The rise in demand for electric cars (EVs) over the past few years has also helped businesses that sell components essential to the production of these vehicles. The mining sector’s producers of copper and lithium work closely with the EV market. Companies that sell transmission and electrical systems have agreements with EV manufacturers in the automotive industry. The surge in EV sales has also been advantageous for semiconductor producers.
In this article we will discuss 5 EV Stocks Better to Buy then TESLA or stocks related to EV market to buy in terms of Long terms investment prospective:
1. BYD Company Limited (OTC: BYDDF)
Price as of October 20, 2022: $36.47
A Chinese corporation called BYD Company Limited (OTC: BYDDF) manufactures and sells cars all over the world. It comes in at number 1 on our list of the 5 stocks to buy. The company sells lithium-ion and nickel batteries, as well as battery-electric passenger cars, among other EV-related products. Its market value is about $118 billion, and its revenue last year was close to $24 billion. In terms of sales, the company is among the biggest EV manufacturers in China. The company announced in March that it had sold 16,301 EVs.
BYD Company Limited (OTC: BYDDF), along with Ford Motor Company (NYSE: F) and NIO Inc. (NYSE: NIO), is one of the finest EV companies to buy right now for those who wish to stay away from Tesla, Inc. (NASDAQ: TSLA).
2. Ideanomics, Inc. (NASDAQ: IDEX)
Price as of October 20,2022 is 0.25usd.
The goal of Ideanomics, Inc. (NASDAQ: IDEX), a global electric vehicle firm, is to promote the use of sustainable energy in conjunction with the adoption of commercial electric vehicles. It consists of 5 subsidiaries, including US Hybrid, Treeletrik, VIA Motors, Solectrac, and Treeletrik.
For commercial fleet operators, the company offers turnkey vehicle, financing, leasing, and energy management services. Its Ideanomics Mobility branch, which has a strong “Made in America” focus, deploys technologies and vehicles for high-growth commercial fleet areas like last-mile and local delivery, wireless charging, hydrogen fuel cells, and agritech that have been market-validated and generate revenue.
Robin Mackie, who also serves as chairman, is in charge of Ideanomics Mobility, the company’s vehicle segment. The business’s headquarters are in New York City.
the firm announced that it had made an investment worth $9 million to acquire a 30% stake in Prettl Electronics, a German company focusing on making and selling industrial components for the automotive and other industries. The share price of the American firm jumped 3% after the announcement2
3. Canoo Inc. (NASDAQ: GOEV)
Price as of october 20, 2022: $1.42 USD
A lifestyle vehicle will be sold by Canoo, an American automotive startup with headquarters in Torrance, California, in 2022. Canoo develops and produces electric automobiles. The company also intends to manufacture vans for car rental and ride-sharing services as well as other commercial electric cars.Near Los Angeles, California, in Torrance, the organisation has engineering services. The business is active in Justin, Texas.
Canoo disclosed two significant orders in mid-October 2022. With a committed promise to deliver 3,000 vehicles by 2024, Zeeba, a fleet leasing company that is also situated in the Los Angeles area, bought a total of 5,450 Lifestyle Delivery Vehicles (LDV) and Lifestyle Vehicles. A few days later, Kingbee, a Utah-based fleet rental company for work-ready vans, made Canoo the biggest transaction it had ever made. Kingbee has the option to double the order in addition to the 9,300 LDV binding order. For fleet customers in the delivery, mobile health, and construction industries (electrical, plumbing, and energy), Kingbee outfits its vans.
4.Nano Dimension Ltd. (NASDAQ: NNDM)
Price as of october 20, 2022: $2.36
Israeli company Nano Dimension Ltd. (NASDAQ: NNDM) produces and distributes additive electronics. On our list of the top 5 stocks to purchase, it is ranked number 4. The DragonFly lights-out digital manufacturing system, one of the company’s top offerings, creates circuit boards, antennas, and sensors among other things for prototyping. The company also sells these items to the electric vehicle market. It has a $1.6 billion market worth and generated $3.4 million in revenue last year.
Nano Dimension Ltd. (NASDAQ: NNDM) reported first-quarter revenue of $0.81 million, an increase of more than 15% from the same period last year. The results were released on May 20.
5.BorgWarner Inc. (NYSE: BWA)
Price as of october 20, 2022: $34.07
Globally, BorgWarner Inc. (NYSE: BWA) is a corporation that offers electric car solutions. It is located in Michigan and is listed as the sixth best stock to purchase on our list of the top 5. The company sells a variety of goods, including electric air pumps, timing systems, transmission chains, and turbochargers. The company earned earnings per share of $1.08 for the second quarter, exceeding expectations by $0.28, according to financial data released on August 4. The period’s revenue increased by 162% from the prior year to $3.7 billion.
Here is What fund said:
“BorgWarner, Inc. was essentially flat in the quarter, underperforming a strong market. Many believe BWA will be hurt by a transition from gas powered cars to electric vehicles (“EV’s”). The company’s turbochargers and powertrain products rely on intellectual property tied to petroleum-based technology. Although the company has worked hard to increase its market share in the EV powertrain market, particularly with the acquisition of Delphi Technologies, we believe the company does have negative exposure to the rapid conversion to an all EV new car fleet. But we believe that this conversion will be gradual, giving BorgWarner time to alter its product offerings accordingly. We continue to monitor developments closely.”
