By 2030, the global market for electric vehicles is estimated to reach 34,756 units. In 2020, Europe will have registered over 1.4 million new electric automobiles, with China coming in second with 1.2 million. In 2020, consumers in the United States spent more than $120 billion on electric vehicle purchases. Electric car sales worldwide reached 3.2 million in 2020, accounting for a 4% market share. This expansion was fueled in large part by zero-emission legislative assistance, particularly in Europe. The largest markets for electric vehicles are China and Europe. Some of the largest electric vehicle companies are based in the United States.
Insider Monkey analyzes the list of the best electric car stocks to buy now. Arcimoto, Inc. is a U.S. company that specializes in Fun Utility Vehicles (FUVs) and also sells van versions. It was created in 2007 and is headquartered in Oregon. Arcimoto produced approximately 84 automobiles in Q1 2021 and expects to increase production in 2021. Lordstown Motors Corporation was established in 2019 with the goal of producing light-duty electric trucks. The company recorded a -$0.72 EPS in Q1 2021, compared to $0.28 expected. Out of 57 beta vehicles, 48 have been completed, according to the business. Blink Charging Co. operates a charging network for electric vehicles. The company sells EV charging devices to make electric car charging more convenient. Blink Charging made $2.23 million in revenue in the first quarter of 2021. Canoo Inc. was created in 2017 and has over 300 workers, making it a start-up. In 2023, the company will introduce a purpose-built pickup truck, and it has already designed a modular electric platform. Canoo reported a -$0.43 EPS in Q1 2021, compared to $0.23 expected. Li Auto Inc. is a Beijing-based electric vehicle manufacturer. Li ONE, the business’s electric SUV, was unveiled in May 2021, and the company hopes to expand its product range in the future by producing other electric vehicles. Li Auto made $545.7 million in revenue in the first quarter of 2021, an increase of 802 percent. In July, the Lucid Group, Inc. raised $4.4 billion. Over 11,000 paid reservations have been made for Lucid Group’s luxury electric automobile Lucid Air. The sales of this electric car are expected to bring in more than $1 billion for the corporation. For more details, click 15 Best Electric Car Stocks to Buy Now.
