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Telsa Inc. (NASDAQ: TSLA) is hitting a new high today, nearing the $650 mark. That's an astonishing 248% climb from $185 in May.
But if you missed the big rally over the last few months, don't kick yourself.
The Tesla rally is about a trend much bigger than Tesla. And you could still profit at least 90% from it with our top penny stock today.
That's right; there is more than one electric vehicle company out there ready to break out. And you can buy it for pennies.
Today's penny stock is capitalizing on the electric vehicle trend in a way that most investors will miss early on. So while Tesla fanatics use their profits to buy Tesla cars, you can keep doubling your money.
Why Electric Vehicle Stocks Are Taking Off
One of the most telling signs that electric vehicles are taking over is the surge of EV charging stations. Technavio predicts the EV charging station market will have a compound annual growth rate (CAGR) of 33% between now and 2023.
For perspective, the CAGR of the S&P 500 over the last three years was 15%. So the market for EV charging stations will more than double that.
And we've already seen this growth over the last couple of years.
In May 2019, the U.S. Department of Energy counted more than 20,000 public EV charging stations with over 68,000 connectors. That was up from 16,000 stations and 43,000 connectors in 2017.
But that's only the beginning rumbles of an even brighter future.
WinterGreen Research predicts there will be 400 available electric car models to choose from by 2025. The market is expected to be worth $1.5 trillion by that time. And that's also when 100% of new cars will be electric, making up about 36% of cars on the road.
If that's hard to believe, several well-known automakers are already capitalizing on this trend.
Fiat Chrysler Automobiles NV (NYSE: FCAU) plans to have an electric option for all of their Jeep models by 2022, starting with the Wrangler, Renegade, and Compass this year.
And Ford Motor Co. (NYSE: F) plans to have 16 fully electric vehicles and 40 electrified vehicles in total by 2022. That's including an electric Mustang SUV in 2021.
But those are just the big companies making EVs mainstream.
Our best penny stock today is going to rise from this trend – and quickly. This company is making deals worth more than 90% profit for today's investor…