The electric vehicle (EV) sector has been gaining momentum in recent years. This comes as more consumers and governments look to reduce their carbon footprint and transition away from fossil fuels. EVs are powered by electricity instead of gasoline, and they offer a number of advantages over traditional vehicles. For example, things such as lower emissions, lower fuel costs, and quieter operation. As a result, many analysts believe that the EV market has significant growth potential in the coming years.
As an investor, you may be interested in buying stocks of companies that are involved in the production and sale of EVs, as well as companies that supply components and technologies for EVs. These companies are often referred to as “EV stocks,” and they include established automakers as well as newer players in the industry.
Investing in EV stocks can be a lucrative opportunity, but it’s important to keep in mind that this is a fast-moving and highly competitive industry, and there is no guarantee that any particular company will succeed. Therefore, it’s important to do your research and evaluate the potential risks and rewards before investing in EV stocks. With that, here are two trending EV stocks to watch in the stock market this week.
EV Stocks To Watch Right Now
- Tesla Inc. (NASDAQ: TSLA)
- General Motors Company (NYSE: GM)
Tesla (TSLA Stock)
First, Tesla Inc. (TSLA) is a leading electric vehicle (EV) and clean energy company, known for its innovative products, such as the Model S, Model X, Model 3, and Model Y. Tesla has revolutionized the automotive industry and has been a driving force in the global shift towards sustainable transportation.
In January, Tesla released its most recent 4th quarter 2022 financial and operating results. In Q4 2022, Tesla reported earnings of $1.22 per share along with revenue of $24.3 billion. This came in over analysts’ consensus estimates for Q4 2022 which were earnings of $1.13 per share and revenue estimates of $26.2 billion. What’s more, the company also notched in a 37.2% jump in revenue on a year-over-year basis.
Shares of TSLA stock are up 78.41% year-to-date so far. Meanwhile, on Thursday afternoon, TSLA stock is trading higher on the day by 0.87% at $192.81 per share.
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General Motors (GM Stock)
Next, General Motors Company (GM) is a multinational automaker with a legacy spanning over a century. The company has been making significant investments in the EV sector, with plans to invest $35 billion globally in EVs and AVs through 2025.
Also, at the end of January General Motors reported better-than-expected fourth-quarter 2022 financial results. Diving in, the company notched in earnings of $2.12 per share, along with revenue of $43.1 billion. This is versus Wall Street’s estimates for the quarter which were an EPS of $1.68, and revenue estimates of $40.3 billion. Additionally, revenue increased by 28.4% versus the same period, the previous year.
Since of the start of 2023, shares of GM stock are up modestly by 0.80% year-to-date. While during Thursday’s afternoon trading session, General Motors stock is trading flat on the day so far at $34.08 a share.
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