3 Electric Vehicle Companies You Should Know About That Aren’t Tesla

3 Electric Vehicle Companies You Should Know About That Aren’t Tesla

This article is sponsored by eToro.

When most people think of electric cars, they think of Tesla. And for good reason, led by the controversial, genius, or downright insane (depending on who you ask) Elon Musk, Tesla has been dominating the electric vehicle market for years, to the point where owning a Tesla has become somewhat of a status symbol.

With strong sales in China and Europe, and the opening of its new Gigafactories in Berlin, Shanghai, and Texas, it seems like the only way is up for the dominant global electric vehicle manufacturer. Coming off its eighth successive profitable quarter, Tesla has solidified itself as arguably the most popular investment in the EV industry.

But the EV pie is a big one, set to only continue to grow as the world transitions to a greener way of living — and there’s no reason why you shouldn’t get a slice of that action with some shrewd investing. Sure, Tesla has a huge share of that sweet pie right now, but they’re not the only kids on the block with exciting prospects. For more insight, we asked eToro market analyst Josh Gilbert for his top EV stocks to look out for that aren’t Tesla.

Nio

Chinese EV manufacturer Nio is a giant in China. Like Tesla, it has also dominated EV trading stocks in Australia over the past couple of years. “Nio has been one of the most popular EV stocks with Australian investors over the last 18 months, thanks partly to its 1000%+ increase in 2020,” says Josh.

“In its recent earnings report, Nio’s net loss narrowed to USD$90 million, which indicates the company is on track to become profitable by 2023 if it continues on this trajectory. Nio’s next step is its launch into Europe, which will be essential for continued growth.”

Volkswagen

According to Josh, electric vehicle sales surged in 2020, particularly in Europe, even amidst the pandemic, which puts the German powerhouse Volkswagen in a great position with no signs of slowing down.

“VW is the only vehicle manufacturer to have two Electric Vehicles on the top 10 selling EV list in Europe for 2020,” says Josh. “This simply shows how popular Volkswagen is within Europe, the largest EV market in the world.”

“In 2020, Volkswagen produced a ‘power day’ similar to Tesla’s ‘battery day’. It unveiled its roadmap to longer-range EVs, cheaper batteries, and better charging, all of which were a hit with investors. With this, I believe Volkswagen poses the biggest threat to dethroning Tesla from its number one sales perch.”

Ford

As the world transitions to a more environmentally friendly way of commuting, with many countries planning to cut the number of combustion engine vehicles down heavily over the next decade, Ford has shown no plans of being left in the dust.

“One of the more traditional brands moving into EV aggressively is Ford,” says Josh. “The company recently announced its USD$30 billion pledge towards EV with popular vehicles such as the F150 and Mustang, all receiving electric vehicle models.”

“Ford also plans to go fully electric in Europe by 2030, in line with government plans to ban combustion engine vehicles. Along with Ford’s strong brand recognition, these pledges will ensure strong sales continue for many years to come.”

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