Are These The Top EV Stocks To Buy In The Market This Week?
The stock market can be quite challenging as we try to anticipate the next big trend. Well, It is that time of the month again where electric vehicle (EV) stocks are gaining attention from investors. EV companies tend to post updates on their vehicle delivery numbers from time to time. This is useful for investors to keep track of the sales of the respective brands. At this point, it does seem that the electrification of vehicles is well underway and support from government bodies is increasing around the world.
Most people think of passenger vehicles when EVs come to mind. However, we are also seeing the electrification of other vehicles such as scooters, trucks, trains, and many more. For example, the F-150 Lightning by Ford Motor Company (NYSE: F) has caught the attention of many consumers. There have already been more than 100,000 pre-orders for the truck. If you fancy smaller vehicles, then you may have heard of electric scooters by Niu Technologies (NASDAQ: NIU). So, if you believe that the future of the automotive industry is electric, why not invest now? With that in mind, here is a list of some of the top EV stocks in the stock market today.
Best EV Stocks To Watch This Week
- Xpeng Inc (NYSE: XPEV)
- Nio Inc (NYSE: NIO)
- Li Auto Inc (NASDAQ: LI)
- Blink Charging Co (NASDAQ: BLNK)
Xpeng Inc
A notable name in the EV space now would be Xpeng. Put simply, the company engages in the development, production, and sales of smart EVs. At this point, its primary products are environmentally friendly vehicles, namely the G3 SUV and the P7 sedan. In addition, it also provides a range of services to clients such as supercharging services, maintenance, and vehicle leasing service. XPEV stock has nearly doubled its value since a year ago.
Earlier this week, Xpeng announced its vehicle delivery update for July 2021. This was yet another record month as it posted the highest-ever monthly deliveries of 8,040 Smart EVs, representing a 228% increase year-over-year. Out of which, 6,054 were the P7 sports sedan, showing its rising popularity among tech-savvy consumers. So far, it has delivered 38,778 EVs, representing a 388% increase year-over-year.
July was an eventful month for the company as it further expanded its product portfolio by launching the G3i. Besides that, the presale price range of its P5 smart sedan was also announced. Being the world’s first mass-produced Smart EV equipped with auto-grade LiDAR technology, the P5 is already generating an enthusiastic response from consumers in the presale phase. With all these exciting developments surrounding the company, would you add XPEV stock to your watchlist?
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Nio Inc
Following that, we have one of the pioneers in the Chinese EV market right now, Nio. This is significant as the China EV market is currently the world’s largest EV market. NIO stock may have been trading sideways since the start of the year, but it is noteworthy that it has risen more than tripled just within the past year. So, it is difficult to dispute the potential of the company, seeing as how EVs are gaining popularity by the day.
In July, Nio continued to show growth and momentum as it delivered 7,931 vehicles, representing a strong 124.5% year-over-year growth. The majority of the deliveries consisted of the company’s ES6s, a five-seater premium smart SUV, delivering 3,669 for the month. Despite having to deal with production hindrances due to an ongoing shortage of automotive semiconductors, the company still manages to deliver impressive numbers. That said, semiconductor companies are ramping up production and this would hopefully ease the difficulties faced by EV companies in the coming years.
Financially, Nio has been strong. During its first quarter, its revenue was $1.21 billion, up by 481.8% from the prior-year quarter. Meanwhile, its gross profit was $237.3 million compared to a $25.9 million loss the year before. Now, with the company scheduled to release its second-quarter financial update on August 11, would you consider investing in NIO stock ahead of its earnings report?
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Li Auto Inc
Li Auto is yet another Chinese EV company that engages in the development, manufacturing, and sales of sport utility vehicles (SUVs). The company’s primary product is the SUVs under the name Li ONE. Just like many other EV companies, LI stock has nearly doubled its value over the past year.
On Monday, Li announced its monthly vehicle delivery report for July. Impressively, it delivered 8,589 Li ONEs, up 251.3% year-over-year and 11.4% month-over-month. This is the first time the company has crossed the 8,000 vehicle milestone while hitting a new record. Thus, bringing the total deliveries for 2021 to 38,743 and total deliveries of 72,340 since its market debut. From this, we can see the rising adoption of the company’s EVs.
Furthermore, we could expect some software upgrades soon as the company co-founder, Yanan Shen, has this to say, “By the end of this year, we will launch a series of major OTA upgrades to elevate our product offering to new heights”. Also, Li Auto plans to raise around $1.93 billion in the Hong Kong stock market. The company is pushing ahead with the secondary listing despite a recent sell-off among Chinese stocks triggered by regulatory concerns. All things considered, could LI stock be a top EV stock to watch right now?
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Blink Charging Co
Now that EVs are gaining traction among consumers, EV charging equipment is slowly becoming essential in many countries. This is where Blink Charging comes into the picture. In summary, the company offers both residential and commercial EV charging equipment, allowing EV drivers to recharge at various locations. After skyrocketing by over 200% over the past year, we have seen BLNK stock trading sideways mostly this year. Some investors may view this as an attractive buy on dip opportunity.
In July, Blink announced Traffic and Parking Control Co Inc (TAPCO) as a distributor of its electric vehicle charging stations, including installed and portable stations. TAPCO’s proven expertise and experience in the parking and traffic industries will surely aid in shaping the growth of EV charging infrastructures. With global EV purchases expected to reach 10 million by 2025, the company’s services will be a necessity.
Furthermore, it has also been awarded a Phase 2 grant from the Florida Department of Environmental Protection (DEP) to deploy DC fast-charging stations. The $12.5 million grant will serve to create a robust network of 52 DC fast chargers along the state’s major interstate highways as well as enhance resilience against natural disasters. Overall, Blink is set to benefit from the rising EV trends. Given all this, would BLNK stock be at the top of your watchlist?
