Top Automotive Stocks To Check Out This Week

Automotive stocks have been a hot topic of discussion among investors over the past few years. The stock market offers plenty of exciting prospects and the automotive industry is at the top of the list. Whether it is electric vehicles (EV) or autonomous vehicles (AV), the future of the industry appears to be making a big shift. The idea of self-driving cars is no longer just a fantasy. Today, there are already cars in our streets that operate without a driver in certain parts of the country. For instance, Alphabet’s (NASDAQ: GOOGL) Waymo offers a fully autonomous ride-hailing service in the East Valley of Phoenix, Arizona. 

However, it remains a fact that the AV industry still has plenty of room to grow. Recently, we saw Volvo (OTCMKTS: VLVLY) announcing that it will be collaborating with Luminar Technologies (NASDAQ: LAZR) to release a hands-free driving system called “Ride Pilot”. Volvo plans to include this technology in its all-electric SUV that it plans to announce later this year. Thus, even traditional automakers have been adept at keeping up with the times. So, it is not surprising that investors are constantly paying attention to the automotive industry. With all that in mind, do you have this list of best automotive stocks to watch in the stock market today?

Best Automotive Stocks To Watch This Week

General Motors

Let us kick start the list by looking at one of the leading automotive companies in the world, General Motors (GM). In detail, the company designs, builds, and sells trucks, crossovers, cars, and automobile parts worldwide. Its diverse team of over 150,000 employees has a vision of a world with zero crashes, zero emissions, and zero congestion. Hence, it is joining the electrification hype while pushing its boundaries with autonomous solutions. Impressively, GM stock has risen more than 30% over the past year.

Last week, GM announced that it will be collaborating with Qualcomm (NASDAQ: QCOM) to power its next-generation hands-free driver-assistance system, Ultra Cruise. It will utilize a scalable compute architecture featuring system-on-chips developed by Qualcomm. In fact, GM will be the first company to use the Snapdragon Ride™ Platform for advanced driver assistance technology. So, this would be key to helping Ultra Cruise achieve an unmatched combination of capability, reliability, predictability, and robust door-to-door autonomous solution. 

Investors should also note that GM is amping up its loyalty program for its customers. It recently launched the all-new My GM Rewards loyalty program for Chevrolet, Buick, GMC, and Cadillac customers. It will feature three membership tiers and new ways to reward its members. Hence, members can earn and redeem points toward buying or leasing a new GM vehicle, as well as for parts, accessories, and other services. While this may seem relatively insignificant in the grand scheme of things, these are minor details that consumers may appreciate from a company. With that said, would you consider GM stock a top automotive stock to buy?

Source: TD Ameritrade TOS

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Another top modern automotive company right now would be Tesla. Being the poster child of the electric vehicle (EV) industry, the company would be no stranger to most investors. Put simply, Tesla designs, develops, sells, and leases electric vehicles and energy generation and storage systems. To create an entire sustainable energy ecosystem, it manufactures a unique set of energy solutions, Powerwall, Powerpack, and Solar Roof to enable consumers to transition to a green energy future. Despite trading sideways in recent weeks, TSLA stock has still risen more than 30% over the past year. 

Amid expectations of a surge in demand for battery metals and other electric car parts, Tesla has agreed to purchase nickel supplies from miner Talon Metals Corp on Monday. It appears that Tesla will be purchasing 75,000 metric tons of nickel concentrates produced from Talon’s Tamarack project. This would strengthen the company’s supply chain as demand for EVs continues to rise by the day. 

On top of that, Morgan Stanley’s Adam Johnson also raised the company’s stock price target to $1300 after its impressive fourth-quarter performance. Besides that, TSLA stock was also dubbed a “Top Pick for 2022” by Goldman Sachs’s analyst Mark Delaney. Overall, the company’s fourth-quarter deliveries that surged by 70% year-over-year have sparked plenty of interest among investors. With these developments, would you consider jumping on the TSLA stock bandwagon?

TSLA stock
Source: TD Ameritrade TOS

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Last but not least, we have the up-and-coming company in the EV space, Lucid. Essentially, this is a company that manufactures EVs. The company’s Lucid Air is a sedan that features interior space in a mid-size exterior footprint. It claims that the car is the longest range, fastest-charging luxury EV in the world. With incredible horsepower and an unrivaled range of up to 520 miles per charge, the car could be a game-changer within the automotive industry. Since its debut on the stock market via a SPAC merger in July 2021, LCID stock has skyrocketed by over 60%.

Earlier this month, Lucid along with Nielsen’s (NYSE: NLSN) Gracenote announced a partnership. The collaboration aims to bring innovative and intuitive audio features to the Lucid Air luxury EV. So, the plan is to integrate Gracenote’s Smart Radio data and technology solutions into Lucid’s entertainment interface. Thus, connecting drivers and passengers to audio content from a range of sources, giving them the best in-car entertainment experience. From this, we can see that Lucid has its focus on making the best EV money can buy while prioritizing in-car experiences. 

Furthermore, the company recently had several leadership changes that would hopefully propel the company to the next level. Firstly, Gagan Dhingra was appointed as Vice President of Accounting and Principal Accounting Officer. He will be responsible for leading accounting, tax, and internal control functions. Secondly, Mr. Mustally Hussain has been appointed as Managing Director, Global Treasurer, and Head of Financial Services. He will be tasked to provide strategic moves in capital market activities, banking relationships, and financial services. Together, they bring decades of strategic leadership experience from various multinational organizations. Given these considerations, would you be adding LCID stock to your portfolio?

Source: TD Ameritrade TOS

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