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Are These The Best Electric Vehicle Stocks To Buy Before Christmas?

There are plenty of reasons to be bullish on electric vehicle stocks, don’t you think so?

EV Stocks May Be Trading Sideways, But Their Long Term Potential Is As Bright As Ever

Electric vehicle (EV) stocks have been one of the bright spots in the stock market in 2020. You would have seen the monstrous rally in Chinese EV stocks such as Nio (NIO Stock Report) and XPeng (XPEV Stock Report) in recent months. Therefore, investors have been looking for the best EV stocks to buy when the industry seems to be taking a breather this week. 

Of course, it is not just the EV manufacturers who are benefiting from the go-green initiatives. Pick-and-shovel plays are also seeing a surge in demand. For instance, Blink Charging (BLNK Stock Report) which operates charging stations has also benefited. Meanwhile, Plug Power (PLUG Stock Report), while not an EV play in itself, has seen increased interest in its hydrogen fuel cell technology. 

When the whole transportation industry speeds up their transition to electric, investors might want to pay closer attention. While some experts believe that we are in a massive bubble, others beg to differ. The truth is, the rise of EVs didn’t happen overnight. Rather, it has been years in the making. Growing environmental and health awareness has been driving the demand for EVs. Now, we also have a few safe and effective vaccines on the brink of roll-out. As such, the hope for a strong economic rebound couldn’t be more pronounced. And this is expected to bode well for top EV stocks when consumers have more disposable income to spend. That said, would you agree that the following are the best EV stocks to buy before Christmas?

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Best Electric Vehicle Stocks To Watch Right Now #1: CIIG Merger

While most of the EV stocks have been trading sideways this week, CIIG Merger (CIIC Stock Report) closed nearly 10% higher on Thursday. Don’t get me wrong though. This is not to say CIIC stock has been on the upward trend since the special purpose acquisition company (SPAC) announced a reverse merger with EV maker Arrival. In fact, in the past month alone, CIIC stocks more than doubled. However, the recent pull-back among top EV stocks sent the stock sliding more than 20% from its peak. 

Even Jim Cramer endorsed the British EV maker, saying that Arrival has the best claim to be the son of Tesla. “As much as I like this story, I think you can be patient,” the “Mad Money” host said. “But given how much this one already pulled back this week, I’m giving you my blessing to start picking at it tomorrow. Then I want you to wait for maybe a better pitch.”

On December 3, investors appear to be taking advantage of the recent dip in CIIC stock price to scoop up the shares at a discount before the company’s merger is completed in early 2021. After all, if you have been paying attention, the formal completion of other SPAC mergers have boosted their share prices. Chances are, investors are hoping the same with Arrival. Unlike other big names in the EV space focusing on consumer vehicles, Arrival focuses on vans and buses. Will that be enough to make CIIC stock stand out in the growing pool of EV stocks? You be the judge.

Best Electric Vehicle Stocks To Watch Right Now: #2 Tesla

When you put a list of best EV stocks to buy, it will not be complete without its industry leader Tesla (TSLA Stock Report). Sure, you could say that it is the Tesla halo effect that led to the EV boom we have in the stock market today. While some may not be keen to chase the high price tag of the largest EV maker, there are still a lot of investors who believe that it is the only EV stock worth investing in. Granted, Tesla stock made another jump on Thursday, finishing the session more than 4% higher. This came after Goldman Sachs’ recent upgrade of its price target to $780, implying a potential upside of 30% above its current price. 

The surge in Tesla stock took place despite the warning from Musk that they need to tread carefully. “Investors are giving us a lot of credit for future profitability but if at any point, they conclude that’s not going to happen, our stock will immediately get crushed like a souffle under a sledgehammer!” Musk wrote in an email. So far this year, Tesla stock has gained 580%, putting the S&P 500’s 14% gain into shame.

Despite the increasing competition in the EV space, Tesla continues to be at the forefront of this space. As the company continues to report strong growth in its vehicle deliveries, as well as its other areas of business, would you consider buying TSLA stock right now for your long-term portfolio?

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Best Electric Vehicle Stocks To Watch Right Now: #3 Luminar Technologies

Yes, I know what you are thinking. Luminar Technologies (LAZR Stock Report) is not exactly an EV stock. But its laser technology for autonomous driving makes it a worthy inclusion on this list. Like the newly listed EV makers, Luminar Technologies went public Thursday through a SPAC by the name of Gores Metropoulos. For starters, the company has partnerships with Volvo and Daimler. That could bring Luminar’s sensors into autonomous vehicles and semi-trucks beginning 2022. 

Autonomous driving has been a hot topic for a while on Wall Street. Now, Luminar has developed lidar technology to power autonomous vehicles. It is not surprising that investors are getting all excited with this new entrant on Thursday. Apart from Luminar, many EV makers and tech titans are also working on autonomous driving. The reason? It could be a highly lucrative business. And nobody is clearly winning the race yet. “I do believe the trucking and logistics industry is going to be one of the largest and also one of the most overlooked opportunities in this larger industry,” Luminar CEO Austin Russell said. “It’s nearly a trillion dollars a year in the U.S. alone…and a huge portion of it is up for grabs for whoever solves this problem.”

Luminar’s stock soared 28% yesterday after it began trading in its own name. Shareholders who invested in the SPAC certainly made handsome gains. But that is also a testament to investors’ interest in self-driving tech. With all these in mind, is LAZR stock the best bet on the rise of autonomous driving?

By Amos C

Amos is the global markets correspondent for His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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