The demand
for electric vehicles (EV) appears to have swelled amid the rising price of oil and other
commodities. Consequently, some car owners may shift to electric cars, which have no
use of oil or gas. Moreover, the rising need to adhere to emission level restrictions due
to rising pollution has also helped the EV industry grow.
Many auto companies, including those known to manufacture gasoline-powered cars, are
now exploring the EV industry for long-term sustainable solutions.
So on that note, here are few Canadian EV stocks that are available for less than C$
50.
GreenPower Motor Company Inc (TSXV: GPV)
GreenPower Motor Company is a manufacturer of electric school, transit, and city buses.
It also deploys battery technologies to all these electric buses.
GreenPower Motor holds a market cap of C$ 368 million and 21.5 million outstanding shares.
GreenPower Motor Company posted a revenue of US$ 2.65 million in the first quarter of
fiscal 2022, and its cash expenses decreased by three per cent to US$ 1.9 million on a
quarter-on-quarter basis.
NFI Group Inc (TSX: NFI)
This Canadian automobile company operates under the business segments of manufacturing
and aftermarket operations.
The investors of NFI were paid a quarterly dividend of C$ 0.212 apiece on July 15, 2021.
NFI Group posted a revenue of US$ 583 million in Q2 FY21, up by 75 per cent YoY. Its adjusted
EBITDA stood at US$ 52 million, and its net earnings were US$ 3 million in the latest
quarter.
Lion Electric Company (TSX: LEV)
The C$ 3-million market cap company manufacturers zero-emission vehicles ranging from trucks,
minibusses and all-electric buses.
Lion Electric posted a revenue of US$ 16.7 million in Q2 FY21, up by US$ 10.6 million
from US$ 6.1 million in Q2 FY20. It also incurred a net loss of US$ 178.5 million in the latest
quarter.
It delivered a total of 61 vehicles in Q2 FY21, increasing from 22 vehicles in Q2 FY20.
Ballard Power System Inc (TSX: BLDP)
Canadian company Ballard Power System focuses on clean energy through the manufacture and
development of fuel cells that are used in buses and other processes.
Ballard Power posted a total revenue of US$ 25 million in Q2 FY21, down by three per
cent YoY. Its net loss was US$ 21.9 million in the same quarter.
Bottomline
Though they assist in promoting clean energy practices, EVs are known to be comparatively
pricier than gas-powered cars, making it unappealing to a large crowd.
As more companies work on coming up with affordable EVs and expanding the easy availability of
charging stations, the EV industry could see a larger growth in
the future.