions to the commercial transportation sector. The company manufactures electric delivery trucks and drone systems. Its products include C-series electric delivery trucks and package delivery aircraft, named HorseFly. It also offers a Metron telematics systems platform, which allows users to track and monitor the performance of their vehicles.

On Aug.12, 2021, WKHS entered a pilot program with the U.S. Department of Agriculture’s Natural Resources Conservation Service to demonstrate its ability to provide small Unmanned Aerial Systems (sUAS) as a service to support NRCS efforts in Mississippi. WKHS’ President-Aerospace John Graber said, “Engaging in this pilot agreement with the NRCS is the first step in expanding our footprint beyond package delivery and the last mile delivery space.”

WKHS’ net loss for the third quarter, ended Sept. 30, 2021, came in at $81.11 million, versus an $84.13 million loss in the year-ago period. The company’s sales, net of returns, and allowances for the nine months ended Sept. 30, 2021, increased 55% year-over-year to $1.14 million. Also, its cash and cash equivalents for the nine months ended Sept. 30, 2021, increased 187.2% year-over-year to $230.42 million.

Analysts expect WKHS’ EPS for the quarter ending March 31, 2022, to increase 84.7% year-over-year to $0.15. Its revenue for fiscal 2022 is expected to increase 1,300.8% year-over-year to $17.37 million. The stock has declined 33.5% in price year-to-date to close the last trading session at $2.90. However, Wall Street analysts expect the stock to hit $13.50 in the near term, indicating a potential 365.5% upside.

Click here to checkout our Electric Vehicle Industry Report for 2022

Want More Great Investing Ideas?

3 Stocks to DOUBLE This Year


RIVN shares fell $0.12 (-0.21%) in premarket trading Monday. Year-to-date, RIVN has declined -44.91%, versus a -6.95% 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...


More Resources for the Stocks in this Article

TickerPOWR RatingIndustry RankRank in Industry
RIVNGet RatingGet RatingGet Rating
ARVLGet RatingGet RatingGet Rating
WKHSGet RatingGet RatingGet Rating

Most Popular Stories on StockNews.com


Does Trump Change Stock Market Outlook?

The rally of the S&P 500 (SPY) after the election gives a sense that investors are happy that Trump was elected. But perhaps there is more to this story than meets the eye. That’s why Steve Reitmeister shares his updated market outlook taking into account the pros and cons of Trumps proposed new policies. This comes with a preview of his top 11 stocks to buy now.

3 Streaming Stocks Benefiting from Cord-Cutting Trends

As streaming continues to dominate the digital entertainment landscape, the global streaming market presents a lucrative investment opportunity. So, it could be ideal to invest in fundamentally solid streaming stocks Netflix (NFLX), Walt Disney (DIS), and Roku (ROKU). Read further...

3 Gold Stocks to Buy as Safe-Haven Demand Grows

Gold is a stable investment now due to its role as a safe-haven asset during economic uncertainty, rising demand, industrial use, and growth, bolstered by central bank purchases and interest rate cuts. Therefore, investors should consider investing in top gold stocks such as Newmont (NEM), Barrick Gold (GOLD), and Agnico Eagle Mines (AEM). Read more...

3 AI Stocks Transforming Industries and Driving Future Growth

With rapid digitalization, rapid adoption, and development, as well as surging demand, the AI market is on the rise. Amid this backdrop, investors could buy fundamentally solid AI stocks NVIDIA Corporation (NVDA), Microsoft (MSFT), and Meta Platforms (META) poised for substantial gains. Continue reading...

Updated Stock Market Expectations

The S&P 500 (SPY) has already reached an impressive goal of hitting 6,000. Yet you can see how much shares are struggling now up against this resistance. Steve Reitmeister shares his views on what comes next for the market and his top 10 stocks to stay on the right side of the action.

Read More Stories

More Rivian Automotive Inc. Cl A (RIVN) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All RIVN News