Imagine if cars could run without gasoline, and instead, they were powered by electricity. You plug them in at night, just like your phone, and in the morning they’re ready to go. That’s what electric vehicles (or EVs) are all about. The electric vehicle sector is the part of the automobile industry that designs, manufactures, and sells these types of cars. The goal is to create vehicles that are better for the environment because they produce less pollution and help reduce our reliance on oil.
Now, when we talk about electric vehicle stocks, we’re referring to shares in the companies that make these electric cars, or supply parts and technology for them. These might be big-name companies you’ve heard of like Tesla, or smaller ones you might not know yet. Investing in EV stocks can be an exciting opportunity because many people believe electric vehicles are the future of transportation. As more and more people start to buy electric cars, the companies that make them could see their profits (and stock prices) go up.
However, like any investment, buying EV stocks isn’t without risks. This industry is still pretty new and it can be affected by things like changes in government policies, advancements in technology, and fluctuations in the price of the materials used to make the cars. So, just like when buying a new phone or video game, it’s important to do your research and make sure you understand what you’re getting into before you invest in EV stocks. That being said, here are two EV stocks to watch in the stock market right now.
EV Stocks To Watch Today
- Tesla, Inc. (NASDAQ: TSLA)
- Ford Motor Company (NYSE: F)
Tesla, Inc. (TSLA Stock)
Starting off, Tesla, Inc. (TSLA) is recognized as the leading pioneer in the electric vehicle sector. It’s known for producing high-quality electric cars, such as the Model S, Model 3, Model X, and Model Y. Beyond cars, Tesla also develops clean energy generation and storage products, contributing to its broader mission of accelerating the world’s transition to sustainable energy.
Just last month, Tesla reported its most recent Q1 2023 earnings results. In the quarter, the company announced earnings of $0.83 per share with revenue of $23.3 billion. This is versus analysts’ consensus estimates which were earnings of $0.84 per share, along with revenue of $23.4 billion. Though, revenue advanced by 24.4% on a year-over-year basis.
Moving along, during Wednesday’s lunchtime trading session, shares of Tesla stock are trading higher by 4.34% on the day at $173.76 per share.
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Ford Motor Company ( F Stock)
Next, Ford Motor Company (F) a stalwart of the traditional automotive industry, Ford has been making significant strides in the electric vehicle market. The company introduced the Mustang Mach-E, its all-electric SUV, and the all-electric Ford F-150 Lightning pickup truck, signaling its commitment to electrification.
Earlier this month, Ford Motor Company released better-than-expected first quarter of 2023 financial results. Diving in, the automotive company reported earnings of $0.63 per share, with revenue of $41.5 billion. This is in comparison to Wall Street’s consensus estimates which were an EPS of $0.40 and revenue estimates of $36.0 billion. As a result, revenue increased by 20.3% versus the same period, the prior year.
Meanwhile, during Wednesday’s lunchtime trading session, shares of Ford stock are trading up by 2.18% so far at $11.50 per share.
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