EVs Are Going Full Speed Ahead

Bloomberg New Energy Finance estimates that EV sales will reach 5.4 million in 2023 and account for 7 percent of global vehicle sales. President-elect Joe Biden's goal of achieving a U.S. 100 percent clean-energy economy should also help the electric vehicle thrive this year and beyond.

Although the year just started, EV stocks are on fire. Some prominent EV players such as  Nio Inc (NYSE:NIO), Tesla Inc (NASDAQ:TSLA), and Niu Technologies (NASDAQ:NIU) have already gained more than 20% year-to-date.

NIO

On January 3, NIO revealed its fourth quarter and full-year delivery figures. Nio had a monthly record in December by delivering 7,007 vehicles. Moreover, its cumulative deliveries of its ES8, ES6, and EC6 models hit 75,641 vehicles, confirming its growing brand recognition and expanding sales network.

With its five-, six, and seven-seater electric SUVs in China, along with e-powertrains, battery packs, charging solutions, and battery swapping services, Nio's revenue increased 146.4% YoY to $666.60 million in the third quarter ending on September 30, 2020. More specifically, vehicle sales grew 146.1% from the year-ago value to $628.40 million over this period. Its gross profit rose 87.1% sequentially to $86.30 million.

Tesla

Despite the impact of the pandemic, Tesla produced and delivered half a million EVs. It ended the year by finally getting included in the S&P 500 Index after five profitable quarters. Deliveries of Model Y that is being produced in Shanghai's Gigafactory are expected to begin shortly. Tesla Cybertruck, Semi, and Roadster are due to be launched this year. Tesla's revenue increased 45.3 percent to $8.77 billion in Q3 2020. Its non-GAAP net income increased 155.5 percent YoY to $874 million, while its EPS rose 105.4% from last year's $0.76. Tesla's stock gained 24.7% year-to-date with the company now worth more than Facebook, Inc. (NASDAQ:FB).

Niu Technologies

Niu Technologies (NASDAQ:NIU) designs, manufactures and sells smart electric-scooters, scooter accessories, lifestyle accessories, and performance upgrade components such as wheels and brakes. It owns RQi and TQi series urban commuter electric motorcycles, professional mountain, and road bicycles.

Last week, it revealed it sold 149,705 e-scooters during the fourth quarter, representing a 40.9 percent YoY growth. 12,119 e-scooters were sold in international markets which is an increase of 179.6 percent compared to last year. Niu has benefited from a recovery in demand and expansion of its retail network.

Worksport

Along with closing 2020 on a very successful note with its TerraVis launch and sealed deals with Atlis Motor Vehicles and Hercules Electric Mobility Inc, Worksport Ltd (OTC:WKSP) announced that it has raised over US$1.1 million from its Regulation A public offering, which is more than 25% of its target amount. Although the offering can remain open until November, at such a rate, it could be closed ahead of schedule. Additionally, Worksport announced today that it has been granted trademark protection for its line of mobile battery packs, TerraVis COR, by the U.S. Patent and Trademark Office. This allows Worksport to use the trademark symbol in the U.S. for its innovative mobile battery system that is soon-to-be-launched. The TerraVis COR line is a consumer-oriented extension of  TerraVis innovative solar-powered advanced folding truck bed tonneau cover system, and it is the first in the industry. As the COR battery system can be purchased and used independently and without the TerraVis solar tonneau cover, this is a significant milestone as it allows Worksport to access a broader consumer goods market.

Ideanomics

Ideanomics Inc (NASDAQ:IDEX) is ramping up its EV investments. Last week, the company reached a deal to acquire Wireless Advanced Vehicle Electrification, a provider of wireless charging solutions for medium- and heavy-duty electric vehicles. By the close of Friday's trading, Ideanomics' share price was up 5.9% after rising as much as 30.5% earlier in the day, with shares already up more than 56% so far in 2021. Additionally, the company just revealed it has completed its previously announced acquisition of privately held title and settlement firm, Timios Holdings Corporation, showing it is simultaneously investing in its fintech business unit.

Plug Power And Renault Join Forces

On Tuesday, hydrogen fuel cell manufacturer Plug Power Inc (NASDAQ:PLUG) and French automaker Renault SA (OTC:RNSDF) announced they are joining forces to go for the European EV market by integrating hydrogen fuel cells into light commercial vehicles in a 50-50 venture. They will be operating in France by the end of 2021, with initial deployments of vehicle fleets also expected by the end of this year.

The year might have just started but EV players started it at full speed.

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