3 EV Stocks That Are All Set To Race

Besides old-school automakers intensifying their efforts to meet the all-electric future, startups are also going full speed ahead in an effort to challenge the giant Tesla Inc TSLA himself. The automotive industry is gearing up for a battle royale in the upcoming era of electrification.

Rivian Is All Set To Deliver The World's First Electric Pickup

After selling out reservations for its first set of R1T pickups, Rivian opened another round of pre-orders recently, making it probable it will be the first to deliver the world's very first electric pickup. Rivian's electric pickup R1T is coming with extraordinary features in three versions: Launch Edition, Adventure, and Explore. The SUV R1S is also expected to hit the road next year, with models also being adapted for the European market at a later stage, perhaps even 2022. The company already gathered about $6 billion, with Amazon.com AMZN leading a $700 million investment round. Rivian has also partnered with Ford Motor Company F, who owns the best-selling vehicle in the U.S., the pickup truck F-150. Together, they will join forces on the electric battery technology front.

Electrameccanica Is Flying Solo

Electrameccanica Vehicles Corp SOLO is a Canada-based development-stage company that operates in two segments, EVs and Custom Build Vehicles. The company's flagship vehicle is an innovative, purpose-built, single-seat EV called the Solo whose commercial production began in August this year. Assembly is happening in Arizona and Tennessee, relieving any trade concerns.

Plans of a utility and fleet version of Solo are also underway, and it is expected to be available by early next year. Moreover, in late October, Solo announced that six new retail showrooms will be opening across the country throughout November, in addition to its existing four showrooms.

The first batch of Solo EVs was presented in the Los Angeles Ride and Drive press event last month with the first shipment across the United States in the third quarter successfully delivered for demonstration purposes. Solo's revenue increased 50% YoY in the last reported quarter, but the company still needs to become profitable.

The prototype of its proprietary vehicle has been released while providing testing facilities to major media outlets during the unveiling event. These developments confirm that commercial sales will begin by the end of this year as anticipated, with analysts predicting EPS to rise 18.3% for the year, with 6.1% being expected next year.

Arcimoto is making EVs "fun"

Arcimoto FUV designs, develops, manufactures, and sells three-wheeled EVs. Its product portfolio is centered around Fun Utility Vehicles that are built at its Arcimoto Manufacturing Plant in Eugene, Oregon. Arcimoto's FUV has two seats. It is working on two similar models: Deliverator, a delivery car on three wheels along with planning a vehicle for first responders, named Rapid Responder.

The company recently announced it is developing its newest product in collaboration with Corbin-Pacific and National Cycle. The Roadster is the electric thrill it needs to compete in recreational motorcycles. It also made a strategic partnership with DHL Global Forwarding to deliver Arcimoto FUVs from the factory floor to customer homes across the country.

In the third quarter that ended in September this year, revenues amounted to $683,895, marking a YoY increase of 1,953% that was fueled by the resumption of vehicle production and customer deliveries. In September alone, 31 vehicles were delivered. The company did report a loss of $0.15 per share, but this is a significant improvement from the prior year's $0.22 per share.

Its ultra-efficient and affordable electric vehicles are enabling the company to consistently report a sequential net increase in pre-orders that it seeks to fulfill as quickly as possible. It is a company that is growing fast with a focus on mass production, which is why analysts expect EPS to rise by 35.3% in the current year and 18.2% next year.

The Rise Of EVs

EV sales have been steadily rising for years. Some analysts are expecting them to expand 40% globally next year, exceeding 3 million EVs sold across the globe. The above EV players have vehicles to play a part as the world shifts to a sustainable energy-based transportation system.

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