Electric vehicles (EVs) are undoubtedly a great alternative for the future. As the years go by, the world focuses on a great transition towards cleaner energy consumption and production. Society is leaning toward leaving the traditional vehicles that consume diesel and gasoline behind in favor of vehicles that consume clean energy. That would contribute to the well-being of our planet. These three EV stocks are doing an incredible job toward these goals. Let’s take a look at them.
Fisker (NYSE:FSR) is dedicated to creating EVs that not only make environmental sense but also strike a chord.
Recently, the company reached some major milestones. In the third quarter of 2023, it earned $71.8 million in revenue from car sales, although the financial statistics had some quirks. FSR managed to raise $450 million, which boosted its cash reserves to $625 million.
On the production side, they are on fire, making 4,725 vehicles and delivering 1,097 in the third quarter. They delivered more than 1,200 vehicles in October, surpassing the entire volume of the third quarter. The company is revamping its delivery strategy, which has brought them $7.5 million in revenue on a single day of delivering 107 vehicles.
That new approach involves Fisker employees traveling directly to customers within a 100 km radius, making the entire process more personal and faster.
Fisker’s flagship, Fisker Ocean, is making waves with its affordable price and performance. Starting at $38,999, the Ocean Sport trim is attracting attention. The more robust Ocean Extreme, with a 113 kWh battery and a remarkable EPA range of 360 miles, is attracting attention worldwide.
Recently, the Fisker Ocean Sport’s European WLTP range was confirmed at 464 km, exceeding initial estimates. FSR doesn’t just make electric vehicles, it creates an emotional connection with their customers, one delivery at a time.
Aehr Test Systems (AEHR)
Aehr Test Systems’ (NASDAQ:AEHR), recent fiscal first quarter results reflect impressive growth, with net revenues increasing to $20.6 million, a substantial 93% increase over the previous fiscal year.
In particular, GAAP net income totaled $4.7 million, up significantly from $589,000 in the same quarter last fiscal year.
The company’s attractiveness to investors is underscored by its strong revenue and its contribution to a backlog of $22.3 million as of August 31, 2023. It is positioned for continued success, with an effective backlog, including all orders since the end of the first quarter, totaling $24.0 million.
In a major milestone on June 9, 2023, Aehr Test Systems announced a $13.7 million order from a Fortune 500 semiconductor supplier, highlighting the company’s role in meeting growing production needs for silicon carbide power semiconductors, particularly for EVs.
A noteworthy order on September 18, 2023, highlighted its growing influence, as a leading U.S.-based semiconductor supplier placed an initial order for a FOX-NP wafer level test and burn-in system.
That demonstrates the importance of Aehr Test Systems in the evolving landscape of silicon carbide power devices, especially in the context of EVs.
Gayn Erickson, president and CEO of Aehr Test Systems, expressed his enthusiasm for the company’s role in supporting customer growth and increasing production.
LiveWire Group (LVWR)
LiveWire Group (NYSE:LVWR) is revolutionizing the EV landscape, particularly electric motorcycles. Despite a net loss of $14.6 million in the third quarter, the mood is upbeat, with improvements over the previous year.
The company operates in two key areas — electric motorcycles and STACYC, focusing on electric balance bikes for children. Although revenues were lower in the third quarter due to sales of LiveWire ONE, the company is strategically preparing for growth, investing in EV systems and preparing for the launch of Del Mar.
The company just welcomed Hiromichi (Hiro) Mizuno to its Board of Directors. Hiro, who joined on June 12, 2023, is an eminent sustainable investor with a global perspective.
His extensive experience and knowledge of the EV industry positions LiveWire for success as it expands into new markets. Jochen Zeitz, the bigwig at Harley-Davidson (NYSE:HOG) and LiveWire, expressed his enthusiasm for Hiro’s arrival, recognizing his role in driving LiveWire to become the quintessential electric motorcycle brand worldwide.
LVWR is not only making waves in the boardroom but also on the road. Reservations for the S2 Del Mar electric motorcycle already opened in Europe, and the positive feedback from U.S. customers is pouring in.
Despite third-quarter losses, LiveWire is steadily moving towards growth, focusing on delivering quality products and expanding its market reach.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.