TSLA) that is showing no signs of stopping as it delivered its fourth consecutive quarter of profit despite the pandemic-induced havoc, there are other EV stocks to keep an eye on.
EV Charging Network
BLNK) owns and operates an EV charging network across the U.S., the Dominican Republic, Greece, and Israel. It operates, maintains and tracks those EV charging stations through cloud software.
Over its first quarter, the company enjoyed a solid growth as its revenue of $1.3 million increased 125% on a year-over-year basis. Its gross margin also improved from 9.3% to 23.8%.
Blink’s international expansion continued with its second quarter as $2.9 million in revenues during the first six months of 2020 surpassed full-year 2019 revenues of $2.8 million. Product sales of EV charging equipment increased more than 350% with overall 2020 revenues increasing 120%. But it still has a long way to go to profitability as net loss amounted to $3.0 million.
DRIV) is an exchange-traded fund that seeks to invest in companies involved in the development of autonomous vehicle technology, electric vehicles, its components and materials, such as batteries, software and hardware.
AAPL), Nvidia (NASDAQ: NVDA), and Microsoft Corporation (NASDAQ: MSFT). Tesla is also in there, of course, but in seventh place. The top ten companies account for almost one-third of the fund. Year-to-date, the fund is up about 9% and it hit an all-time high of $16.25 less than a month ago.
Battery Technology Developments
The main disadvantage of EVs is their hefty price tag. This figure is greatly influenced by the cost of the car battery. This is an area where lithium-ion batteries are heavily used. Therefore, anyone who believes in electrification should keep track of the developments on this front.
ALB), Tesla, and LG Chem (OTCMKTS: LGCLF). They comprise approximately 22% of the fund. More impressively, the fund is up over 37% year to date and has hit a 52-week high at $38.71 just a month ago.
Technology Advancements Ahead
Automakers need to find out a way to achieve economies of scale to make EVs more affordable and build a massive charging infrastructure all over the globe, which is perhaps an even more daunting task. But these stocks have what it takes to lead the way into electrification with new technological developments.
disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: [email protected] Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: [email protected]” data-reactid=”39″>This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: [email protected] Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: [email protected]
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