4 Hot EV Stocks To Keep An Eye On This Week
After a record-setting week, the broader stock market continues to power forward going into November. Among the industries to know amid the current uptrend in the market now would be electric vehicle (EV) stocks. After all, EVs are part of a global solution to the ongoing climate crisis. So much so that countries across the globe are already beginning to set EV sales goals among other related incentives. To keep track of the industry’s current pace, investors would be watching the latest round of month delivery figures.
For example, we could take a look at the likes of Li Auto (NASDAQ: LI). Earlier today, the Chinese EV firm posted solid numbers in its latest delivery update. In detail, Li Auto delivered 7,649 EVs in October, marking a 107.2% year-over-year leap. Notably, it is the fastest Chinese EV manufacturer to reach the production milestone of 100,000 vehicles, according to the company’s estimates. All in all, Li Auto appears to be dealing with the ongoing semiconductor chip shortage accordingly.
At the same time, there are also upcoming names such as Lucid Motors (NASDAQ: LCID) and Rivian to consider as well. On one hand, Lucid appears to be the new hot name in the EV game today. Thanks in part to an Environmental Protection Agency accreditation of its industry-leading single-charge EV range, LCID stock is now up by over 50% in the past month. On the other hand, Amazon (NASDAQ: AMZN) reportedly holds a 20% stake in emerging EV player Rivian. All in all, investors and organizations alike seem to be eyeing the EV industry closely. On that note, here are four top EV stocks to watch in the stock market this week.
Best EV Stocks To Watch Right Now
- Tesla Inc. (NASDAQ: TSLA)
- General Motors Company (NYSE: GM)
- Nio Inc. (NYSE: NIO)
- Xpeng Inc. (NYSE: XPEV)
Tesla Inc.
First up, we have Tesla, an EV company at the forefront of transitioning the world to sustainable energy with its EVs, solar panels, and storage batteries. The company has been one of the biggest names in the EV space and boasts the most sales of battery EVs and plug-in EVs in 2020. Its subsidiary, Tesla Energy, develops and sells photovoltaic solar energy generation systems and battery energy storage products, for residential, commercial, and industrial customers. TSLA stock currently trades at $1,132.55 as of 10:27 a.m. ET and has skyrocketed by over 40% in the past month itself.
This latest rally seems to be coming from news that car rental giant Hertz has made an order of 100,000 Tesla vehicles by the end of 2022. Hertz interim CEO Mark Fields says that EVs are now mainstream and that they have only just begun to see rising global demand and interest. The deal has pushed Tesla to surpass $1 trillion in market valuation after landing what seems to be its biggest-ever order yet. The deal would also reinforce the company’s ambitions to top the entire auto industry in sales over the next decade. Following this exciting piece of news, is this the time to invest in TSLA stock right now?
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General Motors Company
General Motors (GM) is a global company that focuses on advancing its all-electric future. The company utilizes its game-changing Ultium battery platform to drive its electrification works. Ultium will power everything from mass-market to high-performance vehicles. GM has been firing on all cylinders lately as it announced that it will install up to 40,000 Level 2 EV chargers across the U.S. and Canada. It will work together with its dealers to expand access to charging in local communities. This initiative, which begins in 2022, is part of GM’s recently announced commitment to invest nearly $750 million to expand home, workplace, and public charging infrastructure through its Ultium Charge 360 ecosystem. GM stock currently trades at $54.86 as of 10:27 a.m. ET.
On October 27, 2021, the company reported its third-quarter financials that showcased a strong price and mix performance in North America. Diving in, the company reported a revenue of $26.78 billion for the quarter. Net income attributable to shareholders was $2.42 billion. The company also outlined its plans to deliver a decade of unprecedented growth. This includes doubling its annual revenue by 2030 and expanding its EBIT-adjusted margins to 12 to 14 percent. GM will also open battery plants in 2022 and 203, which will have a combined capacity of 70 gigawatt-hours. Seeing how the company has impressive plans for the years ahead, will you buy GM stock today?
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Nio Inc.
Following that, we have Nio, an EV maker that also drives next-generation technologies in connectivity, autonomous driving, and artificial intelligence. Being a pioneer and leading EV company in China, its industry-leading battery swapping technologies, Battery as a Service is unmatched performance. The on-demand battery subscription for flexible capacity allows for a longer range in one swap. It also allows for a unified battery management while also eliminating battery degradation concerns. NIO stock currently trades at $40.49 as of 10:27 a.m. ET.
Today, the company provided a delivery update for the month of October. In brief, it delivered 3,667 vehicles in October 2021, decreasing by 27.5% year-over-year due to restructuring and upgrades of manufacturing lines and for the preparation of new products introduction. It was also affected by supply chain volatilities. However, despite the production and supply chain challenges, the company says that its new orders reached another all-time high in October, driven by increasing user demand. With that being said, is NIO stock a top EV stock to consider buying?
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Xpeng Inc.
Another name to consider among the top EV stocks in the market now would be Xpeng. Similar to our previous entry, the Guangzhou-based Chinese EV firm offers higher-end EVs to consumers. The likes of which boasts numerous cutting-edge features ranging from in-car smart software solutions to Xpeng’s full-stack intelligent driving tech. As it stands, XPEV stock currently trades at $48.01 as of 10:27 a.m. ET.
Notably, the current movement in the company’s shares would be thanks to its latest monthly EV delivery figures. In brief, Xpeng sent out a whopping 10,138 cars throughout October. This marks a sizable 233% year-over-year leap in deliveries. Not to mention, it is also the company’s second consecutive month with deliveries over the 10,000-vehicle mark. Additionally, the company is also actively expanding its “supercharging facilities” to meet rising consumer demands. Despite the current operating hurdles faced by the global EV industry, Xpeng seems to be firing on all cylinders. With all this in mind, will you be adding XPEV stock to your portfolio?
