5 Trending EV Stocks To Watch Today
Electric vehicle stocks have gotten caught up in the broader sell-off that has swept through the stock market. Many of the growth names with high valuations have been trading lower, and the EV industry is no different. And because of this, many investors seem to have forgotten about the potential of the EV market. And I don’t blame them. While no one can be sure how these stocks will perform in the short term, the recent sell-offs could provide investors an opportunity to buy these stocks at great discounts.
Sure, we’ve seen many new players entering the space. But at the same time, there have been huge investments from traditional automakers. For instance, General Motors (NYSE: GM) just announced on Tuesday that it will be investing $7 billion in Michigan to build a battery plant. It also plans to overhaul an existing factory outside Detroit to start producing EVs by 2024. On the other hand, Ford (NYSE: F) plans to spend $11.4 billion to build plants in Kentucky and Tennessee.
As you may be aware, electrification of the American auto fleet is a top priority for the Biden administration. You could say that it’s only a matter of time where most of the vehicles we see on the road will be fully electric. With this fresh reality in our minds, one can imagine how quickly the automotive sector could change. Considering all this, would you put up a list of top electric vehicle stocks to buy in the stock market today?
Electric Vehicle Stocks To Watch Right Now
- Tesla Inc. (NASDAQ: TSLA)
- Rivian Automotive Inc. (NASDAQ: RIVN)
- Nikola Corporation (NASDAQ: NKLA)
- Nio Inc. (NYSE: NIO)
- Fisker Inc. (NYSE: FSR)
Tesla
The poster child of the EV scene is none other than Tesla. Besides being an EV company, it is also a clean energy company. For the most part, Tesla designs and manufactures its line of electric cars and battery energy storage. Through its subsidiary Tesla Energy, the company is also a major installer of photovoltaic systems in the U.S.
This week, the company announced its latest quarterly earnings which were stronger than expected. Adjusted earnings exceeded analysts’ estimates, coming in at $2.52 per share as compared to $2.36 per share.
Moving on, reported revenue was at $17.72 billion, exceeding analysts’ estimates of $16.57 billion. This marks a revenue growth of 65% year-over-year for the quarter. Alongside its financials, CEO Elon Musk said that the company will be working on the engineering and tooling of the future vehicles Tesla plans to make. Given the quarterly results, would you be investing in TSLA stock?
Rivian
Recently public Rivian is an EV start-up that is looking to make a mark in the EV industry. In a market that is primarily dominated by the likes of Tesla, Rivian seems to be following in its footsteps by doing everything in-house. From designing, building, to financing and selling them through their own dealerships. In brief, it mainly manufactures all-electric pickup trucks and SUVs. Despite being a newcomer, the company is backed by the likes of Amazon (NASDAQ: AMZN) and Ford.
Despite halting production lines for about a week to fix and improve its manufacturing process, the company claims to be back on track. Just yesterday, Rivian announced that it will be ramping up its production to almost 200 delivery-ready units a week. Although that number seems low, we must remember that the company has a more difficult task than other start-ups. And that is because Rivian is launching 3 vehicles simultaneously.
On the demand side, there are roughly 71,000 pre-orders for the R1T and R1S as of December 15, 2021. Also, Rivian has a contract for 100,000 electric delivery vans for Amazon, including 10,000 this year. With production starting to ramp up for Rivian, would you consider buying RIVN stock?
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Nikola
Following that is Nikola, an EV company looking to reshape the transportation industry. In essence, the company is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles. Additionally, it designs EV drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure.
In a tweet published this week, two of the company’s Tre FCEV alpha prototypes successfully made a trip from Arizona to California. Notably, the trucks made the trip on a single hydrogen tank and still had plenty of gas to spare. Evidently, this marked a significant milestone for the company.
Besides that, several customers have already signed letters of intent to purchase the EV-maker’s trucks. These customers include the likes of Saia (NASDAQ: SAIA), USA Truck (NASDAQ: USAK), and Covenant Logistics Group (NASDAQ: CVLG). Given the customer interest in purchasing fleets from Nikola, does NKLA stock pique your interest?
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Nio
Nio is a premium Chinese EV company that designs, manufactures, and sells vehicles packed with next-generation technologies. Namely, these next-generation technologies include battery services, connectivity, autonomous driving, and artificial intelligence. Moreover, the company also 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.
At the start of the year, Nio reported its fourth-quarter and full-year delivery update. For starters, the company increased their delivery numbers by 49.7% year-over-year in December 2021, delivering 10,489 vehicles, to be precise. For the whole of 2021, it delivered 91,429 vehicles, which is twice as many as the year prior.
Financials aside, in November, the company launched the ET5 at its NIO Day 2021. The ET5 is a smart electric sedan whose deliveries will start in September this year. On top of that, Nio expects to start deliveries of the ET7 flagship electric sedan this March. With NIO stock trading at its 52-week low, would you be buying it on the dip?
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Fisker
Wrapping up our list is Fisker. Put simply, the EV maker commits itself to making the most eco-friendly vehicles in the market. Because of this, its mission is to become a mobility service provider with the world’s most sustainable vehicles. As for its operations, the company adopts an asset-light, direct-to-consumer operating model. And this could assist with a faster path to production and profitability.
Earlier this month at CES 2022, the company showcased its flagship Fisker Ocean electric SUV. Accordingly, the main highlight of the vehicle was Fisker’s innovative Advanced Driver Assistance System (ADAS). In brief, ADAS is a collection of sensors that work together to ensure next-generation safety features for drivers and passengers.
All in all, the ADAS system will come as part of the Fisker Intelligent Pilot (FIP). Fisker vehicles that come with FIP include the Ocean Extreme and Ocean One. Given the cutting-edge technology in Fisker vehicles, is FSR stock a buy?
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