Here Are 3 EV Stocks To Know For This Month
As we start the second half of 2022, electric vehicle (EV) stocks could be considered by investors. With soaring gas prices across the country and states like California recording a whopping high of $6.29 per gallon, the masses could be turning to EVs. The adoption of EVs has also been on the rise in the last few years. One example would be Hertz’s $4.2 billion deal to purchase 100,000 fully electric vehicles from Tesla by the end of 2022. This could provide further incentive for auto manufacturers to electrify their offerings. With that, investors could be looking for EV stocks to put on their watchlist in the stock market today.
Moreover, the start of the second half means that EV companies are providing their delivery updates for June and the second quarter of 2022. One of the companies that have provided these updates is Nio (NYSE: NIO). The company has achieved record-high monthly deliveries of 12,961 in June. This marks an increase of 60.3% year-over-year. In the second quarter, a total of 25,059 vehicles were delivered, making a cumulative total of 217,897 deliveries as of June 30, 2022.
Another EV stock that’s worth mentioning is General Motors (NYSE: GM). Today, it had just reported its second-quarter sales today. Diving in, the company posted a third consecutive quarter of sequential market share gains. Impressively, it achieved this despite lingering supply chain disruptions. It also sold over 580,000 vehicles in the U.S. during this quarter, increasing by 15% year-over-year. With all of this in mind, here are three more EV stocks for your July 2022 watchlist today.
EV Stocks To Watch Today
Lucid Group Inc.
Starting off today we have the automotive company Lucid. In essence, the company designs, develops, manufactures, and sells its own EV, EV powertrains, and battery systems in-house. With its focus on innovations and integrations, the company has developed the Lucid Air. The Lucid Air is an all-electric car that targets post-luxury consumers. Furthermore, the EV is built in a greenfield electric car manufacturing site named Advanced Production Plant-1. The company then sells its EV to consumers directly through its retail sales network and direct online sales.
On Thursday, Lucid made its public debut of the new model Lucid Air Grand Touring Performance. This model was named the fastest production car in the Hillclimb Timed Shootout at the 2022 Goodwood Festival of Speed. On top of that, in a competitive field of 65 vehicles that included purpose-built track cars with motorsports pedigrees, the car finished 12th overall. In addition to showcasing its new model, Lucid displayed two more models at the event, the Lucid Air Dream Edition Performance and Lucid Air Grand Touring.
Recently, the Pinal County Board of Supervisors approved a lease and purchase agreement with Lucid. With this lease, the company’s overall size will be about 2,000 acres. Moreover, the company will be able to produce its full line and have a supplier park. The county believes that the economic output would be approximately $256 billion over 20 years. Meanwhile, the tax revenue from Pinal County is expected to be $352 million. Considering all of this, would LCID stock be a buy now?
Li Auto Inc.
Li Auto is an EV producer with headquarters in Beijing, China. In short, the company specializes in the design, development, manufacture, and sale of smart electric automobiles. The major products of the company are its sport utility vehicles (SUVs) sold under the Li ONE brand. In addition, the company also sells accessories and offers related services such as charging stations, vehicle Internet connection services, and extended lifetime warranties.
On Friday, Li Auto has announced its June 2022 Delivery Update. For the month of June, the company delivered 13,024 Li ONEs, an increase of 68.9% year-over-year. In the second quarter, Li Auto made 28,687 deliveries, representing a 63.2% increase year-over-year. In the meantime, the company as of June 30, 2022, has a total of 247 retail outlets in 113 cities, as well as 308 service centers and Li Auto-authorized body and paint shops in 226 cities.
Last Tuesday, Li Auto also announced that it has filed a prospectus supplement to sell up to an aggregate of $2 billion of American depositary shares (ADSs). These ADSs shares represent the two Class A ordinary shares of the Company, through an at-the-market equity offering program. The company intends to use the proceeds from the offering to fund the development of next-generation EV technologies and platforms. This came days after Li Auto announced that its new flagship SUV Li L9 has received 30,000 reservations. Notably, these were the reservations for just the first 3 days of the new model’s launch. With such growth in the second quarter, is LI stock worth investing in right now?
Topping our list today, we have an automotive and energy company, Tesla. All in all, the company designs, develops, manufactures, sells, and leases fully electric automobiles, as well as energy generation and storage systems, and provides related services. Additionally, the company’s automotive segment includes the sales of automotive regulatory credits. The automotive segment also comprises services and others, which include non-warranty after-sales vehicle services, used car sales, retail items, sales to third-party consumers via acquired companies, and vehicle insurance.
Recently, Tesla filed the official permitting paperwork to expand the factory’s footprint in Austin, Texas. At present time, the factory has a footprint of approximately 4.33 million square feet, which is one of the largest in the world. With the permit, the company plans to expand its footprint by another 500,000 square feet. At the same time, CEO Elon Musk has confirmed the finalization of the Cybertruck’s design, and the production of the electric pickup truck will begin in the middle of next year.
As of today, all eyes are on the delivery update of Tesla for June and the second quarter. The company has posted record deliveries every quarter since the third quarter of 2020, weathering pandemic and supply-chain disruptions better than most automakers. Knowing all of this, would TSLA stock make your list of top EV stocks to buy right now?