3 Electric Vehicle (EV) Stocks That Could Make You a Millionaire

Core Insights - The electric vehicle (EV) industry, while not meeting early expectations, is still on a growth trajectory with projected sales increasing significantly in the coming years [2][3]. Industry Overview - The International Energy Administration reports that less than 20% of vehicles sold in 2023 are electric, indicating a slower adoption rate than anticipated [2]. - Consumer interest in EVs is declining due to concerns over range and cost, impacting stock performance in the sector [2]. - Bloomberg Intelligence forecasts global EV sales to rise from approximately 14 million in 2022 to 30 million by 2027, and further to 73 million by 2040, suggesting a robust long-term growth outlook [3]. Company Analysis Nikola - Nikola focuses on battery-powered and hydrogen-powered class-8 trucks, which are efficient and meet rising emission standards [6]. - The company sold 72 hydrogen fuel cell trucks last quarter, totaling 147 units sold since launch, with significant market potential in the U.S. and globally [6][7]. - Despite not being profitable, Nikola expects revenue growth exceeding 200% in the coming years, with analysts projecting a price target of $16.80, over 150% above its current price [8]. Rivian Automotive - Rivian, which entered the market with electric trucks and SUVs, is positioned to capitalize on the growing demand for larger vehicles, which accounted for 80% of U.S. vehicle sales last year [11]. - The company is not yet profitable but is making strides towards profitability while focusing on the long-term growth of the EV market [12]. Toyota - Toyota has historically focused on traditional combustion vehicles but is now increasing its investment in EVs, with a 35% increase in EV sales last year [15]. - The company is also emphasizing hybrid vehicles, which have seen a 24% sales growth, appealing to consumers concerned about battery-only vehicles [17]. - Toyota's established reputation and trusted brand may provide a competitive advantage in the EV market, as consumers may prefer purchasing from a well-known manufacturer [18].