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. Nio Inc. (NIO)
A leading Chinese EV maker-NIO designs, manufacture, and sells smart electric vehicles. Indeed, NIO may not be a famous name as Tesla worldwide, but it is already well-known and a major player in China’s electric vehicle market. Therefore, the company ranks the world’s 4th most valuable automaker. NIO’s goal is to build a community that shares the joy and grows with users. The company manufactures autonomous driving electric vehicles integrated with next-generation technologies and artificial intelligence. It also provides vehicle charging solutions, including Power Home, Power Swap, Power Mobile, and Power Express service. Moreover, NIO began delivering ES8, a 7-seater flagship premium electric SUV, in December 2018, and during the following years, the company developed ES6 EC6. Furthermore, in January 2021, NIO ET7, the smart electric flagship sedan, NIO’s first autonomous driving model, was officially launched.
Non-Shariah-Compliant business activities: 2.11%
Revenue from questionable segments: 0.00%
2. XPeng Inc. (XPEV)
XPeng is a Chinese EV startup company that manufactures and markets smart electric vehicles. The firm targets the mid-to-high-end segments of the market. XPeng’s primary products are environmentally friendly vehicles, an SUV (the G3), and a four-door sports sedan (the P7). It is projected that XPeng will have the highest sales growth among its EV peers in 2022 at 94.4%. In 2022, XPeng is launching its new smart EVs and improving the quality of its products. Moreover, the company offers different services to the customers, including supercharging service, ride-hailing service, maintenance service, and vehicle leasing service.
- Non-Shariah-Compliant business activities: 3.92%
- Revenue from questionable segments: 0.00%
3. Li Auto Inc. (LI)
Leading Chinese EV maker- Li Auto engages in the design, development, manufacture, and sales of smart electric vehicles. The company’s main products are sport utility vehicles (SUV), the Li-One the first model. The company is planning to launch a new SUV model called X01 in 2022 and additionally, it plans four new model launches by 2023. Li reported 128% vehicle delivery growth in January, the highest among the top three Chinese EV stocks. The company also sells peripheral products and offers more services, like charging stalls, vehicle Internet connection services, and extended lifetime warranties. The company operates its businesses through subsidiaries and variable interest entities (VIEs) in China.
- Non-Shariah-Compliant business activities: 1.93%
- Revenue from questionable segments: 0.00%
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