US Electric Vehicle Sector
The United States of America is the third largest electric vehicle (EV) manufacturing country in the world, after China and European countries. Though electric vehicles were introduced in the late 1990s, they became popular only a decade ago.
The size of the US EV market in 2021 was USD 137.42 billion, and it is expected to grow at a compound annual growth rate (CAGR) of 25.4% in the next seven years (2021-2028). Though the Covid-19 pandemic slowed down the growth of this emerging industry, it has maintained its momentum due to several reasons. The favourable government policies to increase awareness and reduce costs by giving incentives to manufacturers are some of them.
Apart from this, the falling prices of lithium-ion batteries and improvements in the EV battery life are also driving the industry’s growth. The EV manufacturers are also actively launching new models and promoting them excessively to increase EV adoption. Due to increased awareness about climate change, and global warming, consumers are considering transitioning to EVs. However, the high prices are discouraging them from buying one. Moreover, the range anxiety and lack of EV infrastructure are forcing them to rethink their decisions.
Despite all these constraints, the EV industry in the US is poised for growth. Electronic vehicles not only drive us towards a technologically advanced future but also ensure it is done sustainably and responsibly by tackling one of the biggest problems – air pollution.
Best US EV Company Stocks
The following stocks are the most popular EV stocks in the USA, sorted based on their market capitalization.
- Rivian Automotive
- Lucid Group
- Li Auto
- XPeng Motors
Tesla is a company that needs no introduction. Headquartered in Texas, it is a multinational automotive and clean energy company. It designs, manufactures, and leases electric vehicles. The company also manufactures battery energy storage from home to grid-scale, solar panels, and related products.
It launched its first electric car in 2008 and went on to sell over 3 million cars as of August 2022. Its popular brands are Model S, Model X, Model Y and Model 3. Automotive sales account for almost 95% of its revenue; the remaining 5% is from energy generation and storage products.
Tesla aims to make the earth a sustainable place through its products and services. Its futuristic view is what makes Tesla the most popular EV manufacturing company in the world.
Elon Musk heads the company, who is also the founder and chief executive officer (CEO) of the company. Currently, the company shares trade on the Nasdaq Exchange with a ticker symbol of ‘TSLA’.
Track: Tesla Share Price Today
Rivian Automotive is an American EV manufacturing company with headquarters in California. It focuses on building electric vehicles for outdoors and off roads. The company’s cars have premium features that none of the other SUVs offer.
It uses a ‘skateboard platform’ to build its cars and pickup trucks that can support future vehicles. The company’s fleet of adventure cars includes the R1T and R1S. Rivian Automotive also builds delivery vans for Amazon. Amazon agreed to purchase 100,000 electronic delivery vehicles from Rivian Automotive. Apart from this, the company is building a network of EV charging stations across the country with both fast and slower destination chargers.
Rivian Automotive is headed by its CEO Mr R.J. Scaringe, the company’s founder. The company went public in November 2021 and trades on Nasdaq with a ticker ‘RIVN’.
Lucid Group is a California-based electric manufacturing company. It was incorporated in the year 2007 as an electric battery manufacturing company. The company moved to luxury electric car manufacturing only in 2016 and delivered its first electric vehicle that year.
Lucid Group’s primary product is a sedan EV, Lucid Air. So far, the company has received 37,000 reservations and has delivered 697 units as of August 2022. The company is building a manufacturing facility in Arizona, USA, to expand its operations and increase its capacity.
Lucid Group is headed by its CEO Mr Peter Rawlinson, who brings over 30 years of experience in the automotive industry to the company. He is also the chief technological officer (CTO) and is responsible for creating and delivering all Lucid products.
The company is a recent entrant on the bourses. It was listed in July 2021 after it merged with Churchill Capital Corp. IV and currently trades on the NASDAQ stock exchange under the ticker ‘LCID’.
Li Auto is a Chinese electric vehicle manufacturer. The company designs, develops, manufactures, and distributes premium smart EVs that use range extenders. Its cars have an option to switch between electricity or gasoline as per the driver’s wish.
The company’s most popular models are Li Auto One SUV and Li Auto L9. It leverages technology to build safe, convenient, and comfortable products for its customers.
Li Auto, the fastest growing Chinese electric vehicle maker, made its debut in the US stock markets in July 2020. It currently trades on the NASDAQ exchange under the ticker ‘LI’.
The company is headed by Mr Xiang Li, who is the CEO and Chairman of the company.
Track: Li Auto Share Price Today
Guangzhou Xiaopeng Motors Technology Co Ltd, popularly known as XPeng Motors, is a Chinese electric vehicle manufacturing company. It manufactures internet-based electric cars, both sedans and SUVs. Some of its models include P7, G9, P5, and G3i.
It has built a network of charging stations in China and offers free lifetime charging services to all its customers worldwide. XPeng Motors operates in China, Hong Kong, Europe and US markets. The company plans to expand its base in these countries before capturing new markets.
The company is headed by its CEO and co-founder, Mr He Xiaopeng. It entered the US market in August 2020, and its shares trade on the New York Stock Exchange under the ticker ‘XPEV’.