Nikola Corporation (NKLA)

[WeTheMarket]

3 EV Stocks That Could 10X by 2026
These three EV stocks have impressive partnerships and very promising futures
1h ago · By Larry Ramer, InvestorPlace Contributor
https://investorplace.com/2022/08/3-ev-stocks-that-could-10x-by-2026/

Buying underestimated, out-of-favor EV stocks will give investors the chance to earn 1,000% profits on their money.

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- Nikola (NKLA): Plans to produce hundreds of electric trucks this year and has powerful, positive catalysts.

For investors who are bold and contrarian, making a 1,000% gain on a stock over several years isn’t as hard as it may sound. That’s particularly true regarding out-of-favor electric vehicle (EV) stocks and renewable energy stocks, since those relatively new sectors are rapidly evolving and expanding.

Although I haven’t made a 1,000% profit with an EV stock yet, I did with one renewable-energy stock and came relatively close to doing so with another. In late 2019, I bought Plug Power (NASDAQ:PLUG) stock when it was around $3 per share and sold a portion of my shares when the price was about $40 in 2021.

With JinkoSolar (NYSE:JKS), I thought of buying some shares around $7.50 during the December 2018 bloodbath, but I decided not to do so. I did wind up buying a small amount of JKS stock around $13 later that month and sold a portion of my stake in November 2020 at around $75.

And of course, in the EV sector itself, many investors increased their money tenfold or more by betting on Tesla (NASDAQ:TSLA) during its long climb.

Here are four vastly underestimated, highly promising EV stocks that can follow in the footsteps of PLUG, JKS and TSLA by jumping tenfold by 2026.

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Nikola (NKLA)

Probably the most ridiculed and belittled EV maker ever, Nikola is starting to prove the skeptics wrong by successfully obtaining 134 purchase orders for its Nikola Tre electric truck and delivering 48 of the EVs.

Nikola expects to produce 300 to 500 of the trucks this year and is partnering with a large veteran truck maker, IVECO, on the manufacturing of the Nikola Tre. The companies plan to make battery electric and hydrogen fuel cell versions of the Tre.

Six companies are testing the battery-electric Tre and are likely to cumulatively order hundreds of the vehicles. Moreover, the Tre’s range is an impressive 350 miles, and, according to Seeking Alpha columnist Stephen Tobin, the battery-electric version of the EV is “leading the field at the moment, it is showing excellent reliability over large numbers of miles, and … is the longest-range truck currently in serial production.”

Meanwhile, Anheuser-Busch (NYSE:BUD) is testing the fuel-cell version of the Tre, and Nikola expects to start mass production of the truck at the end of 2023. Given the proliferation of green hydrogen around the world and the support of the fuel many governments, including that of the U.S., there should be strong demand for Nikola’s hydrogen-driven trucks.

Also importantly, as I’ve pointed out in past columns, hydrogen trucks can haul much bigger loads than battery-electric EVs and can be refueled much more quickly than battery-electric trucks, while Nikola is a first-mover in the hydrogen-truck sector.

Greatly understating Nikola’s huge potential in the electric-truck market, the market capitalization of NKLA stock is just $2.35 billion. Consequentially, I believe it can soar ten times by 2026.

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Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.