There is no denying the fact that the "future is electric." That said, we have been hearing this for some time now and it will be a long time before all internal combustion engines (ICE) are replaced by electric vehicles (EV). Since I like to invest in high-growth companies and many of us missed the boat on investing in Tesla, I have been searching for the right company.
Legacy automakers making EVs have some advantages
You see, at this time, nearly all the legacy automakers are working on and selling EVs. Companies like Toyota, Ford and GM have another advantage: they have manufacturing plants, testing facilities, dealer network, and service locations. They know how to manage supply chains, and most of us live very close to sales and service locations of major car brands. However, right now these companies' slow-growth and in the future declining business of ICE will be a problem. So, I am reluctant to invest in legacy automakers.
In my area, Lucid and Tesla are building locations that act as showrooms and service centers, but they are not convenient for most people, which means that even the elites who are willing to spend a lot more to access a new technology, do not want to waste half a day for a service appointment. My Toyota dealer, on the other hand, is a 10 minute drive away.
Rivian, Fisker, etc. are cool companies with a lot of hype and some of them might do great but I am afraid that they might not be able to compete with legacy car companies to achieve scale and succeed at mass market vehicles.
The compromise investment - NASDAQ: PSNY (Polestar Automotive Holding Uk Plc)
This is a Swedish company with sizable operations in the UK. And since they are backed by Volvo Motors (and their Chinese parent company Geely), they can use the manufacturing, sales and service infrastructure of Volvo. However, because they are independent, their profits will not be dragged down by legacy businesses. Of course, this is not investment advice, but I have invested in Polestar.