Electrameccanica Vehicles Corp (NASDAQ: SOLO) is rocketing in the market this morning, following up on the strong recent gains seen from the stock. It’s not the only company in the electric vehicles space that’s soaring either. We’re seeing more of the smae out of Nio (NASDAQ: NIO), XPeng (NASDAQ: XPEV), and Li Auto (NASDAQ: LI).
The gains are the result of a strong financial report in combination with the fact that Joe Biden has won his bid for the Presidency of the United States. Here’s what’s going on:
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SOLO Stock Is Among Big Earnings Winners in EVs
Electric vehicle manufacturers have had a compelling earnings season so far. Both XPeng and Li Auto performed better than expectations, showing compelling revenue growth and growth in margins. Electrameccanica Vehicles did exactly the same thing.
Both revenue and margins were impressive in the company’s most recent financial results. Moreover, on a pro forma basis, the company generated a profit of $0.19 per share, blowing away analyst expectations of $0.11 per share. So, the fact that SOLO did incredibly well and guided for more of the same ahead is playing a key role in the growth we’re seeing in the stock today.
The Company Benefits From a Biden Presidency
Beyond the financial results, there seems to be very bright days ahead for SOLO and its investors from a political stance. Recently, Joe Biden won his bid to become the President of the United States, and that bodes well for the company and others in the clean energy and clean transportation spaces.
For some time now, many experts have pointed to the fact that the world is getting hotter as the result of carbon fuels and greenhouse gasses associated with energy production. Joe Biden has long been in favor of a shift in the way we see energy production and transportation in an effort to improve the environment and leave a safe and healthy world for future generations.
That’s great for Electrameccanica Vehicles.
One of the biggest sources of greenhouse gasses around the world is vehicles. As a result, we’ve seen a strong shift to electric vehicles, like those provided by SOLO.
With Biden as the President of the United States, we’re likely to see funding, tax benefits, and more handed down from regulatory authorities to electric vehicle manufacturers and others in the fight against global warming. At the same time, as the leader of the free world, Biden will likely push other countries to make the same, drastic changes to energy and transportation, creating a large global opportunity for SOLO and its peers.
The Bottom Line
The bottom line here is simple. Electrameccanica Vehicles is firing on all cylinders, as can be seen from the company’s recent financial results. This, combined with the fact that Joe Biden will be the next President of the United States, sets the stage for tremendous growth ahead for SOLO stock.
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