Check Out These 4 Top Electric Car Stocks In The Stock Market This Month
With the economy on the rise and consumers eager to spend, electric vehicle (EV) stocks could be worth watching now. Over the past year, investors have and continue to eye this section of the stock market closely. After all, most would argue that the EV industry is still in its early growth stage now. According to research firm Canalys, EVs accounted for almost 5% of all new car sales in 2020, totaling 3.1 million units. However, when you compare this to 2019 levels, we are looking at a jump of 39%. Moving forward, the firm believes that this figure could rise to 30 million by 2028. With the current demand for EVs in a strong consumer market, I could see EV stocks taking center stage.
At the same time, even traditional automobile manufacturers are pivoting towards the EV market as well. Just this week, Honda announced plans to start developing its own EVs in 2024 while Volvo unveiled a new concept EV. Thus, investing in classic EV names such as Tesla (NASDAQ: TSLA) is not the only game in town. Namely, shares of Electric Last Mile Solutions (NASDAQ: ELMS), a manufacturer of commercial electric vans, gained by over 12% yesterday. Not to mention, there are also plans to significantly boost government spending on EV infrastructure in the U.S. This would serve to further incentivize the adoption of EVs as a more sustainable means of travel. With all that said, here are four hot electric car stocks worth noting in the stock market today.
Best EV Stocks To Watch This Month
Nio is a pioneer in China’s premium EV market. The company has essentially been at the forefront of the EV market in the last year. Its products are filled with next-generation technologies in connectivity, autonomous driving, and artificial intelligence. It is also the brains behind innovative technologies like its Battery-as-a-Service technology. NIO stock closed Thursday’s trading session at $50.90 and has been up by over 500% in the last year. Today, the company provided a June and second-quarter 2021 delivery update.
Impressively, it continues to achieve record-high monthly and quarterly deliveries. In detail, the company delivered 8,083 vehicles in June 2021, up by 116.1% year-over-year. Its cumulative deliveries of its ES8, ES6, and EC6 as of June 30, 2021, reached 117,597. Also, Nio delivered 21,896 vehicles during the quarter, increasing by 111.9% from a year earlier.
Given how the company continues to expand its manufacturing capabilities, should investors be paying more attention to Nio? In May, the company also announced that it has entered into a manufacturing agreement with Jianghuai Automobile Group (JAC). In addition, JAC will expand its annual production capacity to 240,000 units to meet the growing demand for the company’s vehicles. For these reasons, would you say NIO stock is a top electric car stock to watch?
XPeng is a leading smart electric vehicle company that develops, manufactures, and markets EVs to middle-class consumers in China. The company develops in-house its full-stack autonomous driving technology and in-car intelligent operating system. It also develops core vehicle systems for powertrains and other electrification architecture. XPEV stock currently trades at $43.66 as of Thursday’s closing bell and has more than doubled in valuation in the last year.
Today, the company also announced its vehicle deliveries for June and its second quarter of 2021. Firstly, it reported a record month with 6,565 vehicles delivered in June, a 617% increase year-over-year. Secondly, it reported that it has delivered a total of 30,738 vehicles year-to-date, representing a 459% increase compared to a year earlier. Specifically, its P7 deliveries continue to show record-breaking growth in June, reflecting its popularity among China’s tech-savvy consumers. Given the excitement surrounding XPeng, will you consider adding XPEV stock to your watchlist?
General Motors Company
GM is a multinational company that focuses on advancing an all-electric future for its portfolio of automobiles. The company’s Ultium battery platform, which powers everything from mass-market to high-performance vehicles. GM and its subsidiaries sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun, and Wuling brands. GM stock currently trades at $59.11 as of Thursday’s close and is up by over 45% year-to-date.
Notably, GM seems to be hard at work on the operational front right now. As of last week, the company is currently teaming up with Royal Dutch Shell (NYSE: RDS.A). The duo will be working to provide comprehensive energy solutions programs to GM’s clients and supply chain partners. Moreover, said programs include fixed-rate home energy plans completely powered by renewable energy sources. According to GM, Chevrolet, Buick, GMC, and Cadillac owners in Texas are now eligible to join the program. As the company continues to expand its clean energy offerings, will you be keeping an eye on GM stock?
Another upcoming name in the EV manufacturing space now would be Fisker Inc. In terms of offerings, the company is currently hard at work developing the Fisker Ocean. According to Fisker, this all-electric SUV will be made from recycled and vegan materials. This would be in line with the company’s goal to make the most environmentally friendly EVs in the market. With the current emphasis on sustainability across the globe, Fisker’s offerings could be in demand. Likewise, I could see FSR stock receiving attention from auto investors as well. In fact, the company’s shares are looking at gains of over 40% in the past month already. Shares of FSR stock closed Thursday’s trading day at $18.42 a share.
Nevertheless, Fisker appears keen on keeping up its current momentum. Just yesterday, the company provided another key update on the production of its flagship Fisker Ocean SUV. To highlight, Fisker officially opened several dedicated operational areas at Magna International’s (NYSE: MGA) manufacturing facility. This would mark a key step towards fulfilling its current manufacturing deal with Magna now. According to Fisker, the current prototype facility has a manufacturing capacity of 1,500 vehicles per year. CEO Henrik Fisker appears confident that the Ocean “will launch on time” as the Ocean program continues as planned. Given all of this, we could be looking at exciting times ahead for Fisker. Would you say the same for FSR stock?