Two Electric Vehicle Stocks on the Horizon for Potential Double in 2024

Finding stocks with the potential to double in value is a challenging endeavor, often requiring a long-term investment approach. Investors aiming for significant growth might consider focusing on industries that show exceptional potential, like the electric vehicle (EV) sector. In particular, two undervalued EV companies, Rivian and Fisker, are forecasted to have substantial upside, contingent upon certain catalysts triggering their growth.

Rivian's Resurgence

Rivian, once a volatile EV stock troubled by production hiccups, has begun to stabilize its operations. Completing 2023 with impressive production and delivery figures, Rivian is building momentum going into 2024. Notably, after securing commercial deals with AT&T and Amazon for its delivery vans, Rivian is eyeing an increase in production and deliveries without facing bottlenecks. The anticipation surrounding Rivian also extends to its imminent Georgia factory, poised to manufacture next-generation R2 vehicles, promising future expansion.

A new leasing program offers an innovative way for customers to afford Rivian's higher-end R1S and R1T models, potentially boosting demand. With an eye on turning a gross profit in 2024, a combination of increased production, new facilities, and positive financial targets may lead to a significant rise in Rivian’s stock value.

Fisker's Road to Recovery

Fisker's journey has not been smooth, with 2023 marked by production cuts for fiscal strategy and various critiques. However, a surge in EV deliveries signals potential growth. A substantial discrepancy exists between Fisker's production numbers and actual deliveries; bridging this gap could lead to a notable revenue increase. The company is tackling this with strategic improvements to its delivery infrastructure, especially in high-volume markets.

Furthermore, Fisker's unexpected dealership expansion plan aims to establish approximately 100 locations across Europe and North America to boost sales. If Fisker succeeds in aligning production with deliveries and expanding its market presence, the company's stock is poised for a substantial recovery.

Considering the Opportunities

The U.S. EV market is expanding, albeit with some growing pains due to economic uncertainties and varying gas prices. Despite these challenges, both Rivian and Fisker present numerous opportunities that may lead to enhanced production, deliveries, and fiscal performance throughout 2024. For investors on the lookout for upside in the market, these two EV makers might just offer the growth potential needed to flourish.

Rivian, Fisker, Growth