Next Tesla! This 1 Top Canadian EV Stock Just Got Irresistible

While Tesla is busy buying Bitcoin, this Canadian tech company just gave more big news that makes its stock even better to buy if you want to benefit from electric cars’ surging demand in 2021.

| More on:
Car, EV, electric vehicle

Image source: Getty Images

Electric car demand is skyrocketing across the world. This trend helped the American electric carmaker Tesla (NASDAQ:TSLA) stock to pop 743% last year. With the help of more demand for its cars, the company has managed to report six consecutive profitable quarters. Its rising dominance in the electric vehicle (EV) segment also encouraging other automakers to shift their focus from gasoline cars to electric cars.

Tesla is busy buying Bitcoin

Earlier this week, the world’s richest person Elon Musk revealed that Tesla invested US$1.5 billion in Bitcoin. This triggered a massive buying spree in the cryptocurrency. Due to a sudden sharp rise in Bitcoin trading volume, many cryptocurrency exchanges also faced technical issues on Monday.

Tesla also plans to accept Bitcoin as a form of payment for its products soon. Tesla’s Bitcoin investment news came a few days after Musk triggered a rally in a meme-based cryptocurrency called Dogecoin.

While Tesla and Musk seem busy fuelling the rally in the cryptocurrency market, some other tech and auto companies are increasing their bets on EVs. For example, Ford announced last week that it’s raising its planned investment in electric and autonomous vehicles to US$29 billion. Similarly, General Motors announced last month that it plans to offer electric vehicles exclusively by 2035 and become carbon neutral by 2040.

Surging EV demand

Currently, China is the world’s largest car market — including for electric cars. China is the biggest consumer of EVs and also spending billions of dollars to stay ahead in the electric and autonomous car revolution. That’s one reason why Musk chose Shanghai as the location for Tesla’s Gigafactory-3.

Many studies predict that the demand for EVs and smart mobility will continue to rise in the next decade exponentially. That’s why it’s one of the hottest industries to invest in right now.

Let’s take a closer look at a Canadian tech company that seems determined to benefit from the ongoing EV and smart mobility revolution.

Buy BlackBerry stock

BlackBerry (TSX:BB)(NYSE:BB) has become a big player in the auto industry in the last few years. BlackBerry’s QNX real-time operating system is used by most big global automakers. The company announced yesterday that its QNX black channel communications technology is set to be used in Motional’s next-generation driverless vehicle platform.

Motional is a joint venture of the South Korean carmaker Hyundai Motors and the American-Irish auto parts firm Aptiv. Motional is currently working on the technology to make autonomous cars safer and more reliable. BlackBerry’s technology will allow safe data communication within Motional’s platform-based driverless cars’ safety systems.

This is another big move for BlackBerry in expanding its market share in the fast-growing mobility and electric vehicle market. Previously in January, BlackBerry partnered with the Chinese tech firm Baidu to use its high-definition maps on its QNX Neutrino OS. These maps — along with BlackBerry’s operating system — will be used in mass-produced EVs in China.

BlackBerry is also developing IVY — an integrated vehicle data platform — in partnership with Amazon Web services. This platform primarily targets smart autonomous cars, EVs, and mobility segments.

Foolish takeaway

While you might have already missed a big rally in Tesla stock last year, you still have an opportunity to gain from the electric and autonomous vehicle revolution. That’s why you may want to buy BlackBerry stock in 2021 to get outstanding returns on your investment.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. David Gardner owns shares of Amazon, Baidu, and Tesla. Tom Gardner owns shares of Baidu and Tesla. The Motley Fool owns shares of and recommends Amazon, Baidu, and Tesla. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

Businessman holding AI cloud
Tech Stocks

Could Investing $20,000 in Nvidia Make You a Millionaire?

Nvidia stock has made investors millionaires in the last 10 years. Is it too late to invest to become a…

Read more »

Business man on stock market financial trade indicator background.
Tech Stocks

1 Growth Stock Down 50 Percent to Buy Right Now

There are plenty of growth stocks in the market worth considering, but Shopify (TSX:SHOP) looks like one of the best…

Read more »

Woman has an idea
Tech Stocks

Prediction: 1 Stock That Could Trounce the Market 

The TSX has been favouring tech stocks, but not this one. However, it has the potential to trounce the market…

Read more »

clock time
Tech Stocks

Long-Term Investing: 3 Top Canadian Stocks You Can Buy for Under $20 a Share

These three under-$20 stocks offer excellent buying opportunities for long-term investors.

Read more »

Businessman holding AI cloud
Tech Stocks

AI Will Transform Everything: Investors, Be Early Adopters and Buy These 3 Stocks

Investors looking to invest in companies doing big things in AI should consider these three stocks for their portfolios.

Read more »

stock research, analyze data
Tech Stocks

Forget Shopify: These Unstoppable Stocks Are Better Buys Today 

Should you consider buying Shopify stock while rivals consider a buyout or should you go for stocks with a stronger…

Read more »

A colourful firework display
Tech Stocks

2 Potentially Explosive Stocks to Buy in March

These two growth stocks are destined for many more years of market-crushing returns.

Read more »

edit CRA taxes
Tech Stocks

TFSA Millionaires Are Learning They Can Still Be Taxed

If you day trade stocks like Shopify (TSX:SHOP) in a TFSA, you may be taxed.

Read more »