The electric vehicle market is expected to touch $985.72 billion by 2027 as traditional automakers and emerging EV companies transform the automotive landscape. The change is being precipitated by factors such as the Biden Administration's push to convert the entire federal fleet to EVs.
Here are 10 EV and alternative energy companies that you should know about in this transformative age:
Tesla Inc (TSLA)
Led by its charismatic CEO Elon Musk, the segment leader reported Q4 revenue of $10.74 billion and full fiscal revenue of $31.54 billion. Deliveries in Q4 stood at 180,667. Last year, the company delivered nearly half a billion vehicles, twice that of German rival Volkswagen AG (VWAGY).
Nio Inc (NIO)
With an ambition to become the Tesla of China, the company reported a third-quarter adjusted loss of RMB 996 million or $146.7 million. The Chinese automaker delivered 12,206 vehicles in the same period. Cars delivered in December stand at 7,007, a 32.43% rise from 5,291 units in November.
Xpeng Inc (XPEV)
The automaker has carved out a niche in the Chinese EV market based on technology and price competitiveness. The company reported Q3 revenue of $293.1 million. Vehicle deliveries during the period rose 265.8% to 8,579.
Li Auto Inc (LI)
The Beijing-based automaker sold vehicles worth RMB 4.06 billion or $621.9 million in the fourth quarter and realized revenues worth RMB 4.15 billion or $635.5 million in the same period. Deliveries in Q4 were 14,464 units. For the full year of 2020, the company delivered 32,624 units.
The automaker, due for a merger with Churchill Capital Corp IV (CCIV), is on track to deliver its Air luxury vehicle in the second half of 2021. The company also plans to launch a competing model to Tesla’s Model 3 sedan.
Workhorse Group (WKHS)
The Ohio-based EV firm reported a third-quarter loss of $11.5 million. Ark Investment Management LLC CEO Cathie Wood and her team added 660,500 shares of the automaker to Ark Autonomous Technology & Robotics ETF (BATS: ARKQ) this month. Workhorse recently lost an important USPS delivery deal to Wisconsin-based company Oshkosh Corp (OSK).
Fisker Inc (FSR)
Fisker which recently entered into an EV-development deal with Apple Inc (AAPL) supplier Foxconn, also known as Hon Hai Precision Industry Co. Ltd (HNHPF), reported a loss from operations totaling $31.3 million in the fourth quarter. The company said it has 12,467 reservations for vehicles as of Feb. 25.
The Ford Motor Company (F) and Amazon.com, Inc (AMZN)-backed EV firm may go public as early as September, according to Bloomberg. The Jeff Bezos-led retail giant has a deal with Rivian for the delivery of 100,000 electric delivery vans. The company began taking orders for its electric pickup truck in November.
Plug Power Inc (PLUG)
The hydrogen fuel-cell company reported a loss of $316.341 million in 2020 and raised its 2021 and 2024 financial targets. The company has invested $1.6 billion in South Korea’s SK Group.
FuelCell Energy Inc (FCEL)
The alternative energy company reported fourth-quarter revenue of $16.99 million but missed the consensus estimate of $17.05 million. The company’s stock came under pressure this month as Texas Governor Greg Abbot questioned the reliability of renewable energy amid extreme weather in the state in the same month.