3 Trending EV Stocks In Focus In The Stock Market 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. Having said that, it’s safe to assume that the EV opportunity has a long runway ahead of it. And betting on some of these top electric vehicle stocks could potentially bring you big gains over the long term.
Earlier this week, Tesla (NASDAQ: TSLA) officially opened its plant outside of Berlin. The $5.5 billion facility will likely boost the company’s capacity to meet its growing demands. It appears that Tesla would be making 5,000 to 10,000 vehicles a week by the end of the year. This could be timely as Russia’s invasion of Ukraine is negatively affecting fuel costs and supply chains.
Elsewhere, Chinese EV company Xpeng (NYSE: XPEV) announced that its P7 smart sports sedan has become its first model to reach the production milestone of 100,000 units. On a sense of scale, this is achieved after a mere 695 days after its official launch on April 27, 2020. This sets a record for pure EVs from emerging auto brands in China. With that in mind, let’s take a look at some of the top EV stocks in the stock market today.
Electric Vehicle Stocks To Watch Before April 2022
- ChargePoint Holdings Inc (NYSE: CHPT)
- Lucid Group Inc (NASDAQ: LCID)
- General Motors Company (NYSE: GM)
ChargePoint is a developer and marketer of networked electric vehicle charging system infrastructures. The company also engages in cloud-based services. Thus, it enables its customers to locate, reserve, authenticate and transact EV charging sessions with ease. Despite a bumpy start to the year, CHPT stock has been on strong bullish momentum over the past month. The company stock has risen more than 45% within the period. Well, ChargePoint has been active on the collaboration front lately.
Last month, the company and fleet management company Wheels Donlen announced a fleet partnership to provide Wheels Donlen customers with fleet mobility and home charging solutions. The partnership will allow interested companies to easily realize their e-mobility goals. Both companies will be providing the tools to companies that need to electrify their fleet including at-home charging hardware, and access to over 125,000 public charging points. Safe to say, having access to ChargePoint’s nationwide charging network and cloud software will also provide holistic management and consolidated billing for fueling across customer fleets.
Additionally, ChargePoint has also not been resting on its laurels. Yesterday, there was another announcement regarding a partnership with Toyota Motor (NYSE: TM) North America. Both companies agreed to enable convenient, accessible home and public EV charging for drivers of Toyota’s new battery-electric bZ4X SUV. This is a testament to ChargePoint’s ability to deliver top-class services as esteemed automotive brands like Toyota would seek the company for its electrification plans. Given these exciting developments, would you consider adding CHPT stock to your watchlist?
Another EV stock that has been gaining traction today is Lucid. For those unaware, this is an automotive company that specializes in EVs, EV powertrains, and battery systems in-house. Well, the company’s Lucid Air is a result of its focus on in-house technological innovation and a clean-sheet approach to engineering and design. The Lucid Air is a fully electric sedan that targets post-luxury consumers. Impressively, LCID stock has risen nearly 20% over the past week. Now, investors should note that there could be even more reasons to be optimistic right now.
Yesterday, Lucid announced that its DreamDrive Pro advanced driver-assistance system will add new features in the future. It will be built based on the NVIDIA (NASDAQ: NVDA) DRIVE Hyperion technology. For those unaware, this is a powerful software that already integrates into every Lucid Air on the road today. With this, Lucid can deliver safe EVs that are future-ready. It has the ability to grow in capability over time, blending sophisticated hardware with regular over-the-air software updates with an in-house software stack.
In addition, the company also announced the signing of agreements with the Ministry of Investment of Saudi Arabia last month. The agreement would lay the groundwork for a full production factory in Saudi Arabia. This would naturally benefit the country as it would likely accelerate the region’s strategic goal to transform and diversify its economy through the development of sustainable energy and transportation. All in all, Lucid believes that this manufacturing plant may result in up to $3.4 billion of value to the company over 15 years. It should also address the growing demand for its products and services. All things considered, would LCID stock be a top EV stock to watch?
Let us sum up the list with the legacy automotive company, General Motors. Traditionally, the company designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. Besides that, it also provides automotive financing services through its General Motors Financial Company. Today, General Motors has also been ramping up its electrification efforts and self-driving technologies.
For instance, the company and POSCO Chemical announced earlier this month that they will be working with the government of Canada and Quebec. The collaboration is to build a new facility in Quebec, estimated at $400 million. The facility will produce cathode active material for GM’s Ultium batteries. These batteries will power EVs such as the Chevrolet Silverado, GMC HUMMER, and Cadillac LYRIQ. With this in place, the company is a step closer to realizing its plans of having the capacity to build 1 million EVs in North America.
Furthermore, General Motors recently announced that it will be buying out the SoftBank Vision Fund 1’s stake in its self-driving startup Cruise LLC for $2.1 billion. This would mark the end of the Japanese investment firm’s involvement in the business. Also, the company claims that it will invest another $1.35 billion in Cruise. As a result, the deal will consolidate General Motors’ ownership and control over Cruise. Overall, it seems like the company is trending in the right direction as it prepares for the evolution of the automotive industry. Therefore, do you believe that GM stock will have more room to grow?