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7 Best EV Stocks in Canada 2023: Invest in Electric Vehicles

Electric vehicles have gained popularity over the past few years as the world shifts towards clean and renewable energy sources.

Currently, nearly every automaker in the world is working on electrifying its fleet of cars. China is currently the largest EV market in the world, accounting for more than 50% of total EV sales in 2021.

Electric vehicles in Canada hit 5.2% of all registered vehicles in the fourth quarter of 2021. In April 2022, the Canadian government announced that all new vehicle sales in Canada will be electric by 2035.

As an emerging global trend, electric vehicle companies have also made for fine investments. While most of the big EV brands are based out of the US and China, Canada also has companies involved in the industry.

In this article, we will review 7 of the best EV stocks in Canada and cover their current and future prospects, some key facts, and how they look as an investment.

What is an EV Stock?

An EV stock is a publicly-traded company that is involved in the electric vehicle industry. 

These can be EV makers, EV infrastructure providers, or providers of EV components like batteries.

Electric vehicle stocks are considered high-growth companies and are mostly unprofitable at this stage in their business life.

Here is a look at the 7 best EV stocks for Canadian investors in 2023.

Best EV Stocks in Canada

Magna International (TSE:MG)

Magna International is an automotive parts manufacturer based out of Aurora, Ontario. It was founded in 1967 and is dual-listed on the TSX and the NYSE.

As the automotive industry shifts to all-electric, so too has Magna. It builds electric powertrains and BEV batteries for electric vehicles.

The company works with automakers like General Motors, Ford, Toyota, Tesla, Volkswagen, and Mercedes, to name a few.

Magna International is building several electric-vehicle parts plants in Canada that will supply automakers worldwide.

Here are some key facts for Magna International:

  • Market Cap: $23.1 billion
  • P/E Ratio: 14.93
  • 52-week Trading Range: $70.16-$119.69
  • Sector: Automotive
  • Ticker Symbol: MG.TO
  • 1-year Return: -34.4%

Lion Electric Co (TSE:LEV)

Lion Electric is an automaker for large industrial electric vehicles. It was founded in 2011 and traded on the TSX and NYSE.

The company is the largest EV maker in its segment, which includes waste disposal trucks, school buses, public buses, and semi-trucks.

It was recently named one of the 50 fastest-growing and sustainable companies in Canada.

Here are some key facts for Lion Electric Co:

  • Market Cap: $1.2 billion
  • P/E Ratio: N/A
  • 52-week Trading Range: $6.16-$24.89
  • Sector: Automotive
  • Ticker Symbol: LEV.TO
  • 1-year Return: -74.0%

GreenPower Motor Company Inc (CVE:GPV)

GreenPower Motor is a Vancouver-based electric bus maker with its primary production and operations in California.

The stock is listed on the Canadian Venture Exchange, similar to the US-domiciled OTC Markets. 

GreenPower has multiple different models of electric school buses, coach buses, and minibuses already on the roads.

Here are some key facts for GreenPower Motor:

  • Market Cap: $116 million
  • P/E Ratio: N/A
  • 52-week Trading Range: $4.90–$26.57
  • Sector: Automotive
  • Ticker Symbol: GPV.V
  • 1-year Return: -76.0%

NFI Group, Inc (TSE:NFI)

The NFI Group is a Winnipeg-based producer of buses that operates across nine different countries. Its stock trades on the Toronto Stock Exchange.

It provides the production of sustainable and zero-emission buses and motor coaches.

As of 2022, the NFI Group has its EVs in 80 different cities across six countries, with over 65 million electric service miles provided.

Here are some key facts for the NFI Group:

  • Market Cap: $1.01 billion
  • P/E Ratio: 11.12
  • 52-week Trading Range: $10.39-$31.80
  • Sector: Automotive
  • Ticker Symbol: NFI.TO
  • 1-year Return: -51.0%

Martinrea International Inc (TSE:MRE)

Martinrea International is an Ontario-based auto-parts maker that trades on the Toronto Stock Exchange.

The company has shifted most of its focus to electric vehicle parts, primarily with EV batteries.

It entered into a strategic partnership with NanoExplore worth $4 million to develop EV parts and components.

Here are some key facts for Martinrea International:

  • Market Cap: $723 million
  • P/E Ratio: 32.66
  • 52-week Trading Range: $7.43-$13.93
  • Sector: Automotive
  • Ticker Symbol: MRE.TO
  • 1-year Return: -35.1%

Tesla (NASDAQ:TSLA)

Tesla is the largest EV maker in the world and the most valuable automaker by market cap. It trades in US Dollars on the US-domiciled NASDAQ exchange.

Its rise to dominance has been swift, delivering nearly 1 million vehicles worldwide in 2021 and accounting for more than 70% of the EVs in the US.

The company has GigaFactories in California, Austin, Texas, Berlin, and Shanghai. Its CEO Elon Musk is the wealthiest man in the world and is one of the most recognizable figures in the world.

Here are some key facts for Tesla:

  • Market Cap: $721 billion
  • P/E Ratio: 94.15
  • 52-week Trading Range: $593.50-$1,243.49
  • Sector: Automotive
  • Ticker Symbol: TSLA
  • 1-year Return: +14.23%

Rivian (NASDAQ:RIVN)

Rivian is an EV truck maker founded in 2009 and trades on the NASDAQ exchange in the US.

The company’s two largest investors when it went public were Ford and Amazon, the latter of which has an order of 100,000 last-mile electric delivery trucks with Rivian.

Rivian builds the R1S SUV and R1T pickup truck, as well as its delivery truck models.

Here are some key facts for Rivian:

  • Market Cap: $25 billion
  • P/E Ratio: N/A
  • 52-week Trading Range: $19.25-$179.47
  • Sector: Automotive
  • Ticker Symbol: RIVN
  • 1-year Return: -71.9%

How To Buy EV Stocks in Canada in 2023

You can easily buy EV stocks in Canada at discount brokerages.

Wealthsimple Trade

This discount brokerage is popular amongst younger investors due to its no-commission trading and online platform.

Wealthsimple offers free trading for stocks, ETFs, mutual funds, and cryptocurrencies on its desktop or mobile apps.

Wealthsimple Trade

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Trade stocks and ETFs for free

Best trading platform for beginners

Deposit $200+ to get a $25 cash bonus

Transfer fees waived up to $150

Questrade

Questrade is the largest discount brokerage in Canada and was established in 1999.

The site has a unique fee structure where you can buy shares of a stock for as little as $0.01 per share although there needs to be a minimum of $4.95 per trade.

Questrade

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Trade stocks, ETFs, options, etc.

Low and competitive trading fees

Top platform for advanced traders

Get $50 trade credit with $1,000 funding

Qtrade

Qtrade is a Vancouver-based discount brokerage that provides lower fees than traditional bank brokerages do.

While its fees are not as low as Questrade or Wealthsimple Trade, Qtrade charges $8.75 per stock trade.

Qtrade

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Trade stocks, ETFs, options, etc.

Competitive trading fees

Excellent customer service

Deposit $1,000 for a $50 bonus

Are EV Stocks a Good Investment?

Electric vehicles are a global trend that is still in its early days.

You can invest in EV stocks on the TSX, although Canada’s exposure to the industry is primarily through auto parts makers or electric bus makers.

As the global EV industry continues to grow, we should see EV stocks rise in value as demand increases.

EV stocks could potentially provide excellent returns over the next decade, particularly following the growth stock correction in 2022.

Downsides and Risks of EV Stocks

As with any investment, EV Stocks still have their risks and downsides.

Investing in a high growth and somewhat speculative industry can be a riskier investment than some are willing to make.

Every automaker in the world is shifting to electric vehicles. The industry could become crowded, and some market leaders could now see their market share decrease.

Currently, Canadian investors will likely have to look to investing in US automaker stocks for the best exposure to the industry.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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