Workhorse Stock – 3 Hot Auto Stocks To explore
- Nikola builds battery- and hydrogen-powered commercial and off-road sports vehicles.
- Workhorse stock gained 276% over the last year; it also specializes in EVs and offers solutions for various cloud-based monitoring systems.
- Fisker partnered with Mekonomen Group to boost EV aftersales support in Denmark, Norway, and Sweden.
The stocks of electric vehicle makers have been drawing investors’ attention of late. Experts predict the EV industry is expected to grow by leaps and bounds in the coming decades.
The threat of global warming is giving an unprecedented impetus to anything and everything green and the electric vehicle sector is no exception.
Let’s explore three EV stocks that may benefit from this emergent trend of green technologies.
Headquartered in Arizona, Nikola is an emerging player in the electric vehicle industry. Since 2016, the company has been focusing fully on zero-emission vehicles. It builds battery- and hydrogen-powered commercial and off-road sports vehicles.
The company sees a huge opportunity with the shift to green technologies.
Nikola has been one of the active stocks in recent weeks. On May 27, it saw a record trade volume of more than 26 million shares. Although the stock had been down around 44% over the past year, it saw strong gains in recent days.
The stock was priced at US$18.60 at 2:23 pm ET on June 8, up 5.38% from the previous closing price. Nikola has a market capitalization of around US$6.1 billion.
It logged a net loss of US$120 million YoY in the March quarter from US$33 million in 2020.
Nikola is currently building a new plant in Arizona that will start EV deliveries by 2021 end.
Also Read: General Motors Lifts H1 Outlook, Ford’s May Sales Up 4%
Workhorse Group (NASDAQ: WKHS)
Workhorse is an Ohio-based company and specializes in EVs. It also offers solutions for various cloud-based monitoring systems useful in the EV and aircraft industry.
Workhorse has a market cap of US$ 1.1 billion. The stock had been volatile this year. It rose 18.29% from the previous close to US$16.49 at 2:26 pm ET on June 8. Over the past year, however, it gained 276% and saw a record high of US$41.34 in February.
The company logged net sales of US$521,000 in Q1. It also suffered losses of US$120.5 million against a net profit of US$4.75 million in the same quarter of 2020.
Fisker Inc. (NYSE: FSR)
Fisker is another American electric vehicle maker headquartered in California. It has a market capitalization of US$4.06 billion. The stock gained 33% in the past year. Fisker stock has been active of late. It was trading at YS$17.98 at 2:28 pm ET on June 8, up 3.24% from previous close.
Its March quarter revenue was US$22,000 and net loss was US$176.8 million.
Fisker also generates revenue from selling branded merchandise. However, its primary source of income is electric vehicles.
On May 27, Fisker announced a deal with Mekonomen Group for EV aftersales support to its customers in Denmark, Norway, and Sweden. It is also collaborating with the United Kingdom’s Cox Automotive and Rivus Fleet Solutions for similar services.