Are These Top Electric Vehicle Stocks On Your Watchlist This Week?
The market for electric vehicle stocks has been growing rapidly, especially in 2020. Top electric vehicle stocks have seen a lot of volatility in the market so far this year. It’s clear that electric vehicles could very well become the new mainstream form of transportation in the future. It seems like new electric vehicle stocks are entering the market every month. This industry is still emerging, but from the looks of the advancements just from 2020 alone, you can see why investors are excited about the electric vehicle market.
Examples of electric vehicle stocks IPO in 2020 include Nikola Corporation (NKLA Stock Report) and XPeng Inc. (XPEV Stock Report). These electric vehicle stocks successfully raised funding by going public in the market. Investors have truly been keeping an eye on electric vehicle stocks this year. Despite the pandemic, so many have been able to reach new record highs in the market. So it is time to highlight 3 of these electric vehicle stocks that have performed well in 2020.
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Top Electric Vehicle Stocks To Watch This Week: Tesla Inc.
The first electric vehicle stock to watch is Tesla Inc. (TSLA Stock Report). Tesla accounts for 81% of the battery-electric cars sold in the US in the first half of 2020. It seems like Tesla’s stock price just continues to rise in the long term. In 2020, Tesla also surpassed 1 million electric vehicles produced. The company headed by Elon Musk seems to have no stop in sight at the moment. In recent news, Tesla decided to do a stock split.
On August 28th, TSLA stock closed at around $2200 a share. On Monday, TSLA stock closed at $498.32 a share, which is actually 12% higher. This is because Tesla’s stock split just grows the number of shares, but does not decrease the value. The only issue is that on September 3rd, the Dow slid more than 726 points. This has caused TSLA stock price to go from $501 a share to $412 a share, a 17.76% decrease. Usually after a stock split share prices tend to rise and then fall for any company. But this is why TSLA stock is an electric vehicle stock to watch, as it is a leader in the industry.
Top Electric Vehicle Stocks To Watch This Week: Kandi Technologies Group Inc.
The next electric vehicle stock to watch is Kandi Technologies Group Inc. (KNDI Stock Report). Kandi is a Chinese electric vehicle and battery manufacturer. On August 25th, Kandi announced that it will present at the LD 500 virtual conference. On August 20th, it announced that they will be setting up a North American manufacturing plant. The company states that it is in the early stages of discussions with partners, but there is no guarantee that it will be built.
This seems to be a trend with Chinese EV companies looking to manufacture in the United States. Kandi said it plans to “forge a position in North America’s electric vehicle market” via offering lower-cost vehicles. This will be accomplished by eliminating shipping costs and tariffs. In the last 6 months, KNDI stock price has gone up about 97.86% a share. This proves that investors have shown interest in this EV stock. KNDI now has an average volume of over 6.3 million.
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Top Electric Vehicle Stocks To Watch This Week: Arcimoto Inc.
The final electric vehicle stock that we will discuss is Arcimoto Inc. (FUV Stock Report). Arcimoto is an electric vehicle company that sells it’s Fun Utility Vehicle (FUV) which is a two-seat three-wheeled vehicle. On August 19th, Arcimoto decided to report its second-quarter earnings and additionally provide a corporate update. The FUV maker announced that it had raised $16.5 million with two common stock only registered direct offerings. Additionally, it began design evaluation with Munro and Associates to improve its manufacturing processes to bring down costs.
Arcimoto also started its first restaurant delivery pilot program for its Deliverator with Wahlburgers in Key West, Florida. Furthermore, Progressive Motorcycle Insurance is now offered for its FUVs.
The company stated, “While 2020 continues to be a challenge to each of us in almost every way, the pandemic has clarified the relevance of Arcimoto’s mission, with our debut of the Deliverator for just in time home-delivery of food and supplies, the Rapid Responder for emergency response and security, and the renewed importance of personal local transportation with the Fun Utility Vehicle.”
FUV stock has gone up over 250% in the last six months as of September 4th, 2020.
Bottom Line
It is clear that there are many electric vehicle stocks that have taken over in 2020. With companies like Tesla constantly hitting new record highs, it shows the true potential of the electric vehicle sector. The stock market is still in a volatile place because of the economy. But if you do proper research and develop a strategy it could potentially make things easier for you. All in all, that is why these companies are on this list of electric vehicle stocks.
