June
16, 2021
6 min read
This story originally appeared on StockMarket
4 Trending Electric Vehicle (EV) Stocks To Watch In The Stock Market Now
With all the focus on the economy reopening now, electric vehicle (EV) stocks could provide an interesting opportunity for investors. If anything, some would argue that this sector of the stock market is home to long-term growth stocks. Understandably, EVs are riding two major tailwinds now. To begin with, the industry is part of the global green wave now. With government bodies looking to cut down emissions, EVs would likely come into play over the next few years. Clearly, we can see that President Joe Biden is going big on the sector via his proposed $2.3 trillion bill. Ideally, the bill would see over $600 billion being put towards developing EV infrastructure amongst other transportation sectors.
At the same time, improving pandemic conditions could also be another key factor at play now. Now, consumers are eager to spend on lifestyle improvements that could involve upgrading to EVs. In doing so, they would be buying into the latest automobile trends while helping to reduce carbon emissions. Aside from that, the economy continues to recover which would see EV manufacturing operations picking up speed as well.
Overall, we can see that these tailwinds continue to persist even in international markets. Over the weekend, some of China’s EV leaders made some bold claims over the future of EVs in China. In the China Auto Chongqing Summit, attendees predicted that “new energy vehicles” could account for 70% of China’s new car sales in the next decade. Evidently, Chinese EV companies such as Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) continue to thrive now. Both company’s shares are up by over 45% in the past month. All in all, could one of these EV stocks be worth watching in the stock market today?
Top EV Stocks To Watch This Month
General Motors Company
General Motors (GM) is a multinational corporation that is headquartered in Detroit, Michigan. Also, the automotive giant’s vision is to create a world with zero crashes and emissions. It boasts a diverse team of over 150,000 employees. The company’s new Ultium platform will play a vital role in pushing its EV strategy. GM stock currently trades at $61.63 as of 1:59 p.m. ET and has been up by over 50% year-to-date. Today, the company released an exciting piece of news regarding its investments for future growth.
In detail, it will be increasing its EV and AV investments from 2020 through 2025 to $35 billion, representing a 75% increase from its initial commitment announced before the pandemic. This enhanced commitment will accelerate its transformative strategy to become a market leader in EVs in North America. GM is also on track to be a global leader in battery and fuel cell technology through its Ultium platform and HYDROTEC fuel cells. For these exciting reasons, will you consider adding GM stock to your watchlist?
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Tesla Inc.
Tesla is an EV and clean energy company that is based in California. Its current products include electric cars, battery energy storage, and solar panels. The company is one of the biggest names in the EV industry and for good reason. Recently, it announced a high-performance version of its Model S, called the Model S Plaid. TSLA stock currently trades at $603.17 as of 1:59 p.m. ET.
Diving in on Model S Plaid, the car promises to be the first in mass production to carry sub-two-second zero-to-60 speeds, making it the world’s quickest car available to buy. Tesla also promises a 390-mile range and more than 1,000 horsepower, propelling it to speeds up to 200 mph. CEO of Tesla, Elon Musk had this to say, “We’ve got to show that an electric car is the best car hands down … With the Plaid Model S, what you have is a car that is quicker than any sports car, faster than any Porsche, safer than any Volvo, in the same car. It really feels like you’re driving in the future.” Given this piece of news, will you watch TSLA stock?
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Ford Motor Company
Ford is a multinational automaker that is also based in Michigan. The company designs manufactures and markets a full line of Ford trucks, utility vehicles, and cars, increasingly including electrified versions of its vehicles. The company is pursuing leadership positions in electrification and mobility solutions. F stock currently trades at $14.92 as of 2:00 p.m. ET and has been up by 75% year-to-date. Today, the company announced that its’ luxury automotive brand, the Lincoln Motor Company, will also be accelerating its brand transformation.
Firstly, as Lincoln approaches its 100th anniversary next year, the brand plans to electrify its entire portfolio of vehicles by 2030. This especially with a full lineup of connected vehicles and its first fully electric Lincoln vehicle will debut next year. Secondly, Lincoln also plans to expand its portfolio of effortless and personalized experiences, using the Lincoln Way app to deliver an enhanced suite of connected services. Impressively, by the mid-decade, the company will expect half of its global volume to be zero-emissions vehicles as part of the company’s Ford+ planned investments of more than $30 billion in electrification by 2025. With that in mind, do you think F stock is a top EV stock to watch?
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Nio Inc.
Last but definitely not least, we will be looking at a leading name in the Chinese EV market now, Nio. The Shanghai-based company specializes in developing and marketing smart EVs that boast autonomous driving features. Notably, the company’s current standing in China’s EV market could make NIO stock a top EV stock to watch for investors now. More importantly, the company’s shares are currently looking at massive gains of over 520% in the past year. With NIO stock trading at $44.41 a share as of 2:01 p.m. ET, could it be a buy?
For the most part, the company does not appear to be slowing down anytime soon. Just last week, CEO William Li confirmed that Nio is commencing construction work on its second factory. According to Li, the plant could start operating by the third quarter of 2022. That’s not all, once the factory is functioning at full capacity, Nio estimates that it could double its current monthly vehicle production rate. Not to mention, the company’s recent May delivery figures surged 95% year-over-year. By and large, we could be looking at exciting times ahead for NIO stock. Would you agree?
