10 Best EV Stocks In Canada 2022: Go Green

Did you know that Canadians bought more EVs in 2019 and 2020 than in the remaining eight years of the last decade? And the numbers are even more astounding in other countries.

Norway, which is ironically the largest oil producer in Europe (if we don’t include Russia), saw more EV sales in 2021 than conventional vehicles – In a ratio of about two to one.

However, EVs still make up a small percentage of the total vehicles currently in use, and it will take years, maybe a couple of decades, before the EV market is saturated.

So looking into and investing in the best EV stocks in Canada now might be the smart thing to do.

Best EV Stocks In Canada

EV Stocks In Canada

Vehicle manufacturing is not Canada’s forte. Few companies dominate this industry, including China, Japan, the US, and Germany.

According to the stats, these four companies make more vehicles than the rest of the world put together. Canada is not very high up on the list, and that’s not even counting the EVs.

Before you make up your mind about any EV stock, it’s essential to understand the EV market.

EV Production And Stocks

Tesla is one of the largest EV companies globally, and many conventional vehicle manufacturers like Ford and Volkswagen (which is close on Tesla’s tail) are making great strides in that area.

But no country is in the position of giving any competition to China in the EV production market.

The country is currently responsible for about one out of every two EVs produced in the world, and Chinese manufacturers are among the largest ones, beating companies with decades in the automotive industry.

And since many of the top Chinese EV producers are listed in the US markets, they are accessible to Canadian investors as well.

EV Market (Sales)

EVs are penetrating different markets at different paces, and this pace and local EV adaption is governed by many factors, including the climate policies of the country.

Norway is offering a much lower tax on EVs, among a few other incentives. New Zealand is offering cash rebates for people switching to EVs. Canadians also have a range of federal and provincial incentives to buy EVs.  

But that’s just one piece of the puzzle. Logistics of EVs, electricity costs, charging hubs, and a few other factors have the opposite effect on the sales and market penetration of EVs.

Should You Invest In The Best EV Stocks In Canada?

Yes. Many EV stocks in Canada (and in other countries) have already gone through the cycle of initial hype, optimistic spikes, and resulting corrections.

And in the future, the stock’s performance might be a relatively more faithful representation of the company’s financial health and growth.

And since the EV market will easily take more than a decade to mature, you can benefit from the early bird advantage. That would require patience, however.

What Canadian Company is the Next Tesla?

None. While there are many Canadian companies that show great promise in the global EV market, ousting the top EV producer in the world and the most well-known name in this space is almost impossible for any Canadian company manufacturer right now.

However, NFI Group is a leader in a specific market segment, i.e., Zero-Emission-Buses (ZEBs).

10 Best EV Stocks In Canada (And The US)

10 Best EV Stocks In Canada (And The US)

Since there are only a handful of EV manufacturers in Canada, the scope of EV stocks includes several other companies, including many that overlap heavily with the automotive industry in general (not just EVs).

However, I haven’t included Blackberry on this list, which only has an overlap with an EV’s software tech.

1. Magna International Stock

Magna International Stock

Market: TSX
Ticker: MG
Niche: Automotive manufacturing

Magna is the largest vehicle company in Canada. It creates both complete vehicles and individual automotive products, and though the latter is its forte, the company has created over 3.7 million complete vehicles since its inception in 1957.

It has about 347 production and assembling facilities in 28 countries and has risen as one of the top suppliers of certain vehicle parts. Its overlap with the EV market comes with its power train product.

But a significant number of its other products are being used by EV manufacturers around the globe.

Magna is a decent dividend stock and a relatively unpredictable growth stock. So far, it has seen two growth phases since 2009, which resulted in about 1,000% growth in over six years and about 200% growth in less than one and a half years.

So buying the dip and waiting for the next bullish phase is the best way to go with Magna.

2. Ballard Power Systems Stock

Ballard Power Systems Stock

Market: TSX
Ticker: BLDP
Niche: Fuel cell manufacturing  

Ballard is right at the core of EV, i.e., creating one of the power solutions that drive these vehicles.

The company creates Proton Exchange Membrane or PEM fuel cells which are used in a number of different markets, several of which are within the EV domain.

This technology makes Ballard both a hydrogen-oriented company and an EV company since it uses hydrogen as a fuel to generate electricity.

The company caters to EV markets like rails, transit buses, trucks, and individual vehicles. All of these are technically classified as hydrogen vehicles, but apart from the fact that they are fueled, not charged, there is little difference.

Ballard offers incredible cyclical growth, but you may have to wait decades to catch the next bull run.

But if you have bought at the right price, you may experience incredible growth, like the 1,300% growth the company displayed between Dec 2018 and Feb 2021.

3. Lion Electric Stock

Lion Electric Stock

Market: TSX
Ticker: LEV
Niche: Medium and heavy-duty electric vehicles

Lion Electric markets itself as the early bird in Canada’s medium and heavy-duty EV market. Its product line includes trucks, schools, and public transit buses.

It also offers relevant services and solutions suites like charging infrastructure and telematic. The company has a presence in the US as well, and it’s capable of producing about 2,500 EVs a year from its Canadian facility.

The company had already sold about 550 vehicles by 2021, mostly in Canada and some in the US.

The advantage an EV company like Lion Electric has is the probability of large orders from public entities and governments, like local municipalities changing their entire school bus fleet or a city making changes in public transit.

The stock only started trading in May 2021 and has only gone downhill since its inception.  

4. NFI Group Stock

NFI Group Stock

Market: TSX
Ticker: NFI
Niche: Sustainable buses and motor coaches (manufacturing and relevant solutions)

The Winnipeg-based NFI Group has been in the electric, or Zero Emissions Bus (ZEB) business since 2009.

It has one of the largest production capacities (in this arena) in North America and the US: about 8,000 vehicles a year. And by the end of 2021, the company had already delivered about 1,700 buses.

The company’s growth strategy is heavily centered around bidding for new business, and with its production capacity, a decent number of won bids can push the company’s revenue up in a matter of years.

The stock saw incredible growth between its inception and 2018, but it has been downhill ever since.

Keep an eye on the valuation of this stock. That’s because good financials/earnings that can push the valuation down can signal the start of an upward trend for this company.

5. Martinrea International Stock

Martinrea International Stock

Market: TSX
Ticker: MRE
Niche: Auto parts manufacturing

As an auto parts manufacturing that’s active in ten countries and has a total of 57 locations around the globe, Martinrea’s overlap with the EV industry relies upon EV penetration.

The more EVs there are in circulation, the more Martinrea will make parts for them.

However, the company’s current overlap with EVs is only two out of its three solution categories, as its “propulsion systems” solutions are mostly centered around conventional vehicles.

The stock is highly cyclical in nature, and if you buy low, you can achieve decent gains (like 50% or 60%) usually within a year.

However, if you hold on to the stock for long enough, you may experience much stronger capital appreciation. It also pays dividends, so there is more incentive to wait for the dip.

6. GreenPower Motor Stock

GreenPower Motor Stock

Market: TSXV
Ticker: GPV
Niche: Purpose-built EVs

GreenPower Motor is quite similar to NFI and Lion Electric since it also manufactures EV buses, but its product range also includes small passenger vehicles (company’s forte) and cargo transport (up to 6,000 pounds).

The company is targeting multiple US markets, including school transport, where it expects to make its mark with its “BEAST” vehicle. The sales numbers of the company are decent, if not in league with the other two (74 in 2021).

So far, the company only saw a major growth phase in the post-pandemic market, where the stock grew over 1,800% in just a year.

If you can buy the stock when it’s stagnant at or near the bottom and wait for the next spike, you can achieve more growth in a decade with its short-term growth than you may with a steady but slow growth stock, but you have to keep it long-term.

7. Facedrive Stock

Facedrive Stock

Market: TSXV
Ticker: FD
Niche: Transportation network/Ridesharing

Facedrive’s overlap with the EV industry is purely promotional. The company, which started out as a transportation network and later included food delivery and e-commerce, is all about sustainable transportation practices, and EVs are a significant part of that.

However, Facedrive’s growth potential and its revenues are tied more to the general adaption of EVs in the community rather than sales, so it’s possible that the company (as an investment) might pay off later than most others on this list.

However, the stock is definitely capable of powerful growth spikes under the right conditions. It grew about 1,100% and then over 450% in less than two years.

That’s the end of the list of the best EV stocks in Canada that are trading on Canadian stock markets. But if you are willing to branch out to NYSE or NASDAQ, there are a few more choices you should look into.

8. ElectraMeccanica Stock

ElectraMeccanica Stock

Market: NASDAQ
Ticker: SOLO
Niche: EV designer and manufacturer  

ElectraMeccanica is a Canadian EV manufacturer that trades on the NASDAQ. Its ticker: SOLO is also the name of its flagship vehicle, which is a single-seater EV of a unique design (three-wheeler).

The concept is to create an affordable vehicle for an urban environment, and the company is capable of producing 20,000 units a year. The manufacturing is done solely in China, and in the US, the company has an assembling plant.

The company and its product are a relatively promising bet. The stock has grown well over 250% three times in 2019 and 2020, and that’s when it hasn’t properly started selling.

If the unique vehicle jumps the “novelty” barrier and becomes a mainstream commonly used vehicle, the company can be huge.

9. Tesla Stock

Tesla Stock

Market: NASDAQ
Ticker: TSLA
Niche: EV manufacturer  

Any international list of EV manufacturers would be incomplete without the leader of the pack: Tesla.

The company name is synonymous with EVs, and it has taken full benefit of the early bird advantage by ramping up production to become the largest EV manufacturer in the world.

The company is already capable of producing about one million EVs a year, and it may double that capacity by the end of 2022.

The Tesla stock saw phenomenal growth from 2020 onwards, and even though it’s usually too overpriced to touch, the chances of it falling to its 2019 levels (two-digit price tag) are quite low, so you have to swallow the overvaluation to capitalize on its growth potential.

10. Lucid Motors Stock  

Lucid Motors Stock

Market: NASDAQ
Ticker: LCID
Niche: Luxury EV manufacturer  

Closing the list is Lucid Motors, a luxury/high-end EV manufacturer that uses proprietary technologies in its EVs. That’s one of the company’s key selling points and strengths, i.e., that everything about Lucid vehicles is in-house.

The number of orders the company has received and the fact that it’s already working on an international manufacturing plant (in the Kingdom of Saudi Arabia) before selling a hundred vehicles, along with its strong financial position, makes it a very bold EV manufacturer to invest in.

The stock has been available since Sept 2020, and so far, it has gone through two growth phases. It grew its market value by over 400% in less than two months than 180% in less than two months.

How To Buy EV Stocks In Canada

The cheapest way to buy stocks is from discount brokers. My top choices in Canada are:

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EVs are the future, and they are one of the most substantial steps humanity will have to take to reach net-zero by 2050.

The best EV stocks in Canada have already proven their mettle, and they may offer far more aggressive growth phases in the future, as EVs become more mainstream and the revenues start growing organically.

So consider buying before this lucrative asset class becomes too expensive to touch. And if you are looking for a different sustainable investment, these hydrogen stocks or carbon capture stocks might be more to your liking.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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