Do Not Ignore These EV Stocks

Tesla might dominate the headline, but you can enjoy massive long-term wealth with these stocks.

Electric cars accounted for about 8.6% of passenger vehicles sold last year, but Tesla (TSLA) still dominates the EVs marketplace. As the space closes into mass adoption, there are companies with the growth & product capacity to outshine Tesla.

Rivian (RIVN) is quickly expanding production of SUVs and trucks, and Proterra (PTRA) makes industrial market components. These companies are worth your consideration as far as electric-car investment is concerned.

Rivian (RIVN) – The Upstart

Rivian has seen a rough start as a public firm, but it could be that time to consider the automaker. Rivian conformed to manufacturing around 25,000 automobiles this year due to supply problems.

However, the company is constructing a new branch in Georgia to ensure increased production capacity to around 750,000 cars before the decade-end.

Rivian stands out due to its products targeting the large vehicle industry, the market that Tesla and other early rivals have underserved. It launched the R1T and now works on the R1 S SUV. Moreover, the company deals with Amazon to manufacture 100,000 delivery trucks.

It might be challenging to value Rivian from early financial reports as the firm is still losing cash, but consider it ended March 2021 with $17B in balance sheet money and boasts a market capitalization of $24B today.

Rivian can be in a lucrative spot within the EV sector in the coming years if its early optimistic reviews hold and the company improves production efficiency and capacity.

Proterra (PTRA) – The Industrialist

Though Proterra is not a household name within the EVs markets, it offers products essential for switching toward the electrical revolution.

It’s an electric bus producer, though its profitable potential lies in supplying drivetrain products and batteries to other manufacturers within the industry. Proterra products might run delivery trucks, bulldozers, cranes, and backhoes.

Though the business is yet to attain profitability, it boasts massive potential as the industry moves toward electrification. The company likely boasts the cash to fund operations for a few years without fundraising, with the $599M in investment and money on its balance sheet.

Proterra will likely remain crucial as many industries go electric. Not all firms will target expertise in electric motors and batteries as they focus on what they do best.

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