Are These Top EV Stocks Worth Watching Right Now?
As Russia continues to escalate its attacks on Ukraine, countries across the globe continue to impose heavy economic sanctions. Because of this, investors may be considering electric vehicle (EV) stocks alongside green energy stocks in the stock market today. By and large, this would be due to the increasing pressure on global energy supplies amidst the current Russia-Ukraine conflict. Understandably, Russia is currently the third-largest oil producer in the world with a global output of about 10%. As such, it would make sense then that investors and organizations alike are turning to EV stocks even more.
For one thing, the industry is not sitting idly by amidst all of this as well. Take Nio (NYSE: NIO) for example. Nio is set to go public in Hong Kong on March 10. It will do so via a “listing by way of introduction” where it offers a portion of existing shares for trading. Thus, this would allow the company to access a broader shareholder base. At the same time, other EV players like General Motors (NYSE: GM) are actively expanding their offerings as well. As of last week, GM is planning to launch about 50 “value-added products and services” through 2024. With all this in mind, here are four top EV stocks to watch in the stock market this week.
EV Stocks For Your March 2022 Watchlist
Li Auto Inc.
First up, we have Li Auto, an EV manufacturer with headquarters in Beijing, China. The company develops and manufactures premium smart EVs that mainly cater to the Chinese middle-class markets. In fact, it is a pioneer in successfully commercializing extended-range EVs in China. The company also develops next-generation EV technology and smart vehicle solutions. Notably, it also has plans to expand its product line by developing new vehicles to cater to a broader consumer base.
Today, the company reported its February 2022 delivery update. Diving in, Li Auto delivered 8,414 Li ONEs in February 2022, up by 265.8% year-over-year. Cumulative deliveries of Li ONE reached 144,770 since the vehicle’s market debut. “During the Chinese New Year, our users enjoyed range-anxiety-free and pleasant family time, thanks to Li ONE’s range extension system that uses battery power for urban commuting and recharges during long-distance traveling. The combination of this system with the full-stack, self-developed NOA as part of Li ONE’s standard configuration creates a safer and more convenient driving experience and offers superior suitability for long-distance family travel,” said Yanan Shen, co-founder, and president of Li Auto. Given this piece of news, is LI stock worth investing in?
Following that, we have XPeng, yet another Chinese EV manufacturer that has made huge strides in the EV market in recent years. It is a proven leader in the rapidly growing Smart EV market, producing popular and environmentally-friendly vehicles. Namely, this would include the G3 SUV and its four-door sports sedan, the P7. It combines modern design with high performance, coupled with safety and reliability.
Today, the company also announced impressive delivery results for February 2022. Firstly, it delivered 6,225 vehicles in February 2022, a 180% increase year-over-year. Over 50% of this month’s deliveries consisted of its P7 sports sedans, representing a 151% year-over-year increase. The company’s Zhaoqing plant has also received a technology upgrade during the Chinese New Year holiday from late January to early February. Production at the Zhaoqing plant has resumed in mid-February as planned. The upgrade will enable the company to accelerate the delivery of its order backlog with ease. In February, XPeng also announced partnerships with two automobile retail firms to support its expansion into the Netherlands and Sweden. All things considered, is XPEV stock a top EV stock to consider watching?
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Fisker is an EV automaker that was founded by the legendary automotive designer, Henrik Fisker. In brief, it is a design-forward company that strives to improve every aspect of electric vehicles. The company has an asset-light, direct-to-consumer operating model that supports recurring revenue, reduced cyclicality, and a rapid path to production and profitability. On Monday, the company debuted its Fisker Ocean all-electric SUV to the European market at the Mobile World Congress in Barcelona.
The five-passenger Fisker Ocean Sport features a range of 273 miles with a starting price of $37,499 in the U.S. The top trim Fisker Ocean Extreme travels 390 miles (EPA estimate)/630 KM (WLTP estimate) on a single charge with dual-motor AWD, three driving modes, and a host of first-to-market safety features. Fisker is developing a comprehensive and well-integrated European strategy. In 2021, the Manhattan Beach, California-based startup established an office in Munich and is rapidly adding staff to serve a fast-growing electric vehicle market. With that in mind, will you be watching FSR stock?
When talking about the top EV stocks in the market now, Tesla would be hard to overlook. Naturally, this is apparent after considering its pioneering work and towering presence in the field. For a sense of scale, the company completed over 308,000 vehicle deliveries in its latest quarter. Throughout 2021, this figure is up to 936,000 units. Aside from that, Tesla also designs and manufactures solar panels and solar roof tiles. All of which makes TSLA stock a viable play for investors looking to bet on consumer-focused renewable energy markets.
If anything, analysts over at Daiwa Capital (OTCMKTS: DSEEY) seem to believe so. Chiefly, analyst Jairam Nathan recently hit TSLA stock with an Outperform rating. Adding to that, he is also raising the firm’s price target for Tesla’s shares to $900 apiece. To highlight, Nathan argues that Tesla would stand to benefit should the current increase in oil prices lead to increased EV adoption. Moreover, Tesla seems to be hard at work growing its operations in Europe. According to reports coming out of Germany, the company is nearing approval to kickoff production at its latest factory outside of Berlin. Should this be the case, this would boost Tesla’s annual production capacity by about 500,000 cars. With positive analyst coverage and its Gigafactory Berlin set to begin operating, TSLA stock could be one to look out for today.