Lucid Group (LCID) and Canoo (GOEV) are part of the electric vehicle (EV) market and are poised to grow revenue at a robust pace in the upcoming quarters. Which between the two stocks is a better investment today?.Several stocks part of the electric vehicle (EV) industry had a spectacular run in 2020. While these companies have underperformed the broader markets year to date in 2021, the accelerated shift towards clean energy solutions make them intriguing for long-term investors.
EV manufacturers are expected to gain massive traction in the upcoming decade which suggests companies such as Lucid Group (LCID) and Canoo (GOEV) are well-positioned to derive outsized gains for investors with a high-risk appetite.
Companies part of this disruptive space will stand to benefit from federal benefits, such as subsidies. Further, as EV manufacturing gains pace all around the world, factors such as economies of scale will come into play, allowing market players to improve the bottom-line at an enviable pace. Given these factors, let’s see which of these two EV stocks should be part of your portfolio today.