The electric vehicle (EV) sector is more than just the future of transportation; it’s one of the fastest-growing segments in today’s stock market. As concerns over climate change intensify and governments around the world set ambitious goals to reduce carbon emissions, electric vehicles are moving from niche status to mainstream adoption. This transition is fueling extraordinary growth potential for companies involved in various aspects of the EV ecosystem, including manufacturers of vehicles, batteries, and charging infrastructure. The drive toward cleaner and more efficient transportation options has set the stage for the EV sector to potentially become a significant portion of the global automotive market.
Investing in electric vehicle stocks means buying into companies at the forefront of a profound transformation in how we commute, travel, and ship goods. While this sector is full of promise, it is also marked by volatility and competition. As with any emerging industry, there are potential winners and losers, and the landscape is rapidly changing.
For investors, this means a chance to participate in significant growth, but it also comes with higher risks and the need for diligent research. To navigate the electric vehicle stock space wisely, investors should consider the financial health, technological advantages, and strategic positioning of prospective companies, as well as the broader trends influencing the adoption of electric vehicles globally. That said, here are two EV stocks to watch in the stock market today.
EV Stocks To Watch Right Now
- Tesla Inc. (NASDAQ: TSLA)
- Ford Motor Company (NYSE: F)
Tesla (TSLA Stock)
First, Tesla Inc. (TSLA) is known for producing a range of electric vehicles and renewable energy products. In recent years, Tesla has significantly expanded its operations, offering various electric vehicle models, including sedans and SUVs, along with energy storage solutions and solar technologies.
Last month, Tesla reported better-than-expected second-quarter 2023 financial results. Specifically, the company announced Q2 2023 earnings of $0.91 per share, with revenue of $24.93 billion. This is versus analysts’ estimates for the quarter which was earnings of $0.82 per share on revenue of $24.53 billion. Moreover, revenue increased by 47.20% compared to the same period, the previous year.
In the last six months of trading, shares of Tesla stock have increased by 7.07%. Meanwhile, during Thursday morning’s trading session, TSLA stock opened lower off the open by 1.21% at $222.86 per share.
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Ford Motor Company (F Stock)
Next, Ford Motor Company (F) is an American automotive manufacturer with a history that spans more than a century. Today, Ford is undergoing a significant transformation, investing heavily in electric and autonomous vehicle technologies. It has announced several new electric vehicle models, including the Mustang Mach-E and the electric F-150 Lightning, as part of its strategy to compete vigorously in the evolving automotive landscape.
At the end of last month, Ford Motor Company also reported a beat for its second quarter of 2023 financial results. Diving in, the company notched in earnings of $0.72 per share, with revenue of $44.95 billion for Q2 2023. This is in comparison with Wall Street’s consensus estimates for the quarter which were earnings per share of $0.51 and revenue estimates of $40.06 billion. As a result, revenue increased by 11.85% on a year-over-year basis.
Over the last six months of trading, shares of Ford stock have dropped by 7.80%. While, during Friday morning’s trading action, F stock opened modestly higher by 0.64% at $11.88 per share.
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