3 Electric Vehicle (EV) Stocks That Could Go Parabolic

Industry Overview - Electric vehicle (EV) stocks have underperformed recently, with consumer interest waning due to concerns about range and charging [1][2] - Despite recent challenges, the future of EVs remains bright, with Bloomberg forecasting a 21% average annual growth in EV sales over the next four years, reaching 30 million cars annually by 2040 [2] Company Analysis QuantumScape - QuantumScape is focused on developing advanced lithium-based batteries, specifically a ceramic solid-state lithium battery that maintains 95% efficiency for longer periods and offers greater driving range [5][6] - The company has not yet reported revenue but began delivering prototype batteries in March, indicating that revenue generation is on the horizon [6][7] - Volkswagen's PowerCo has entered an agreement to manufacture EV batteries using QuantumScape's technology, suggesting strong market interest [7] Plug Power - Plug Power is innovating with hydrogen fuel cells, which can generate electricity for vehicles, and has proven this technology in non-passenger vehicles like trucks and buses [8][11] - The company has faced inconsistent revenue and profitability challenges but is projected to reverse its fiscal downturn, with analysts expecting a strong recovery [12][13] - Plug Power's current price target is nearly double its present stock price, indicating potential for growth [13] Nikola - Nikola focuses on hydrogen fuel cells for class-8 trucks, with a significant increase in deliveries (80% growth from Q1 to Q2) indicating rising demand [15][17] - The company is transitioning from battery-powered trucks to fuel cell-powered vehicles, which are seen as more cost-effective for heavy-duty applications [15][16] - Nikola's revenue is projected to grow over 200% this year and next, driven by fleet owners' demand for zero-emission vehicles [17][18]