When we talk about electric vehicles (EVs) and their place in the auto market, it’s all too easy to focus on their drawbacks, on the reasons why the internal combustion engine isn’t going away. It would do us good to remember that the same thing was said of the horse and carriage more than a century ago – and here we are.
EV technology isn’t new. The difference now is one of degree; the technology has improved so that EVs can match the performance of gasoline-powered vehicles, and there is an increased political will to push electric vehicles over the alternatives. These basic facts are supporting the sector as we head into 2022.
Wedbush’s technology expert Daniel Ives has taken a deep dive into the EV market, with a particular emphasis on its prospects. Ives writes, “In our opinion, with auto stalwarts such as GM, Ford, and VW now laser focused on the EV revolution, we will see an unprecedented conversion to EVs as more consumers are attracted to the innovative designs, improved battery technology, lower price points, and environmental backdrop of buying an EV. To this point, while EVs represent only 3% of autos globally today we believe by the end of 2022 that over 5% of vehicles will be EVs and 10% by 2025.”
A segment expansion of that magnitude cannot be filled solely by the giant legacy companies. They are being followed by scores of innovative companies that are bringing new designs and new ideas to the EV universe. We’ve used the TipRanks database to pull up the details on two such stocks. Both earn Moderate or Strong Buy consensus ratings from the analyst community, and boast double-digit upside potential. Let’s take a closer look.
Canoo (GOEV)
We’ll start with Canoo, a California-based EV designer and manufacturer. Canoo is working on an EV design with a distinctly non-traditional approach, creating a multi-purpose EV platform with capacity to be built up into a wide range of finished vehicles. Designs include a pickup truck and a delivery van, along with the flagship ‘lifestyle’ vehicle.
Story continues
Canoo’s vehicle chassis, the base…
..
