There are many companies that produce electric vehicles (EVs) or are involved in the EV industry, and some of these companies are publicly traded, meaning that their stocks can be purchased on the stock market. Investing in EV stocks can be a way to capitalize on the growth of the EV market and support the transition to sustainable transportation.
However, investing in the stock market involves risks, and it is important to carefully research and consider the potential risks and rewards before making any investment decisions. With the rising importance of EV technology and the market growth that it promises, now could potentially be a great time for those interested to make an investment in EV stocks. Keeping this in mind, here are three EV Stocks to keep on your watchlist in the stock market going into 2023.
EV Stocks To Buy [Or Avoid] For 2023
Nio Inc. (NIO Stock)
Starting off, Nio Inc. (NIO) is a Chinese electric vehicle company. The company designs and manufactures high-performance, premium electric vehicles and provides a range of related services. In addition, Nio also offers a range of services, including battery-as-a-service, which allows customers to lease batteries for their vehicles rather than purchasing them outright.
NIO Recent Stock News
Last month, NIO reported its unaudited 3rd quarter 2022 financial results. Diving in, the company announced that it has delivered 31,607 vehicles for Q3 2022. This reflects an increase of 29.3% versus the same period, in 2021. Additionally, Nio also announced a loss of $0.36 per share and revenue of $1.8 billion for the quarter. Revenue did increase by 20.1% on a year-over-year basis.
NIO Stock Chart
It is no surprise that NIO stock has been hit hard so far this year, as shares are down 64.64% year-to-date. Though, in the last month of trading, shares of NIO stock have seen a slight rebound of 2.82%. On Thursday, NIO stock is trading lower on the day by 2.16% at $11.84 a share. With that, could now be a good time to add NIO stock to your watchlist at these price levels?
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Tesla (TSLA Stock)
Moving along, Tesla Inc. (TSLA) is an American electric vehicle and clean energy company. The company designs and manufactures electric vehicles, as well as solar panels and other renewable energy products.
TSLA Recent Stock News
Back in October, Tesla reported its third-quarter 2022 financial and operating results. Diving in, the EV maker reported earnings of $1.09 per share along with revenue of $21.5 billion for Q3 2022. This is versus analysts’ estimates for the quarter which were earnings of $1.01 per share, and revenue estimates of $22.5 billion.
Moreover, the company also notched in a 55.9% increase in revenue on a year-over-year basis. Furthermore, Tesla announced it produced over 365,000 vehicles while delivering more than 343,000 vehicles in the 3rd quarter of 2022.
TSLA Stock Chart
Similar to NIO, shares of TSLA have fallen by 60.74% year-to-date. Meanwhile, during Thursday’s mid-morning trading session, Tesla stock is trading flat on the day at $156.92 a share.
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Ford Motor Company (F Stock)
Topping off the list is Ford Motor Company (F). For starters, Ford Motor Company is an American multinational automaker that designs, manufactures, and sells vehicles and auto parts worldwide. While Ford has traditionally focused on producing vehicles with internal combustion engines, the company has also begun to produce electric vehicles (EVs) in recent years. Ford’s current EV offerings include the Ford Mustang Mach-E, a high-performance electric SUV, and the Ford F-150 Lightning, an all-electric pickup truck.
F Recent Stock News
Earlier this month, Ford announced that its EV sales jumped 103% for November 2022 compared to November 2021. As a result, these numbers put Ford as the second best-selling brand and manufacturer of EVs behind the EV giant Tesla.
Additionally, the company also announced that sales for its Mustang Mach E-Series advanced by 14.6%. Also, Ford said that since its first sale at the end of May 2022, its F-150 Lightning sales amounted to 13,258 trucks.
F Stock Chart
In 2022, shares of Ford stock have dropped by 39.66% year-to-date. Though, over the last six months, F stock has started to recover by 7.05%. While on Thursday, F stock is trading lower on the day by 2.37% at $13.16 a share.