Are These The Best EV Stocks For Your Late April Watchlist?
As the automotive industry evolves to become greener, electric vehicles (EVs) have been leading the charge. Therefore, as the EV transition continues to accelerate, EV stocks could be worth a look in the stock market. In addition to the ‘cool’ factor of EVs, governments are offering a wide variety of incentives for automakers and consumers to make the EV jump. This ranges from purchase rebates, tax exemptions, and even waivers on fees such as charging, parking, and tolls. Furthermore, with the rising prices of gasoline, the thought of buying an EV has probably crossed your mind recently.
Being a relatively new space, the EV industry seems to be brimming with developments. For one, Australian-based Tritium (NASDAQ: DCFC) on Tuesday scored a multi-year contract with BP (NYSE: BP). Notably, the deal relates to the supply of EV chargers for the U.K., Australian, and New Zealand markets. Elsewhere, we have Nio (NYSE: NIO). The Chinese EV maker recently announced that it has resumed production at a facility west of Shanghai. This comes after Covid-restrictions forced the company to suspend its production. All in all, as automakers continue to electrify their fleets, here are 4 EV stocks to check out in the stock market today.
EV Stocks To Check Out Right Now
- Tesla Inc. (NASDAQ: TSLA)
- Ford Motor Company (NYSE: F)
- Honda Motor Company Ltd. (NYSE: HMC)
- Hertz Global Holdings Inc. (NASDAQ: HTZ)
Tesla
Being the poster child of the electric vehicle (EV) industry, Tesla would be no stranger to most investors. Put simply, Tesla designs, develops, sells, and leases electric vehicles and energy generation and storage systems. To create an entire sustainable energy ecosystem, it manufactures a unique set of energy solutions, Powerwall, Powerpack, and Solar Roof to enable consumers to transition to a green energy future. Just yesterday, Tesla announced its first-quarter financial results which beat analysts’ expectations on top and bottom lines.
For starters, revenue came in at $18.76 billion, surpassing Wall Street estimates of $17.80 billion and signaling an increase of 81% year-over-year. Automotive revenue, which makes up the bulk of Tesla’s revenue, was reported to be $16.86 billion, up by 87% from the same period last year. This growth was driven by an increase in delivered cars as well and an increase in average sales price. As for the company’s profits, Tesla pulled in earnings per share of $3.22, surpassing estimates of $2.26. Financials aside, Tesla also remains confident in growing its vehicle delivery figures by 50% over 2021 numbers. Given the stellar quarter at Tesla, would you invest in TSLA stock?
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Ford
Following that, we will be taking a look at legacy automotive company Ford. Through its global operations, it provides consumers worldwide with its industry-leading vehicles. Notably, this ranges from its vast array of trucks and utility vehicles to vans and cars. On top of that, the company is also actively working to electrify its portfolio with the introduction of new EVs. At the moment, Ford offers the F-150 Lightning, Mustang Mach-E, and E-Transit which are all fully electric. F stock has risen by over 35% over the past year, despite broad market volatility.
Yesterday, Ford announced its plans to introduce four new EVs into its Lincoln line-up by 2026. Along with that, the company also unveiled its new concept EV called the Lincoln Star. The new concept vehicle represents the new design and technology directions that upcoming Lincoln vehicles will lean towards. Besides that, the company also expects EVs to make up more than half of its global volume by mid-decade and 90% of its North American sales by 2030. As Ford transitions into a zero-emissions future, will you be watching F stock?
Honda
Honda is a Japan-based company that primarily engages in the motorcycle and automobile business. Besides that, it also manufactures power equipment. The company has been the world’s largest motorcycle manufacturer for decades. On top of that, the company also boasts being one of the largest automobile manufacturers globally. Looking at the company’s EV plans, it aims to electrify two-thirds of its global automobile unit sales in 2030.
Recently, the company shared its plans to invest around $39.9 billion in electrification and software technologies over the next 10 years. Approximately $27.4 billion will go towards research and development expenses, whereas the rest will be focused on investments. According to its plans, Honda will also aim to launch 30 EV models worldwide by 2030. Next to that, the company will also target an EV production volume of over 2 million units per year in 2030. Its total budget for R&D expenses in this timeframe would amount to roughly $63.9 billion. Given their plans, would you add HMC stock to your watchlist?
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Hertz
Finally, we have Hertz, a car rental company. Hertz is one of the largest worldwide vehicle rental companies with operations in about 160 countries. As such, the Hertz brand is one of the most recognized car rental companies globally. For a sense of scale, Hertz operates approximately 12,000 corporate and franchise locations, both domestically and internationally. Additionally, the company also owns Firefly Car Rental, Thrifty Car Rental, and Dollar Rent A Car brands. Earlier this month, the company announced a strategic partnership with Polestar, a Swedish premium EV car maker.
Notably, Hertz will be buying up to 65,000 EVs from Polestar over the next 5 years. The availability of Polestar EVs at Hertz is expected to start in Spring 2022 in Europe and late 2022 in North America and Australia. Hertz CEO Stephen Scherr said, “By working with EV industry leaders like Polestar, we can help accelerate the adoption of electrification while providing renters, corporate customers and rideshare partners a premium EV product, exceptional experience and lower carbon footprint.”
This partnership builds on Hertz’s announcement last October. Namely, Hertz aims to offer customers the largest EV rental fleet in North America and one of the largest in the world. With that being said, will you be adding HTZ stock to your watchlist?
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