WKHS - Electric Vehicles Are on Fire
The incoming Biden administration is planning to pump $2 trillion into renewable energy infrastructure and EVs play a big role in a greener future. Shares of largest EVs are still going up even after epic gains in 2020. Nio’s (NYSE:NIO) stock rose about 6 percent on Friday and it is now the world’s fifth most valuable carmaker with market value of approximately $100 billion. Moreover, three of the top five most valuable automakers are EV makers, namely Tesla (NASDAQ: TSLA), BYD (OTC: BYDDF) and NIO Limited.
Tesla has gained over 700% in a year, while Chinese Nio has soared over 1,300%. Larger EV firms are going up, Lordstown Motors (NASDAQ: RIDE), Workhorse (NASDAQ: WKHS) and CIIC Merger (NASDAQ: CIIC) which is merging with Arrival that is soon to be listed as ARVL on the NASDAQ are all up 9% on average. Arrival plans to have its electric buses in production by the end of this year with electric commercial vans to follow in 2022.
Small caps
But small caps are rising as well with Electramecania Vehicles (NASDAQ: SOLO), Greenpower Motor (NASDAQ: GP), Kandi Technologies (NASDAQ: KNDI) and Arcimoto (NASDAQ: FUV) combined having a market cap of approximately $2.6 billion.
Worksport
The manufacturer of solar-powered tonneau covers for pickup trucks, Worksport Ltd (OTC: WKSP) just announced it raised well over $2 million from its Regulation A public offering. The offering can remain open until November 2021 but the company already achieved 50% of the target amount, with its first million being reported earlier this month. The capital raised is to be used for expeditious growth, R&D, inventory and brand development. Management is also considering acquisitions and partnerships to fuel additional growth. As a reminder, Worksport recently added another trademark protection for its TerraVis COR mobile battery system under its belt. Although it is an extension of TerraVis solarsystem, it can be used independently from tonneau covers. Worksport is not only the first in the industry with its ground-breaking solar technology, but it has now also opened another door for consumers.
Rivian
Rivian Automotive LLC just scored another huge cash investment of $2.65 billion and is now valued at $27.6 billion. Being backed by Ford (NYSE: F) who invested $500 million and supported by Amazon (NASDAQ: AMZN) for which it is making electric vans, Rivian is on a roll as it plans to bring the first electric pickup truck to the market. Rivian has racked up billions of dollars in investments and its R1T electric pickup truck and R1S three-row SUV have already proved their impressive specs in testing road trips across multiple countries.
The EV sector is up about 17% year to date on average, adding about $220 billion in market value, which is roughly the market cap of Toyota Motor (NYSE:TM). It doesn’t seem to matter if companies are small or large, EV exposure is what investors want.
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