Are These The Best EV Stocks To Buy Before Next Month?

As investors look for the next big industry in the stock market, electric vehicle (EV) stocks come to mind easily. After all, investors would be looking towards long-term growth, and the EV industry seems to fit this category. It is no secret that governments all over the world are starting to emphasize cleaner energy sources. Even President Joe Biden has backed the future of the auto industry going electric. We could see this through the White House’s current infrastructure bill that will see $174 billion heading towards the industry.

Many companies are also starting to realize the potential of EVs. Today, South Korea’s Hyundai Motor Company (OTCMKTS: HYMTF) and LG Energy Solution announced that they would set up a joint venture in Indonesia to establish a battery cell plant for electric vehicles. Both companies will be investing $1.1 billion each owning half the business. These are moves from global automakers to secure EV batteries in anticipation of a rise in sales from government subsidies as governments worldwide seek to cut carbon emissions. Therefore, it would make sense that investors are always on the lookout for opportunities in the EV industry. So, do you already have a list of the top EV stocks in the stock market today?

Best EV Stocks To Watch In August 2021

Ford Motor Company

Ford Motor is no stranger to most. The company has been around for more than a century and has adapted through many eras. In detail, the automobile company that manufactures, designs, and markets trucks, utility vehicles and is now venturing into EVs. F stock has quietly been one of the better performing EV stocks in the stock market. Smart investors who bet on the company stock have doubled their earnings over the past year. 

F Stock

Last week, an announcement stated that Argo AI and Ford will launch their self-driving vehicles on Lyft’s (NASDAQ: LYFT) network by the end of this year. As part of the network access agreement, it will deploy Ford self-driving cars with safety drivers on the Lyft network, with passenger rides beginning in Miami first, then in Austin starting in 2022. The unique collaboration brings together all of the parts necessary to create a viable autonomous ride-hailing service.

Ford has also recently announced its second-quarter earnings. It was surprising for some as it reported better-than-expected quarterly results. The company’s revenue rose 38% to $26.8 billion, more than the $23 billion analysts expected. This is largely driven by strong sales in its home market. Due to this, it has raised its full-year forecast for adjusted earnings to a range of $9 billion to $10 billion before interest and taxes. Given these exciting developments, would you add F stock to your watchlist?

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Tesla Inc

Following that, we have the leading EV and clean energy company based in California, Tesla. The company specializes in electric vehicles and has an energy generation and storage segment that includes the design, manufacture, installation, sales, and leasing of solar energy systems and storage products. As the poster child of this booming industry, TSLA stock has more than doubled its value over the past year.

top electric vehicle stocks to buy now (tsla stock)

On Monday, Tesla announced record second-quarter results that blew past estimates. Impressively, its revenue came in at $11.96 billion versus analyst expectations of $11.2 billion. Meanwhile, its income almost increased tenfold, coming in at $1.1 billion. This is a huge milestone for the company as its income has finally crossed the $1 billion mark for the first time in its history. 

Given the backing of the Biden administration’s regulatory tailwinds and a change in public perception of EVs, the company is well-positioned for the future. We should not forget that this record was set during a global pandemic. There were many supply chain issues and raw material costs have risen as well. Also, there were regulatory probes in China and safety concerns related to its cars. When you factor all these together, that makes Tesla’s achievement even more impressive. So, would TSLA stock still be a top EV stock to watch now? 

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Fisker Inc 

Next, we have an EV company that is developing one of the most eco-friendly EVs in the world, Fisker. On top of designing and developing EVs, it also has filed patents on solid-state battery technology for use in automotive and consumer electronics. Most consumers and investors alike are excited about its first Fisker Ocean models that will begin production in 2022. 

best ev stocks to buy now

Yesterday, the company announced it will make a $10 million private investment in public equity supporting the planned merger of Allego with Spartan Acquisition Corp III (NYSE: SPAQ). For those unfamiliar, Allego is a leading EV charging network in Europe. It has deployed more than 26,000 charging ports across 12,000 public and private locations in 12 European countries. Its network includes fast, ultra-fast, and AC charging solutions.

This investment has more than meets the eyes. In fact, it could just be the beginning of a long collaboration between Fisker and Allego. For starters, customers buying or leasing a Fisker Ocean SUV will benefit from one year of free charging on the Allego network. Besides that, the two companies are also working on plans to deliver a seamless charging experience for Fisker customers using the Allego ‘Plug&Charge’ service. At this point, it does seem like the company has everything planned out in anticipation of its first EV. Thus, would FSR stock be a solid investment for the future?

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Magna International Inc

Topping off our list today is Magna. The company is one of the auto equipment providers that is making considerable strides in revving up electrification capabilities. Magna is developing unique and scalable solutions that target issues current OEMs face in terms of efficiency and cost of electric vehicles. MGA stock has been up by more than 70% over the past year.

top ev stocks to buy (MGA Stock)

On Wednesday, the company along with LG Electronics signed the transaction agreement which establishes a joint venture between the two. This new company will be called LG Magna e-Powertrain. With this, it unifies Magna’s strength in electric powertrain systems and world-class automotive manufacturing with LG’s expertise in component development for e-motors and inverters. Also, it will enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification.

Not to mention, Magna also agreed to buy Swedish rival Veoneer Inc for about $3.8 billion last week. Veoneer makes advanced driver assistance systems that add features ranging from collision warning to parking assistance. After all, assisted driving features such as adaptive cruise control are becoming more common. So, this deal will help Magna close the gap with other market leaders and improve its autonomous vehicle technology. All things considered, are you sold by the prospect of MGA stock?

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