Do You Have These Electric Vehicle Stocks On Your Watchlist?
Even as the broader stock market continues to show volatility, electric vehicle (EV) stocks could be on the minds of investors. After all, from high oil prices to government EV subsidies, there are numerous reasons for consumers to make the switch from gasoline-powered vehicles to EVs. Of course, the EV industry is not immune to macroeconomic headwinds such as inflation. The good news is, that major players in the industry appear to be confident in their ability to pass on the rising costs to customers.
For instance, General Motors (NYSE: GM) announced last Friday that it will be increasing the price of its electric Hummer by $6,250. The company justified the hike in price for parts, technology, and logistics. Besides, the likes of Tesla (NASDAQ: TSLA) and Rivian also adjusted their prices in recent weeks. Keen investors would likely be keeping an eye on how consumers respond to the higher price tags.
Elsewhere, up-and-coming EV companies continue to make progress. Yesterday, British EV company Arrival (NASDAQ: ARVL) announced that it has achieved EU certification. The company completed all the required functional and safety testing to achieve European Whole Vehicle Type Approval. This is a critical step toward starting trials with customers. Safe to say, the EV sector is growing by the day and could redefine the automotive industry sooner rather than later. As such, here are some of the top EV stocks to note in the stock market today.
Electric Vehicle Stocks To Watch Before July 2022
- Li Auto Inc (NASDAQ: LI)
- Nio Inc (NYSE: NIO)
- Lucid Group Inc (NASDAQ: LCID)
- Rivian Automotive Inc (NASDAQ: RIVN)
- ChargePoint Holdings Inc (NYSE: CHPT)
Li Auto is among the leading companies in China’s EV industry. Put simply, this is an automaker that engages in the design, manufacturing, and sales of smart EVs. As it stands, its primary products are sports utility vehicles (SUVs) under its brand Li ONE. Despite a sluggish start to the year, LI stock has been on strong bullish momentum. Over the past month, the company stock has risen more than 50% and some believe this could just be the beginning. For example, Citi analyst Jeff Chung increased the price target for LI stock to $58.60 recently and maintained a “Buy” rating.
Furthermore, the company unveiled on Tuesday its flagship smart SUV for families, the Li L9. This is a six-seat, full-size flagship SUV that offers superior space and comfort targeted at family users. It also features the company’s self-developed autonomous driving system, Li AD Max, and top-notch safety measures. For interested parties, the vehicle is now open for reservation and will arrive at Li Auto retail stores in China by July 1, 2022. Given these positive developments, would you consider LI stock as a top EV stock to watch right now?
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Similar to Li Auto, Nio is a force to be reckoned with within the Chinese EV industry. The company’s products include the ES8, ES6, EC6, and ET7. Besides that, Nio differentiates itself through its continuous technological breakthroughs and innovations. This includes its industry-leading battery swapping technologies, Battery-as-a-Service, and its proprietary autonomous driving technologies. Impressively, NIO stock has climbed more than 40% within the past month.
Earlier this month, Nio announced its first-quarter earnings. For the quarter, the company’s total revenue came in at $1.56 billion, representing an increase of 24.2% year-over-year. Additionally, Nio set a new record-high quarterly delivery of 25,768 vehicles in the first quarter of 2022. Despite numerous challenges due to supply chain issues and lockdown restrictions in China, Nio continues to show signs of growth. So, could NIO stock be a viable investment today?
Next, we have an up-and-coming EV company in Lucid Group. On top of its proprietary EVs, the company also develops EV powertrains and battery systems in-house using its own equipment and factory. In fact, the company’s Lucid Air is a result of its emphasis on in-house technological innovation, and a clean-sheet approach to engineering and design. Last Friday, the company added its 27th Studio and service center in Denver, Colorado at the Cherry Creek Shopping Center.
On top of that, Lucid announced a partnership with Bank of America (NYSE: BAC) to unveil Lucid Financial Services earlier this month. This is the company’s all-new digital platform that offers a flexible, fast, and easy financing process to its customers. The program is accessible to U.S. customers now taking deliveries of Lucid Air Grand Touring models and will also be available to customers taking delivery of Touring and Pure models later this year. All things considered, should LCID stock have a spot on your watchlist?
Following that, let us look at Rivian Automotive. Currently, the company offers a pick-up truck and an SUV, namely the R1T and R1S respectively. The R1 technology systems include vehicle electronics, battery, electric drive, chassis, Driver+, its advanced driver assistance system (ADAS), and digital user experience management. Also, the company has a portfolio of vehicle accessories such as all-weather floor mats, camp kitchens, and many more.
Recently, Rivian announced plans for a large-scale wind turbine at its Normal, Illinois manufacturing campus. With this, it intends to provide clean energy to allow new R1 vehicles to be powered by renewables for their first charge. In addition, the project supports Rivian’s long-term renewable energy vision of developing high-impact projects that reduce carbon footprints. Staying true to its vision, the company is working hard to electrify transportation while accelerating the shift to carbon-free electricity. With that in mind, would you consider investing in RIVN stock?
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Unlike the previous entries, ChargePoint plays a slightly different yet important role in the growth of EVs. In essence, ChargePoint is a company that develops and markets networked EV charging system infrastructure while providing cloud-based services. As part of its networked charging systems, it provides an open platform that integrates with system hardware from various EV companies and manufacturers. Hence, it can provide real-time information about charging sessions. Riding on rising EV trends, CHPT stock has risen more than 25% over the past month.
Not to mention, ChargePoint also announced a new partnership with the National Electrical Contractors Association (NECA) recently to accelerate the deployment of EV charging. For those unaware, this is the voice of the $202 billion electrical construction industry with 118 local chapters. As part of the collaboration, ChargePoint will connect its technical experts with NECA’s network of thousands of electrical contractors. This would ensure the electrical contractors will have the expertise required to further accelerate the deployment of EV charging infrastructure. In the long term, this would likely benefit EV charging companies such as ChargePoint. Keeping this in mind, would you bank on the future of CHPT stock?
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