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If you invested in Tesla Inc (NASDAQ:TSLA) one year ago, you would be up by roughly 600%.
The growth in electric vehicles isn’t limited to this one stock: with the Global X Autonomous & Electric Vehicles ETF (NYSE:DRIV) being up roughly 75%. Here are three more companies to look into if you’re enjoying your position in Tesla:
Nio Inc (NYSE:NIO) is often touted as the “Tesla of China.” The company operates in China’s premium electric vehicle market. It designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving and artificial intelligence.
Albemarle Corporation (NYSE:ALB) is the world's largest lithium producer. The outlook for lithium demand is predicated upon increased demand for electric vehicle batteries.
Lithium is used in electric vehicle batteries and many other electric-based solutions. As the demand for clean energy solutions increases, Albemarle’s lithium demand could increase as well.
General Motors Company (NYSE:GM) makes electric vehicles, but isn’t considered an electric vehicle company just yet. Although the automotive giant’s electric vehicle lineup may not be seen as being on par with Tesla's right now, the company has many resources and talent at its disposal to gain a strong footing in the EV industry.
In fact, the company has committed to offering only electric vehicles by 2035. As more and more companies continue to shift to electric vehicles, it might be harder for Tesla to maintain its current status once EV options are more plentiful.
