3 Top EV Battery Stocks To Watch Ahead Of September 2022
EV battery stocks are on the rise as the electric vehicle market continues to grow. Lithium-ion batteries are the most popular type of EV battery, and they are used in a variety of EV applications including passenger cars, commercial vehicles, and two-wheelers. The global EV battery market is expected to reach $137.34 billion by 2025. This growth is being driven by a number of factors including the increasing sales of EVs, stricter emissions regulations, and declining battery prices.
A number of companies are involved in the EV battery market, and their stocks have been performing well in recent years. Some of the leading EV battery stocks include QuantumScape Corporation (NYSE: QS) and Panasonic Holdings Corporation (OTCMKTS: PCRFY) to name a few. With that, here are three top EV battery stocks to check out in the stock market now.
EV Battery Stocks To Watch Today
ChargePoint Holdings (CHPT Stock)
Starting off our list today, ChargePoint Holdings, Inc. (CHPT) is a provider of electric vehicle (EV) charging solutions. The company’s proprietary networked EV charging solutions provide EV drivers with convenient access to reliable and consistent charging services while delivering significant benefits to property owners and operators. In addition, the company’s technology also provides utilities and other third parties with real-time visibility into the status and location of EV charging services, as well as valuable insights into EVs and EV drivers.
What’s more, CHPT announced that it will release its Q2 2022 financial results after market closes on Wednesday, August 30, 2022. As investors await the company’s most recent quarterly results, let’s take a look at how they reported in the previous quarter. In detal, Chargepoint posted a Q1 2022 loss per share of $0.23 on revenue of $81.6 million. This is versus wall street analysts’ estimates of a loss of $0.19 per share, with revenue of $75.7 million. Impressively, the company was able to post a 101.5% increase in revenue on year-over-year basis.
Also, in this earnings report, the comapny also gave some insight to their Q2 estimates. Specifically, the company said they estimate second quarter revenue of $96.0 million to $106.0 million, while maintaining its fiscal 2023 revenue estimates of a range between $450 million and $500 million. Needless to say, it wouldn’t surprise me if investors pay close tabs on CHPT stock in the stock market this week. As of Monday afternoon, shares of CHPT stock are trading at $15.25 per share. With that, will you be watching CHPT stock in the market today?
Tesla (TSLA Stock)
Next, Tesla (TSLA) designs, develops, manufactures, sells, and leases fully electric automobiles. On top of energy generation and storage systems, and provides related services. Next, Tesla’s automotive segment includes the sales of automotive regulatory credits. Just this month, the company announced a 3 for 1 stock split.
Also, just last month, the company reported better-than-expected Q2 2022 financial results. In the report, Tesla called it a “tough quarter”. This is referring to the shutdowns of its plants in Shanghai and global supply shortages. What’s more, they reported a jump of 57% in adjusted earnings to $2.27 per share. Separate from that, Tesla posted a 42% revenue increase to $16.93 billion during the same period, a year prior. Wall Street consensus earnings estimates of $1.81 per share, on sales of $16.54 billion.
In Tesla’s presentation to shareholders, they commented, “We continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M, and ended the quarter with the highest vehicle production month in our history.“ On Monday afternoon, shares of TSLA stock are trading at $285.18 per share. Will you be adding TSLA stock to your watchlist after this?
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BYD Company (BYDDF Stock)
Last but not least, BYD Company is a Chinese multinational automotive manufacturing company with its headquarters in Shenzhen, Guangdong. BYD developed an electric car battery that could power a vehicle for up to 400 kilometers on a single charge. The company has since become one of the leading manufacturers of electric vehicles in the world. Just this month, the company announced they have made the Fortune Global 500 List for this year.
Moreover, last month, BYD reported its sales of new energy vehicles for June. In detail, the company posted a more than triple to 134,036 from 41,036 a year earlier. In addition, its sales in the first half of the year increased by a whopping 315% on a year-over-year basis to 641,350. Aside from dealing with lockdown restrictions in parts of China, BYD seems to have been able to keep up with the demands of its customers.
The company is set to release its interm second quarter 2022 results this week. On Monday afternoon, shares of BYDDF are trading at $34.74 per share. Considering all this, will you be watching BYDDF stock closely this week?