Electric vehicle stocks have been on the rise in recent years as the global market for EVs has grown. EV sales are expected to continue to grow in the coming years, and EV stocks could be positioned well to capitalize on this industry’s growth. As a result, we’re seeing large traditional automotive companies like Ford Motors Company (NYSE: F), General Motors (NYSE: GM), and Toyota Motor Corp (NYSE: TM) invest billions into the R&D, manufacturing, and production of EV vehicles.
There are a number of reasons for this. First, EVs are becoming increasingly popular with consumers as they offer a more sustainable and environmentally-friendly option than traditional petrol or diesel vehicles. Second, the cost of EVs is falling as technology improves and economies of scale are achieved. This is making EVs more affordable for consumers and is likely to increase demand.
Finally, governments around the world are introducing policies to support the uptake of EVs, such as subsidies and tax incentives. These factors are all likely to lead to continued growth in the EV market, and electric vehicle stocks are likely to continue to perform well as a result. With that said, here are some of the top EV stocks worth looking at in the stock market today.
Electric Vehicle (EV) Stocks To Watch
- Rivian Automotive Inc. (NASDAQ: RIVN)
- Tesla Inc. (NASDAQ: TSLA)
1. Rivian Automotive (RIVN Stock)
Starting this off, Rivian Automotive Inc. (RIVN) is an American automotive and technology company. Specifically, Rivian designs develop, and manufactures electric vehicles and accessories and sell them directly to customers in both the consumer and commercial markets. Most notably, Rivian’s first EV product, the Rivian R1T, is an EV pickup truck that is set to be launched in late 2022. Additionally, the company plans to release an SUV, the Rivian R1S, sometime in early 2023.
RVN Recent Stock News
Aside from that, in August Rivian reported its 2nd quarter 2022 financial results. In the report, the company reported a loss per share of $1.89 and a revenue of $364.0 million for the quarter. This is compared with consensus estimates for Q2 2022 was a loss of $1.67 per share and revenue of $338.9 million. Furthermore, Rivian reported delivery numbers of approximately 4,470 vehicles for the second quarter. As a result, this represents a jump from under 1,230 delivered vehicles during Q1 2022.
Here’s what the company said about the second quarter in its release to shareholders, “The second quarter of 2022 represented important progress as we delivered against key operational and commercial milestones. We continued to ramp production on our R1 and RCV platform lines, producing 4,401 total vehicles during the quarter compared to 2,553 in the first quarter of 2022. We also rolled out EDV 700s with Amazon in more than a dozen cities in the United States.“
RIVN Stock Chart
On Tuesday afternoon shares of RIVN stock are trading down 1.57% on the day at $33.32 per share. Given Rivian’s positioning in the marketplace and this recent quarter’s performance, do you think it’s a good EV stock to buy right now?
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2. Tesla (TSLA Stock)
Following that, we have EV behemoth Tesla, Inc (TSLA). In short, Tesla is an American automotive and energy company. Specifically, Tesla focuses on electric vehicles, renewable energy storage, and solar panel manufacturing. For a sense of scale, According to data from Experian, during the first half of 2022 Tesla continued to amount to approximately 68% market share in the US electric vehicle market.
TSLA Recent Stock News
In August, Tesla announced the completion of a 3-for-1 stock split. In addition, Tesla also reported a beat for its Q2 2022 financial results. During the second quarter of 2022, Tesla notched in revenue of $16.9 billion, which represents a 42% increase during the same period, in 2021. What’s more, the company reported a 57% increase in adjusted earnings per share to $2.27. Furthermore, Tesla reported its second-quarter operating income for the 2nd quarter of 2022 at $2.5 billion.
Here’s some commentary from the company in their presentation to shareholders, “In Q2, we achieved record production rates across the company. However, we saw a continuation of manufacturing challenges related to shutdowns, global supply chain disruptions, labor shortages and logistics and other complications, which limited our ability to consistently run our factories at full capacity.“
TSLA Stock Chart
Meanwhile, shares of Tesla stock are still down approximately 30%% year-to-date. On Tuesday afternoon Tesla stock is trading up 1.37% at $279.19 per share. Now knowing this, do you think Tesla deserves a spot on your EV stocks watchlist?
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