Over the course of six years, the sustainable investing assets under management grew 131 percent. Electric vehicle (EV) stocks are privy to the growth. One company called SPI Energy is helping raise the curve.
SPI Energy ("SPI" on the Nasdaq Exchange) has been on retail investors' radar since September 2020 when the stock increased by 1,148 percent in two days. The growth came after SPI announced that it was launching a new EV subsidiary called EdisonFuture.
What to know about SPI Energy's EV subsidiary
EdisonFuture is still a fledgling company, but the EV manufacturer shows real potential. Investors are clearly hyped about it. EdisonFuture is partnering with an automotive design company called Icona Design to help craft a futuristic line of EVs for both passenger and commercial usage. This includes EV pickup trucks (a growing trend that many drivers are looking forward to) and last-mile delivery vans to tote products from transportation hubs to their final destination.
The resulting vehicles will be sold by EdisonFuture's own subsidiary, Phoenix Motorcars.
SPI Energy stock is rising due to new EV partnership
SPI stock is experiencing another bull run. Granted, it's less dramatic than the company's former escape from the penny stock domain. However, a 30 percent rise sourced mostly from pre-market trading is nothing to ignore.
The next move for EdisonFuture and SPI Energy is right in line with the company's earlier statements. The move shows that things are going well in the research and development department. We will have to see if the vehicles come to fruition with minimal obstacles, but right now, it seems like they are sticking to the plan and investors are responding.
SPI Energy stock on Stocktwits
One user says that SPI Energy is worth staying in the game for and that it may just follow the lead of companies like NIO and Niu Technologies.
Meanwhile, user TriggerTrav13 is mad about selling too early. What an ancient tale that is.
SPI Energy stock is still affordable, so get in while you can
If SPI Energy and EdisonFuture continue at the rate they are on, the stock might not hover around the $10 per share range much longer. Sure, you aren't getting that former penny rate that some have profited off of, but there's still so much room for growth.
Consider waiting for the next market-wide volatile dip before snagging shares and you will be better positioned for heightened returns. That's pretty good advice for any stock, but it applies well here considering SPI Energy's ongoing rise.
Penny EV stocks to consider for an early 2021 investment
SPI Energy isn't a penny stock anymore (although the tables can always turn no matter how promising a company seems). However, there are plenty of EV stocks at super low prices.
Some of the most promising EV stocks include United States Antimony Corp. ("UAM" on the NYSE), Polymet Mining Corp. ("PLM" on the NYSE), and Medigus ADR ("MDGS" on the Nasdaq).
Antimony and Polymet are mining companies that secure and produce materials used in many applications including storage batteries. Currently, Medigus is working on solutions to wirelessly charge EVs.