The Canadian stocks on our list could get a spark from the growing electric vehicle (EV) industry
SmallCapPower | June 20, 2022: Over the past couple years, the EV industry has experienced exponential growth due to strong investment support and favourable government help. The IEA estimates the US government will spend US$14 billion on direct purchase incentives and tax deductions for EVs in 2021, representing 25% year-over-year growth. By 2025, there will be over 10 million electric vehicles on the roads, with battery electric models driving the growth. Today we’ve discovered three Canadian stocks developing and deploying technology for use in the growing EV industry.
*Share price data and other metrics as of June 17, 2022
Nano One Materials Corp. (TSX:NANO) – $2.67
Nano One Materials is a Canada-based company engaged in developing processing technology for the production of battery materials used in electric vehicles, energy storage, and consumer electronics. It is a technology company with a patented process for the low-cost production of cathode materials used in lithium-ion batteries.
- Market Cap: $256.7M
- 7-Day Return: -6.2%
- 30-Day Return: +75.3%
- 30-Day Average Trading Volume: 350,836
Lion Electric Co. (TSX:LEV) – $5.73
Zero Emission Vehicles
Lion Electric is a manufacturer of zero-emission vehicles. It creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American company engaged in electric transportation and designs, builds and assembles all its vehicles components, including chassis, battery packs, truck cabins and bus bodies.
- Market Cap: $862.6M
- 7-Day Return: -11.0%
- 30-Day Return: -13.8%
- 30-Day Average Trading Volume: 503,292
Taiga Motors Corp. (TSX:TAIG) – $3.47
Electric Off-Road Vehicles
Taiga was born to electrify the off-road segment, the most challenging and demanding vehicle category. As a trailblazing off-road EV manufacturer, its product line includes mountain, trail, and utility snowmobiles, as well as personal watercraft models.
- Market Cap: $112.1M
- 7-Day Return: -9.6%
- 30-Day Return: -17.9%
- 30-Day Average Trading Volume: 29,142
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