EVs Are Finally Expanding Beyond Sedans
I remember the excitement around the Tesla Model S when it first came out.
It was the first mass-produced electric vehicle (EV) with a range that made it a viable option.
I liked that it was an accessible EV. But I wasn’t a fan of the design.
Even today I think most Tesla models with their classic white paint look like sideways eggs.
In the years following, other car companies copied the Model S egg shape when they came out with their EV sedans.
This is why I’m excited for this new generation of EVs. There’s finally a sense of variety.
And there’s an EV on the horizon for every type of driver.
Soon There Will Be an EV for Every Type of Driver
According to a J.D. Power U.S. Auto Avoider Study, interior and exterior styling were the top two factors when considering a vehicle.
Reliability was only the third factor to be considered. But you don’t need a survey to tell you that.
No one who walks in to buy a stylish sports car walks out with a gray minivan because it’s more reliable.
This is why the variety in types and styles matters when it comes to EVs.
If you want more people to buy EVs, you have to appeal to the tastes of different types of drivers.
Recently EV makers have managed to capture the attention of off-roaders.
There are several EV performance trucks and SUVs that are in the works.
And better yet, there’s a great deal of variety even within this class of vehicles:
- If you love camping, the new Rivian R1T is for you. It comes with modules and attachments for camping equipment like tents and stoves.
- If you like to go off-road in comfort, the GMC Hummer EV is the one for you. It comes with the type of luxury and comfort that G-Wagon and Land Rover off-roaders are familiar with.
- If you want to stick with a tried-and-true classic, you can wait for the Jeep BEV Wrangler. The hybrid-electric version of this SUV has already proved itself off-road capable.
Off-roaders on YouTube and truck enthusiasts on auto blogs are finally talking about EVs.
EV Opportunities Are Booming
The great thing about the rise in the variety of EVs is the investment opportunities that come with it.
For example, Harley-Davidson is spinning off the electric motorcycle brand it developed.
LiveWire is set to become the first publicly traded EV motorcycle company in the U.S. in the next few months.
Even old companies are starting to look attractive with their new electric additions.
Winnebago, the RV maker, just introduced its first e-RV, an electrified motorhome.
According to Global Market Insights, the global RV market is worth $70 billion. And it’s expected to nearly double in the next six years.
Since electric is clearly the next step, this is the way RV makers plan on maintaining their market share.
That’s why competitors like Thor Industries are getting in on the action with their own e-RV concepts.
With so many opportunities in the EV space, it can be hard to pick out the winners.
But you can check out Ian King’s Strategic Fortunes service for help with that.
He covers opportunities ranging from EV materials to automakers to charger stocks.
Research Analyst, Strategic Fortunes
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