by Ian Cooper

The electric vehicle boom is only set to accelerate in 2023.

We already know governments all over the world want millions of them on the roads, yesterday. In addition, we know President Biden wants 50% of all new vehicle sales to be electric. We also now know that electric vehicle sales jumped 70% in the first nine months of 2022, as compared to 2021, as sales of conventional cars and trucks fell about 15%, according to the New York Times. 

Now, as we head into 2023, EV sales could accelerate even more. By 2027, electric vehicle sales could account for 90% market share of the market. That’s great news for some of the most beaten down, left for dead stocks on the market.

Canoo Inc. (GOEV)

Canoo is one of the cheapest ways to trade the electric vehicle boom.

Sure, for most of 2022, it looks like the stock drove off a cliff. In fact, after starting the year around $8, the stock is now down to $1.45, left for dead. But with new deals in place and big insider buying from the company’s Chairman and CEO, things could be turning around.

Chairman and CEO Tony Aquila bought 9.009 million shares of the stock at $1.11 each for $10 million. On Aug. 12, he bought 200,000 shares at an average price of $3.98. On Sept. 13, he bought 200,000 shares again at $2.57.

Canoo also just announced several new agreements for its commercial EVs. One included an order for 4,500 EVs from Walmart. Another was an order for 12,000 vehicles from a van rental provider. The company also counts NASA among its list of clients. The company is also acquiring a 120+ acre manufacturing facility in Oklahoma City, which will be used to produce the Lifestyle Delivery Vehicle and the Lifestyle Vehicle.

Even better, the company is delivering its new light tactical vehicle (LTV) to the U.S. Army, which requested an EV that can operate in extreme environments. “The LTV is another milestone proving the power of our technology and how it can be used, even in tactical situations,” added CEO Aquila. “This is a winning algorithm for our customers and company.”

Nio Inc. (NIO)

While NIO doesn’t typically fit into our list of lower-priced stocks, it is dirt cheap at current prices. In fact, you may want to consider making room for this one.

Nio looks like it’s coming back strong.

Better, according to Deutsche Bank analyst Edison Yu, the worst may be over. For one, he believes the Chinese government will gradually shift from its zero COVID policy. Two, he believes delivery numbers will start to show improvement with the Dec. report. 

Helping, the company delivered 14,178 vehicles in Nov., a 41% jump over Oct. For the year, deliveries are up 32% year over year to 106,671. Far better, the company expects to sell between 43,000 and 48,000 EVs in the fourth quarter. Along with stronger delivery numbers, the company is expanding in Europe and is adding new models.

Evgo Inc. (EVGO)

EV charging stocks, like EVGO should do well, too.

For one, according to Fortune Business Insights, “Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations.”

Two, California is set to prohibit the sale of gasoline-powered calls by 2035. “The rule, issued by the California Air Resources Board, will require that 100 percent of all new cars sold in the state by 2035 be free of the fossil fuel emissions chiefly responsible for warming the planet, up from 12 percent today. It sets interim targets requiring that 35 percent of new passenger vehicles sold in the state by 2026 produce zero emissions. That would climb to 68 percent by 2030,” according to 

Three, the Biden Administration is committed to building a national network of 500,000 EV charging stations by 2030. That’s all great news for stocks, like EVGO.