Disclaimer: Please be advised that the information provided in this article is relevant as of the time of its composition. However, it is important to recognize that due to the periodic release of new financial reports on a quarterly basis, the status of the mentioned stocks may undergo changes. Therefore, readers are encouraged to exercise diligence and consult updated financial information before making any investment decisions.
Analysts see major opportunities in Electric Vehicle (EV)stocks, so Muslim investors start to look for Halal Electric Vehicle (EV) stocks. EV stocks have become one of the best-performing and most volatile stocks in the market in the last years. According to Fortune Business Insights, the global EV market is expected to grow 24.3% annually from 2021 to reach $1.3 trillion by 2028. So, investors consider EV technology as a long-term growth opportunity. Here is the list of the best Halal EV stocks to buy.
Top 3 EV stocks
1. Tesla Inc (TSLA)
Tesla, Inc. engages in the design, development, manufacture, and sale of electric vehicles and energy generation and storage systems. The company is headquartered in Austin, Texas and currently employs 140,473 full-time employees. The company went IPO on 2013-03-06. The firm’s segments include automotive, and energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles, and sales of automotive regulatory credits. The company also includes sales of used vehicles, non-warranty after-sales vehicle services, body shop and parts, paid supercharging, vehicle insurance and retail merchandise. Its consumer vehicles include the Model 3, Y, S, X and Cybertruck. The energy generation and storage segment includes the design, manufacture, installation, sales and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Its lithium-ion battery energy storage products include Powerwall and Megapack.
Non-Shariah-Compliant business activities: 2.11%
Revenue from questionable segments: 0.00%
2. VinFast Auto Ltd (VFS)
VinFast Auto Ltd. engages in designing and manufacturing electric vehicles. The company employs 13,953 full-time employees The company went IPO on 2023-08-15. The firm manufactures and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, and the United States. The company offers a full-scale mobility platform focused primarily on designing and manufacturing EVs, e-scooters and e-buses. The firm’s designs feature its signature lighting that frames its V logo and sweeps out to the corners of the car. The EV platform consists of models, such as VF e34, VF 8, VF 9, VF 5, VF 6, VF 7, and VF 3.
- Non-Shariah-Compliant business activities: 3.92%
- Revenue from questionable segments: 0.00%
3. Thor Industries Inc (THO)
Thor Industries, Inc. engages in the manufacture and sale of recreational vehicles. The company is headquartered in Elkhart, Indiana and currently employs 24,900 full-time employees. The firm operates through three segments: North American Towable Recreational Vehicles, North American Motorized Recreational Vehicles and European Recreational Vehicles. The North American Towable Recreational Vehicles segment consists of Airstream (towable), Heartland (including Cruiser RV and DRV), Jayco (including Jayco towable, Starcraft and Highland Ridge), Keystone (including CrossRoads and Dutchmen), and KZ (including Venture RV).
- Non-Shariah-Compliant business activities: 1.93%
- Revenue from questionable segments: 0.00%
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