Here Are 3 Trending Electric Vehicle Stocks To Check Out Now
Electric vehicle stocks have been a hot topic among investors of the stock market in recent years. Many believe the automotive industry will be going electric sooner rather than later. Even government bodies around the globe have been encouraging the transition to EVs by providing various forms of subsidies. This week, stocks related to electric vehicles soared after Congress passed an infrastructure bill that provides $7.5 billion dollars of funding for the industry.
As a result, we are seeing some big moves among EV charging stocks in the stock market. For instance, Pioneer Power Solutions (NASDAQ: PPSI) skyrocketed more than 200% on Monday’s intraday trading after introducing EV charging products. In addition to this, top EV charging stocks such as Blink Charging (NASDAQ: BLNK), ChargePoint (NYSE: CHPT) and EVgo (NASDAQ: EVGO) were up by double digit percentages too. The move is part of the Biden administration’s push for more climate-friendly initiatives like reducing carbon emissions.
“We’re going to build out the first-ever national network of charging stations all across the country, over 500,000 of them,” Biden said this past Saturday. “So, you’ll be able to go across the whole darn country, from East Coast to West Coast, just like you’d stop at a gas station now. These charging stations will be available.”
Should Investors Consider Investing In EV Stocks In The Stock Market Today?
It appears to me that everyone wants an EV these days. And there are a few reasons for it. Besides falling costs, range and charging speed have also been improving. Not to mention, the tax subsidies are also an attractive factor to consider.
Everything seems to be working in favor of EV adoption these days. With so much growth potential in the electric vehicle space, I can understand why investors are looking for top Electric vehicle stocks to buy in the stock market today. If you share the same sentiment, here are three for your watchlists this week.
Top EV Stocks To Watch Right Now
- Nio Inc. (NYSE: NIO)
- Ford Motor Company (NYSE: F)
- Lucid Group (NASDAQ: LCID)
Nio
By now, those familiar with the EV space would be no stranger to what Nio has to offer. Often dubbed the Tesla of China, the company manufactures smart and connected electric vehicles. In particular, its EVs are integrated with next generation tech and artificial intelligence. While it may not be a banner year for NIO stock thus far, there are reasons to be optimistic about its future. Although the company’s October delivery update may have disappointed some, Nio’s order book continues to show strength. During an interview with Nio co-founder Qin Lihong, he said the company has maintained an order book above 10,000 vehicles for several months in a row.
With that in mind, the company raised its delivery expectations for 2022 by 10,000 vehicles to 160,0000 and up to 285,000 for 2023. Also, Nio is set to report its third-quarter earnings after the stock market closes today. In early October, the company reported that it delivered 24,439 vehicles in the third quarter of 2021, representing an increase of 100.2% year-over-year. Investors would be keen to see how that flows to the bottom line. With that in mind, would you buy NIO stock ahead of its earnings report?
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Ford
Another electric vehicle feeling the lift from the infrastructure bill is Ford. Impressively, Ford stock surpassed the $20 mark for the first time in two decades amid a bullish market. If anything, investors and analysts have shown increasing faith in CEO Jim Farley, who is executing the transition to EVs successfully. Also, it also recently announced a cash tender offer to repurchase up to $5 billion of the company’s higher-cost debt. So, it hopes to strengthen the company’s balance sheet and financial flexibility and return its credit ratings to investment grade.
Furthermore, Ford recently partnered with Kid Trax to celebrate the return of the iconic Ford Bronco. Well, it is the first time since 1996 that the Ford Bronco is back on the market. And Kid Trax honors its return as the exclusive Ford Bronco toy licensor in 2021. Thus, a kid-sized version of the SUV will be available in the market now. To top it all off, Ford stock could also see another boost in its stock price when its EV truck manufacturer Rivian goes public. Last month, Ford also announced that it will be reinstating a regular quarterly dividend later this year. In detail, the fourth-quarter dividend of 10 cents per share will be paid on December 1 to shareholders of record on November 19. Given these exciting developments, would you consider buying F stock as it continues to show strength?
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Lucid
Lucid is no doubt one of the strongest potential competitors to Tesla to date. With Lucid’s Air Dream range rating beating Tesla’s longest-range Model S by nearly 100 miles, I can understand why investors are so bullish on Lucid stock as of late. After surging more than 45% in October, Lucid stock is up another 25% in November. The enthusiasm for this new EV entry is predominantly due to rave reviews. On November 5, Motor Trend called it “shockingly good”, saying the Air is the “most compelling American luxury car in recent memory”. Earlier last week, the Wall Street Journal called Lucid Air a “worthy Tesla opponent”. Considering all these, it’s understandable why Lucid stock continues to march higher in the stock market today.
While a lot of the attention is on the luxury electric vehicles itself, that’s only the tip of the iceberg. Here’s why. If you have paid attention during the investor presentation, you would also know that Lucid doesn’t just want to make electric vehicles. Instead, it also aims to leverage its market-leading battery technology to sell energy storage systems. Or simply supply some of the components to other futuristic industries such as flying cars. Lucid is slated to release its third-quarter numbers on November 15. Given its highly positive reviews and interesting developments under their pipeline, would LCID stock make up your list of best EV stocks to buy now?
