EV stocks are a hot commodity right now, and for good reason. The electric vehicle market is booming, with sales of EVs increasing in recent years. With EV sales expected to continue to grow at a rapid pace, investing in EV stocks is a smart way to capitalize on this growing industry.
As the EV market matures, EV stocks are likely to become more valuable. Also, EV stocks offer a lot of diversity. There are many different types of EV stocks, including batteries, charging infrastructure, and vehicle manufacturers. This diversity provides investors with the opportunity to invest in different parts of the EV market and to diversify their investment portfolios.
Given the many benefits of investing in EV stocks, it’s no wonder that they are becoming increasingly popular with both individual and institutional investors alike. Considering this, let’s look at three top EV stocks to consider watching in the stock market today.
EV Stocks To Watch In November 2022
- Tesla, Inc. (NASDAQ: TSLA)
- Ford Motor Company (NYSE: F)
- Rivian Automotive Inc. (NASDAQ: RIVN)
Tesla (TSLA Stock)
Starting us off today, Tesla (TSLA) is a vertically integrated sustainable energy company. In short, Tesla manufactures electric cars, batteries, solar panels, and other related products. The company sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities. In addition, Tesla has multiple vehicles in its fleet, which include luxury and midsize sedans and crossover SUVs.
TSLA Recent Stock News
Last month, Tesla reported a miss for its 3rd-quarter 2022 financial results. Diving in, Tesla reported third-quarter 2022 earnings per share of $1.09, and revenue of $21.5 billion. This is compared to analysts’ consensus estimates for Q3 2022 which was earnings of $1.01 per share and revenue of $22.5 billion.
Additionally, the company’s revenue numbers this quarter, reflect a 55.9% increase on a year-over-year basis. What’s more, Tesla also reported that it produced over 365,000 vehicles, while delivering over 343,000 vehicles in Q3 2022.
In the presentation to shareholders, the company said, “We remain focused on increasing vehicle production as quickly as possible, by increasing our weekly build rate in Fremont and Shanghai and progrewssing steadily through the production ramps in Berlin and Texas.“
TSLA Stock Chart
Year-to-date shares of Tesla stock have dropped by 52.04%. Meanwhile, during Monday morning’s trading session, Tesla stock is trading lower by 2.19% at $191.68 per share.
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Ford Motor (F Stock)
Moving along, let’s turn our attention to Ford Motor Company (F). For starters,
the company manufactures automobiles under its Ford and Lincoln brands. In March 2022 the company announced that it will run its combustion engine business, Ford Blue, and its BEV business, Ford Model e, as separate businesses but still all under the Ford Motor Company umbrella. For a sense of scale, Ford has approximately 12.5% market share in the United States.
F Recent Stock News
In October, Ford Motor Company reported weaker than expected third-quarter 2022 financial results. Specifically, the company posted earnings of $0.30 per share, along with revenue of $39.4 billion for Q3 2022.
For context, Wall Street’s consensus estimates for the quarter were earnings of $0.30 per share and revenue of $37.4 billion for the 3rd quarter 2022. What’s more, Ford reported revenue growth of 10.3% during the same period, a year prior.
President and CEO Jim Farley commented, “We’re asking ‘What’s best for customers?’ in everything we do. Winning for customers is driving a re-founding of the company through Ford+, with high ambitions for quality, innovation, profitability and growth across all our businesses – making smart choices about how we deploy capital even as we learn and adapt.”
F Stock Chart
In the last month of trading activity, shares of Ford stock have started to recover by 21.55% after being still being down 34.84% in 2022 so far. Aside from that, on Monday, F stock opened lower by 2.24%, currently trading at $14.18 a share.
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Rivian Automotive (RIVN Stock)
Last but not least, Rivian Automotive (RIVN) designs, develops, and manufactures category-defining electric vehicles and accessories. Additionally, they sell them directly to customers in the consumer and commercial markets.
RIVN Recent Stock News
Last week, Rivian reported a beat for its third-quarter 2022 financial results. Getting straight to it, the company reported a 3rd quarter 2022 loss of $1.57 per share, to go along with revenue of $536 million. Analysts’ consensus estimates for the quarter was a loss of $1.78 per share.
Moreover, the company announced it produced 7,363 and delivered 5,684 vehicles. Rivian also reported that as of November 7, 2022, its net R1 preorder backlog was over 114,000, which is in addition to the 100,000 initial order by Amazon (NASDAQ: AMZN).
RIVN Stock Chart
In the last six months of trading action, shares of RIVN stock have started to recover by more than 34%. As of Monday’s mid-morning trading session, Rivian stock is trading lower by 4.38% at $33.33 a share.
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