Electric Vehicles (EVs) have been taking the market by storm these past few weeks. Various Electric Vehicle ETF prices have been soaring, as ETFs like DRIV, IDRV, BLOK, KARS, and many others are all up over 30% year-to-date. The sudden surging interest in electric vehicle companies has been sparked by Tesla’s (TSLA) immense advancements in the stock market, especially after becoming a trillion-dollar company about a month ago. This excitement has encouraged numerous investors all over the world to embark on a hunt to discover the next Tesla. 

Through this hunt, it has been uncovered that Tesla might have some other competitors that may soon be next to Tesla in standards. This news has gotten investors very excited and ready to invest loads of money into some of these vying companies. Hence, the EV market has been booming now more than ever and this trend is only just getting started, as seen in the heaps of money that have been flowing throughout this sector. This has caused a multitude of these EV stocks to be given multi-billion dollar valuations. Here are some of the EV companies to look out for:

General Motors (GM): General Motors has been in the car market for a very long time, as it started making cars over a century ago. It has been starting to dip its feet into the electric vehicle pool as it currently has two electric vehicles: the Chevy Bolt and the Hummer EV. General Motors hopes to expand its electric car collection, as stated on its website: “GM is on its way to an all-electric future, with a commitment to 30 new global electric vehicles by 2025.” This news is certainly an exciting statement for investors as General Motors may be the next big EV company. General Motors’ stock price reflects this, as it is at the highest point it has been at all year.

Ford (F): Ford, along with General Motors, has also been in the car market for an extensive period of time. However, Ford has had a bit more experience with electric cars as it currently has three all-electric cars that seem to be very successful. Its previous success has made Ford ambitious enough to announce an investment of $30 billion in electric vehicles by 2025. It seems that Ford will be a very dominating force in this up-and-coming EV industry. Ford has been up nearly 59% since the end of September and is continuing to increase at a rapid rate.

Rivian (RIVN): Unlike the other two companies that have been mentioned, Rivian is a fairly new company that has just released its Initial Public Offering (IPO) just over 2 weeks ago. The price of the IPO was $78.00 and has gone up a whopping 102% just in the first week of its public offering. What’s even more crazy is that the valuation of this newly traded EV stock was greater than the valuations of many other mega vehicle manufacturers, such as Ford and General Motors, before even selling a single car. Many investors think that Rivian could be the next Tesla because of its creation of the first fully electric pickup truck and due to the fact that Amazon (AMZN) has ordered 100,000 of them. 

Lucid (LCID): Like Rivian, Lucid is another new company in the EV industry that has been trying to make its way into the game. Lucid released its IPO at the end of this past July and is now up nearly 96% since. Currently, it is valued at over $84 billion, making it the third largest U.S. vehicle producer by market cap. Given that it has yet to produce cars at the large scale of other top vehicle producers, this is immensely impressive. This is exactly why investors feel so strongly for this company and see a very bright future for it. 

The high valuations of these companies have helped them, as they offer these rising companies a major output for expanding their operations and improving themselves as a whole. However, these companies are going to have to find a way to prove their valuations with their profitability through vehicle sales. High valuations just mean high expectations. Therefore, it is just a matter of time before we see what these companies can produce and if they can hold against these expectations.

Electric vehicles are on the brink of bringing monumental changes to the automotive industry and have already been thriving all over the world. After seeing the success that Tesla has had with its electric cars, investors are eager to find another similar EV company to place their money in. It all comes down to what happens in the future. The next big EV company can be in the works right now, and it is all a matter of who can make it out the furthest.