3 of the Best Canadian Electric Vehicle Stocks That Could Help You Make Millions

These Canadian EV stocks could help you get extraordinary returns, as the electric vehicle revolution goes mainstream in the coming years.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published June 15, 2021 4:00 pm EDT

The demand for electric vehicles (EVs) and autonomous cars is continuously rising. That’s one reason why many large tech firms like Google and Nvidia are trying to expand their automotive segment offerings. In fact, the American tech giant Apple is also rumoured to be secretly working on its electric and autonomous car project for the last few years.

This could be the right time for long-term investors to invest in some companies that could play a big role in the upcoming electric vehicle revolution. The shares of such companies could help investors get extraordinary returns as the electric vehicle revolution goes mainstream in the coming years.

Magna International stock

Magna International (TSX: MG)(NYSE: MGA) is an Aurora-based auto parts company with a market cap of $35 billion. Its stock is currently trading with 1.6% month-to-date losses after rising in the previous four months in a row.

Magna has been raising its bets on electric and autonomous vehicles lately. In December 2020, the company formed a joint venture with the South Korean giant LG Electronics to make key components for electric cars. Magna is also actively trying to expand its presence in China — the world’s largest automotive and electric vehicle market. Its plant in Jiangxi started producing eDrive gearboxes for EVs in 2018. The company, in April 2021, produced its 100,000th eDrive gearbox for the Chinese EV makers. These gearboxes are used by China’s some of the most popular carmakers, including NIO and Xpeng.

Due to the demand-related challenges during the COVID period, Magna sales fell by 17.2% last year. However, analysts expect its sales to rise by about 26% in 2021. I expect its stock to rally sharply in the coming years, as the demand for electric vehicles grows further.

BlackBerry stock

BlackBerry (TSX: BB)(NYSE: BB) is a great Canadian technology stock that could help you get exposure to the fast-growing electric vehicle market. Its QNX real-time operating system is already quite popular among global mainstream automakers. About 175 million on-road vehicles across the world use its software services today.

BlackBerry is currently developing an intelligent integrated vehicles data platform called BlackBerry IVY in partnership with Amazon Web Services. The platform is likely to help BlackBerry expand its offerings for EVs and autonomous vehicles. Moreover, its partnership with the Chinese tech giant Baidu is helping BlackBerry expand its footprints in the Chinese EV market.

Although its stock has remained highly volatile in the last few weeks due to the ongoing Reddit trading mania, long-term investors can still consider buying BlackBerry stock on dips.

GreenPower Motor stock

GreenPower Motor (TSXV: GPV)(NASDAQ: GP) is a Vancouver-based electric vehicle maker with a market cap of $451 million. Its stock is currently trading at $21.59 per share with about 42% year-to-date losses after posting outstanding 1,789% gains last year. In August 2020, its stock was listed on NASDAQ. The company mainly focuses on making all-electric medium- and heavy-duty vehicles like transit, school, and charter buses.

Bay Street analysts’ consensus estimates suggest that GreenPower’s revenue could rise to above US$60 million in fiscal 2022 as compared to just US$13 million in fiscal 2020. The company is currently trying to increase its vehicle production. I expect its financials to significantly improve in the coming years as more countries start adopting electric vehicles for public transportation — increasing the demand for GreenPower’s vehicles. These factors could drive a big rally in its stock.