The Biden administration is working hard to promote electric vehicles (EV). From the $7.5 billion allocated in the “Rebuild Better” bill to expand and increase the charging station network, to political pressure on automakers to commit to increased production, the goal is to convert 40% of car sales into Electric vehicles, it is obvious that under Biden's leadership, the government is willing to promote major changes in the automotive industry.

For investors, this political environment makes the electric vehicle industry attractive. Stocks related to electric vehicles—especially those related to car manufacturing or charging networks—are expected to gain political value.

According to Wall Street analysts, with this in mind, we used TipRanks' database to find two compelling electric car stocks. Both stock symbols have a mild or strong buy consensus rating and bring considerable growth prospects.

Let's start in Europe, where the Spanish Wallbox has achieved success in both the personal home charging niche market and the commercial market. The company aims to create a simple, smart and user-centric charging system. Wallbox's products include the Pulsar home EV charging system, as well as a variety of commercial, commercial and semi-public systems, including copper chargers with universal plugs and Commander with touch screens for intuitive user interfaces.

Wallbox has been in business since 2015 and is known for its quality. The company has customers in 80 countries/regions and announced in November that it has achieved steady revenue growth in the third quarter and year-to-date. Quarterly revenue was US$22 million, an increase of 250% year-on-year, and accounted for 40% of the total revenue of US$55 million in the third quarter. Looking ahead, the company expects total annual revenue in 2021 to reach 79 million U.S. dollars. As of the end of the third quarter, the company reported that it had sold more than 66,000 chargers.

These results mark Wallbox's first report as a public company. Like many emerging companies, Wallbox uses this year's rising market environment to engage in SPAC transactions. In a transaction announced in June, the charger company merged with Kensington Capital Acquisition Corporation II. It was approved by SPAC shareholders on September 30, and the WBX stock code entered the New York Stock Exchange on October 4. The merger brought total revenue of US$252 million to Wallbox and created a combined entity with a current market value of US$2.38 billion.

Baird analyst George Gianarikas has noticed—especially two points that are beneficial to Wallbox’s future development: “Wallbox not only ambitiously established its own manufacturing capabilities, but also brought most of its chip design and software development into the internal management. It is believed that these steps provide them with a competitive advantage through product differentiation and the ability to quickly deploy products."

"We are not only optimistic about the growth prospects of the electric vehicle charging market, but also optimistic about Wallbox's ability to continue to grow, effectively operate and manage market share (we assume from about 2% in 2027 to about 7% in 2027). In 2021)," The analyst added.

For this reason, Gianarikas rated WBX as outperforming the market (ie, buying). His target price of $22 means that there is about 49% upside potential in the next 12 months. (To watch Gianarikas' record, click here)

In general, WBX's strong buy consensus rating is consistent, which is based on 3 positive analyst comments set since the stock code began trading. The average target price is US$25.33, which is more bullish than Baird’s view and implies that there is 71% upside potential for a year from the current trading price of US$14.80. (See WBX stock forecast on TipRanks)

Electric vehicles-based on hardware and software technologies-have the potential to clear the competitive environment-and new companies are catching up. They have the flexibility that traditional automakers lack, because they don't need to invest capital and production capacity into gasoline-powered models, and they can focus on electric vehicles. Rivian, established in 2009, is one of them.

The company has developed a "skateboard" platform for electric SUVs and pickup trucks. It uses a simplified chassis with a built-in electric drive system, which can be modified by installing various batteries, seats, body and even wheel arrangements to create a new car with a higher level of parts interchangeability. The company currently has two models under production and development, the R1T pickup and the R1S SUV. They use the same platform and can be driven on or off-road. The company is also working with Amazon to develop electric delivery vehicles.

The development and production of large cars requires funds, and Rivian has successfully raised funds for some time. In January of this year, although Rivian was still a private company, it raised US$2.65 billion in a round of financing, followed by another US$2.5 billion in financing in June. Supporters of these financing rounds include Amazon and Ford Motor.

In November last year, in order to raise more funds, the company held an IPO, and the number of shares on the market was as high as 153 million shares. The stock opened at US$78 per share, which was much higher than the expected range of US$72 to US$74, and also much higher than the originally announced US$57 to US$62 range. The IPO raised more than 12 billion U.S. dollars in total proceeds for Rivian, and its current market capitalization is 102.19 billion U.S. dollars.

Among the bulls is Joseph Spak, an analyst at Royal Bank of Canada, who is bullish on RIVN stock.

"We like the market segment that Rivian is pursuing, and the product looks like a winner. First, Rivian will focus on the North American market, and we think the region is at a BEV turning point. We predict that the US BEV portfolio will be about 15% in 2025. In addition, Approximately 77% of U.S. light-duty vehicle sales in 2021YTD (November) are trucks. This is the focus of Rivian's consumer portfolio. In many ways, from a BEV perspective, this segment is open,” Spak believes.

"Rivian's initial consumer products, R1T and R1S, are very impressive and have category definitions. This is essential for selling cars in the highly competitive automotive industry, and ultimately depends on the product and brand," Spak added.

Based on this prospect, Spak rated RIVN as outperforming the market (i.e. buy) and set a target price of $165, indicating that there is still about 44% room for appreciation in the stock price next year. (To view Spak's track record, click here)

All in all, RIVN stock has a 10 to 4 allocation between buy and hold, making the stock’s analysts unanimously rated a moderate buy. The stock price is US$114.66, and its average target price of US$135 implies a one-year upside potential of approximately 18%. (See RIVN stock forecast on TipRanks)

To find a great idea to trade electric car stocks at attractive valuations, visit TipRanks' Best Buy Stocks, a newly launched tool that combines all the stock insights from TipRanks.

Disclaimer: The views expressed in this article only represent the views of featured analysts. The content is for reference only. It is very important to conduct your own analysis before making any investment.

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