5 EV Stocks similar to Tesla | Which EV stocks you should invest in now

If you're an investor like me, you'll want to catch the next EV stocks similar to Tesla (NASDAQ:TSLA) stock ASAP. EV use is growing, and Tesla isn't the only EV stock to invest in. Although Tesla has seen extraordinary growth over the last twelve months, over 500% and counting, it's not just because of its revenue. As the production of Electric Vehicles become more mainstreamed and lower in cost to produce, their popularity is soaring. Coupled with the lower costs to maintain, vehicle owners are considering EV more and more. Used EV prices are dropping greatly, increasing their market share. But which company can you invest in, securing your spot on the ground floor before it explodes? Here's a list of 5 EV stocks similar to Tesla to watch in the coming months.

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NIO

NIO is a company similar to Tesla
NIO Stock chart

First up is the Chinese electric-vehicle maker NIO (NYSE: NIO). Formed in 2014, NIO had a revenue of 720.1 million USD in 2018 and, as of this writing, is only sold in China. While their limited market may seem like bad news, their tech advances make up for it. NIO wants to expand its market and intend to, which will boost the stock further. In big news, they've recently unveiled their 100kWh battery, along with their BaaS (Battery as a Service) subscription plan, allowing drivers to upgrade their battery. So far, they've successfully swapped over 1 million batteries to date. Let's not forget they've seen over 1000% growth over the last year. Earlier this year, their CFO put cost-control measures in place and has hinted this strategy is paying off. And this is all before they release their earnings report, which I'm watching closely.

Now, NIO is one of many EV stocks similar to Tesla and is experiencing significantly higher growth. They did receive a bailout in May, and part of that deal was to relocate and build a new factory. Since then, they've bought back a majority of their assets and have experienced an all-time sales boom in August. From being cash strapped to expanding, NIO is a great choice.

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XPENG

XPENG a stock similar to tesla
XPENG Chart

Staying in the Asian market, next up is Xpeng. (NYSE: XPEV). Chinese New Energy Vehicle (NEV), also formed in 2014, with annual revenue of 332.2 million USD. Compared to the other 5 EV stocks on this list, their growth isn't as impressive. They've jumped 60% in the last year only. But, they jumped 100% in October 2020. They've delivered more cars every month from July to August (2020), reflecting a 200% increase from the previous year (2019). To anticipate the demand, Xpeng is also building a new manufacturing base at the end of December 2020, bringing their total manufacturing plants to 3. They are ready to meet the demand they're anticipating.

Similar to Tesla, Xpeng stock is experiencing phenomenal growth, and is expected to surge even further. Xpeng has invested heavily in the EV market, not only in electric batteries but also in autonomous cars. They're currently the leader in self-driving EV cars in China, so they are a company you want to jump on before they skyrocket.

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LORDSTOWN Motors

RIDE Chart

Moving to the Western Hemisphere, Lordstown Motors (NYSE: RIDE) is our next pick for an EV stock like Tesla. Founded in 2018, they are in direct competition with Tesla when it comes to building an EV pickup truck. And like XPENG, they've invested in infrastructure heavily, so when people are ready to order, they're ready to build. Lordstown is financially backed by GM, who themselves have invested over $100 million so far. Their all-electric pick-up, the Lordstown Endurance, is already available for pre-order, and there are over 40,000 of them.

Lordstown has experienced 70% growth in the last year and has great potential for massive growth. Like Tesla, they've received pre-orders, but they also have major backing from a large auto manufacturer. This will cut down on startup and manufacturing costs. Coupled with the new US President's vow to invest in EV, Lordstown is an EV stock worth investing in now.

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Li Auto

Li Auto (NYSE: LI) is an electric-vehicle manufacturer based in China with huge backing and long-term goals. They've sold over 10,000 models since late 2019 with financial backing by Bytedance and Meituan. In case you're wondering, Bytedance is the company that owns Tik-Tok. As a result, they have a valuation of $10 Billion. Li Auto was formed in 2015 and boasts as an innovator in extended-range electric vehicles in China. Li currently offers SUVs with hybrid engines, powered by either gasoline or electricity. Until China strengthens their EV charging infrastructure, the option of gasoline makes it an easier choice for drivers looking to switch over to full electric without commitment.

Like Tesla, they're in the EV market, experiencing great growth and making strides. What sets Li Auto apart is their investment in the hybrid model. Offering SUVs with extended range capability makes it a versatile company. Showing an annual revenue of $342 million, they're a rival to Tesla clearly.

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Fisker

FISKER Chart

Here's an EV company with a history. Originally founded in 2007, Fisker (NYSE: FSR) Automotive dissolved in 2014. Fisker was the first to offer luxury EV to the public, before not being able to produce more vehicles due to their battery supplier going bankrupt. After selling to the Wanxiang group in 2014, the CEO Henrik Fisker announced Fisker Inc in 2016 and revealed a design for the EMotion later that month. In the next year, they filed patents for solid-state batteries. To slim down on operating costs, they will be outsourcing their manufacturing, giving their manufacturer Magna a 6% equity stake.

Now, if that's not enough for you, there's plenty more to be excited about Fisker as an EV stock. Their designs include an electric shuttle, which will be used in smart cities, campuses, and public airports. Like most other EV companies, they are thinking outside of the box when it comes to longevity. Fisker is like Tesla because of their grand vision, because they see the real future of EV, not just in passenger cars but in commuting. They're boasting 39% growth in the last year and a revenue of only $41 million. But, they're funding has pushed them into a valuation of $2.9 billion. Their tech of solid-state batteries and being the commuter vehicle of the future makes them a solid choice.

There it is, 5 EV stocks similar to Tesla to watch out for. While it is known that Tesla is the leader of the pack when it comes to EV stocks, they aren't the only one, and any of these stocks are ready to compete for head to head.

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