Are These The Best EV Stocks To Invest In Now?
Electric vehicle (EV) stocks are among the notable sections to watch in the stock market today. After all, the industry focuses on making and marketing, well, EVs. With EVs playing a major role in combating the global environmental crisis, investors in this field could be looking toward long-term gains. For the most part, they would be spoilt for choice as more upcoming EV companies are making their entrance into the market now.
In this respect, we could look at newcomers like Rivian (NASDAQ: RIVN) or tried-and-true names like Tesla (NASDAQ: TSLA). Speaking of the latter, Tesla has and continues to steal the spotlight from its peers this week. Namely, CEO Elon Musk is now close to achieving his goal of selling 10% of his stake in the company. Despite Musk having more pre-planned sales transactions ahead, investors already seem keen to jump on TSLA stock. This is evident as the company’s shares continue to hold above the $1,000 mark. In terms of market capitalization, the EV giant is currently over the $1 trillion point again as well.
At the same time, the company is also broadening its manufacturing operations now. To highlight, Tesla is now working with Syrah Resources, an Australian minerals company that focuses on natural graphite. Through a four-year supply deal, Tesla will be receiving its graphite from an upcoming Syrah plant in Louisiana. To point out, graphite is among the key minerals used in EV batteries. Given all this excitement in the EV space, should investors be watching these top electric vehicle stocks in the stock market now?
Top EV Stocks To Buy [Or Sell] Ahead Of January 2022
- Nikola Corporation (NASDAQ: NKLA)
- Nio Inc. (NYSE: NIO)
- Lucid Group Inc. (NASDAQ: LCID)
- General Motors Company (NYSE: GM)
Nikola Corporation
First up, we have Nikola, a designer and manufacturer of zero-emission electric battery and hydrogen-electric vehicles. It also develops EV drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure. With that, NKLA stock currently trades at $11.31 as of 11:02 a.m. ET and is up by over 20% on today’s opening bell.
Last week, the company announced that it has signed an agreement with Heniff Transportation Systems to purchase 100 zero-emissions trucks from Thompson Truck Centers. Thompson Truck Centers is a member of the Nikola sales and service dealer network.
The agreement between the two companies is a fleet-as-a-service model where Thompson will provide the sales, service, maintenance, and energy infrastructure required to operate the Nikola Tre BEV trucks. Accordingly, upon the successful initial deployment of 10 units into their bulk transport operation, Heniff will introduce an additional 90 trucks into its fleet. With this piece of news, is this the time to invest in NKLA stock?
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Nio Inc.
Nio is a premium EV company that manufactures and sells premium EVs and has a portfolio of next generation technologies in battery services, connectivity, autonomous driving, and artificial intelligence. In detail, it offers comprehensive value-added services and also an innovative suite of charging solutions to its users. Notably, this would include Power Home, its home charging solution and Power Swap, its innovative battery swapping service. NIO stock currently trades at $30.14 as of 11:30 a.m. ET.
Earlier in the month, the company provided a delivery update for the month of November 2021. Diving in, Nio says that it delivered 10,878 vehicles in the month, more than doubling year-over-year. Also, it has delivered 80,940 vehicles year-to-date in 2021 in total, up by 120.4% year-over-year.
Furthermore, cumulative deliveries of its ES8, ES6, and EC6 EVs have surpassed the 150,000 mark. This marks a record-high for its monthly delivery figures. With that being said, would you deem NIO stock a top EV stock to consider buying?
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Lucid Group Inc.
Lucid Group is an EV company that also has an energy storage and original equipment manufacturing divisions. It strives to introduce luxury EVs to the masses. Furthermore, the company’s first car is the Lucid Air, a state-of-the-art luxury sedan that features luxurious full-size interior space in a mid-size exterior footprint. It houses race-proven battery tech and proprietary powertrains developed entirely in-house. Lucid Air was also named the 2022 MotorTrend Car of the Year. LCID stock currently trades at $38.26 as of 11:30 a.m. ET.
Also, the stock became part of the Nasdaq-100 Index on Monday. “We are proud to join the prestigious Nasdaq-100 Index, a recognition of our progress establishing Lucid in the EV market and our future growth strategy,” said Sherry House, CFO, Lucid Group. “Since our successful public listing on Nasdaq in July, and with customer deliveries of the Lucid Air beginning in October, our differentiated EV technology continues to drive a clear demand for, and confidence in, our products and company.” Considering all this, will you buy LCID stock?
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General Motors Company
Another notable name to consider among EV stocks now would be General Motors or GM for short. In brief, this automotive industry titan is actively making the shift towards a fully electrified portfolio. The likes of which include GM’s global brands such as Chevrolet, Buick, GMC, and Cadillac among others. By and large, GM’s experience in the automobile business could be a plus point as it navigates an increasingly EV-focused world. As it stands, GM stock currently trades at $56.54 as of 11:31 a.m ET. This would be after year-to-date gains of over 35%.
Despite the company’s current momentum, GM does not seem to be slowing down anytime soon. As of yesterday, the company is now expanding its EV components beyond the GM lineup of vehicles. In other words, GM is looking to apply its electrification components to EV conversion projects.
According to the company, the move will enable it to “expand its reach to a larger, more diverse group of commercial customers”. By GM’s estimates, the total addressable market for this service could grow to almost $20 billion by 2030. A key driving factor for this growth would be more industries looking to reduce their emissions over time. As such, will you be keeping an eye on GM stock ahead of the new year?
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