Do You Have These Electric Vehicle Stocks On Your Watchlist Today?
Electric vehicle (EV) stocks have been a recurring theme of interest among investors in the stock market. After all, we are witnessing the evolution of the automotive industry before our very eyes. On Monday, EV charging company ChargePoint (NYSE: CHPT) revealed it’s 2022 Charging Forward report. The report reviews the EV industry over the last five years and predictions about what’s to come in the next five years. According to Bloomberg NEF data, global EV sales for passengers more than doubled from 2020 to 2021. Also, every one in ten new vehicles sold last year was an EV. Moving forward, ChargePoint believes that there will be rapid growth in home charging adoption and the shift to electrification will have a bigger impact on everyday lives.
In other news, China’s BYD (OTCMKTS: BYDDF) appears to be on the verge of partnering with the poster child of the industry, Tesla (NASDAQ: TSLA). The company’s executive vice president claims that the company “are now good friends with Elon Musk” because the company is now “preparing to supply batteries to Tesla very soon.” Interestingly, BYD also develops and sells EVs in China, a market in which Tesla is also competing. With that being said, here are four of the top electric vehicle stocks to watch in the stock market today.
Electric Vehicle Stocks To Watch Right Now
- Ford Motor Company (NYSE: F)
- Blink Charging Co (NASDAQ: BLNK)
- Li Auto Inc (NASDAQ: LI)
- Fisker Inc (NYSE: FSR)
Legacy carmaker Ford needs little introduction. Its range of vehicles includes Ford trucks, utility vehicles, cars, and even Lincoln luxury vehicles. As the industry continues to evolve, Ford has no intention of being left behind. Hence, it has been ramping up its electrification effort over the past few years. However, sentiment around F stock this year has been lackluster, to say the least. Could things be turning around soon?
Well, May has been an encouraging month for Ford. Its battery-electric vehicle sales totaled 6,254 for the month, representing an increase of 222% year-over-year. This growth is also almost 4 times faster than the overall U.S. electric vehicle segment in May. Moreover, Ford’s Mustang Mach-E posted a new monthly sales record whereby its sales were up by 166% compared to the same period last year. Despite the global semiconductor chip shortage remaining an issue for the industry, Ford was still able to deliver at record rates. So, should investors be keeping a closer tab on F stock?
As more EVs hit the road, the need for charging equipment and infrastructure would increase dramatically. And, this is where Blink Charging comes into the picture. Put simply, the company is a provider of EV charging equipment and services. Blink’s principal line of products and services includes its Blink Network and EV supply equipment. For a sense of scale, the company currently operates over 30,000 charging ports across 13 countries. In addition, its charging stations are linked via its global network, allowing users to conveniently charge at any of its locations worldwide. Therefore, it would not be surprising if Blink continues to play an impactful role in the growth of the industry.
Late last month, the company announced an agreement with Q-Park to deploy nearly 600 charging points across 80 sites in the U.K. and Ireland. For those unaware, Q-Park is a leading parking infrastructure owner and operator in Europe. As part of the agreement, Blink will be responsible for the installation of the EV charging hardware and management of the charging provision. Therefore, the company will increase the accessibility of charging ports across the region. It will also more than double Q-Park’s existing charging portfolio. Given these exciting developments, is BLNK stock a viable investment right now?
Another top EV company to note today is Li Auto, an innovator in China’s new energy vehicle market. It designs, develops, manufactures, and sells premium smart EVs. The company is also a pioneer in successfully commercializing extended-range EVs in China. Also, its first EV model is the Li ONE, a six-seat, large premium electric SUV. It is equipped with a range extension system and also has advanced smart vehicle solutions. LI stock is currently on a strong bullish run, rising more than 55% within the past month.
The company started the month by announcing its May 2022 delivery updates. Impressively, the company delivered 11,496 Li ONEs in May 2022, up 165.9% year-over-year. As it stands, the cumulative deliveries have reached 171,467 since its market debut in 2019. Investors should note that Li Auto was able to deliver such a feat despite having supply chain issues and lowered production levels due to coronavirus in China. Therefore, it is likely that these figures will continue to improve as China’s coronavirus situation gets under control. With that in mind, do you think LI stock will continue on its current momentum?
To conclude the list, we have the tech-focused, asset-light automotive company, Fisker. In brief, the company is named after legendary automotive designer Henrik Fisker. Among the core focuses of Fisker is to develop the most eco-friendly EV in the market. In its efforts to do so, the company is also aiming to become the top e-mobility service provider with the world’s most sustainable vehicles. FSR stock has been under pressure over the past year. Could its current valuation be attractive to some prospective investors?
In May, Fisker and its partner Foxconn announced the completion of its acquisition of an operational vehicle manufacturing facility in Ohio. Fisker confirms that it will produce its second vehicle, the Fisker PEAR, at this facility. For now, the company expects the Fisker PEAR to start production in 2024 and will have an expected base price below $29,000. Furthermore, Fisker and Foxconn both expect to build a minimum of 250,000 PEAR vehicles a year once the plant ramps up its production. With Fisker making its next move in the EV industry, could FSR stock be a top EV stock to watch?