In 2021, investor money poured into Rivian, Lucid Motors, and other EV companies. Several other U.S. EV makers, including Canoo, Fisker, and Lordstown Motors have hit the public markets in the past year-plus with much lower valuations as well as promises to start delivering vehicles in 2022 and 2023. EV stocks gained popularity in 2021 as investors are willing to invest money in EV stocks.
Nonetheless, it’s all funny money, so far. Currently, the only pure-play U.S. EV company with real business is Tesla. Its market peaked at $1.2 trillion in November before sliding by about 19%. Apart from Tesla’s models, people can buy Chevrolet Bolt, Nissan Leaf, Ford Mustang Mach-E, etc.
Drafting off Tesla’s popularity, investors are betting that, starting in 2022, more EV companies will start delivering their vehicles. It is not an easy task, as they have to deal with inflationary pressures and labor market shortages among other problems. In spite of problems, investors are ready to invest a lot of money in EV stocks.
EV stocks and interesting details
As of December 15, Rivian received 71,000 preorders for its trucks as well as R1S SUVs. At the time of its IPO last month, the company said it would take until the end of 2023 to fill its existing order book.
The company sold its first 11 vehicles in the third quarter of the year, for revenue of $1 million.
Its other revenue source will come from providing vehicles to corporate delivery fleets. The company agreed to provide e-commerce giant Amazon with 100,000 vans. The e-commerce giant expects to deploy 10,000 vans by next year.
There are many interesting EV stocks, but it is hard not to mention Lucid Motors. It is going after the electric sedan market. Currently, Lucid Motors is taking orders for the Air Pure, which starts at $77,400.