These 5 Electric Vehicle Stocks Are Starting The Week Strong

Electric vehicle (EV) stocks have been one of the hottest investment themes in the stock market in recent years. With Electric Last Mile Solutions (NASDAQ: ELMS) surging on its first day of debut on Nasdaq, the excitement surrounding the space appears to have outweighed concerns about the burgeoning industry. There’s no doubt that the enthusiasm has cooled down for the sector over the past few months.

Given that the stock market today seems to be taking a fresh look at some of these EV startups, it doesn’t hurt to put up a list of top EV stocks to buy to ride along with the current momentum. With competition heating up in the space, chasing the high price tag of Tesla (NASDAQ: TSLA) need not be the only game. After all, it is reasonable to wonder if Tesla’s prospective returns can match up to its past performance. 

Instead, many have been turning to up-and-coming EV stocks in the hope that these stocks may deliver returns similar to Tesla in its early days. If you’re looking for the next best EV stocks to buy, do you have the following names on your watchlist?

Top EV Stocks To Watch In July 2021


Right off the bat, Nio is known by many as the Tesla of China. The company is arguably one of the most successful EV companies in terms of growth in the stock market today. Nio started the week on a strong note, with its shares closed nearly 10% higher on Monday’s trading. This came after the company said it will hold a “NIO Power Day” event next month. But what does it really mean? You see, EV stock investors have been accustomed to companies using big-day events to unveil new products and services. And it appears to me that investors are hoping for big news from the event on July 9.

best electric vehicle stocks to buy (nio stock)

Another catalyst with Nio is its ongoing expansion into European markets. If you have been following the company’s news, you would know that Nio announced its entry into the Norwegian market in late April.

And that’s not all, the company also announced it will enter the German market by 2022 earlier last week. Although Norway has a higher EV penetration rate, Germany is widely considered to be one of the most important markets to break into in Europe. More importantly, Nio’s battery-as-a-service business model could put NIO stock in a strong position to compete with other top EV stocks in the stock market. 

[Read More] 5 Tech Stocks To Watch This Week

Churchill Capital Corp IV

Another EV stock making big moves in the stock market starting this week is Churchill Capital Corp IV. This came as the company inches ever closer to its merger with Lucid Motors. Shareholders will meet on July 22 for a special meeting to vote on the matter. Should the merger be approved, the merger with Lucid Motors could be confirmed as soon as the following day after the vote. This is highly exciting news for space as Lucid Motors is arguably one of the strongest contenders to compete with Tesla.

SPAC stocks (CCIV stock)

Lucid Motors is a strong player in the industry and it has impressive plans for the future. Backed by an impressive engineering and design team to create world-class EVs, many are confident that this strong team could turn the projections and goals into reality.

Recently, the company stated that it topped 10,000 paid reservations for its Lucid Air. The numbers look encouraging, but no one can be sure if this game plan will remain the same in the long run. Seeing that many SPACs dip after the merger, will you be watching CCIV stock to buy on a potential dip? 

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Xpeng Motors

XPeng stock has been on an upward trend in the stock market over the past week. This came after the company’s initial public offering announcement in Hong Kong. The IPO is expected to bring in between $1 billion to $2 billion of fresh funds for the company.

top ev stocks to watch (xpev stock)

XPeng’s primary products are environmentally friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). Besides, XPeng aims to develop full-stack autonomous driving technology, in-car intelligent operating systems, and core vehicle systems in-house through its proprietary software, core hardware, and data technologies. 

In May, XPeng delivered a total of 5,686 Smart EVs. This represents a 483% increase year-over-year. Out of which, 3,797 consisted of P7s, and 1,889 were the G3s. Accordingly, that demonstrated the strong customer appeal of XPeng’s market-leading smart features. Also, it is noteworthy that the company has set a new record of longest autonomous driving by mass-produced vehicles in China. With the June delivery numbers coming out in the first week of July, would you place your bet on XPEV stock right now?

[Read More] Stocks To Watch This Week? 4 Entertainment Stocks To Know

General Motors

While high-profile electric vehicle stocks may get more of the attention these days, General Motors is not sitting on the sidelines either. In fact, GM is not only pushing into the EV market but also invests heavily in autonomous vehicle technology. Of course, GM is no Tesla. But that doesn’t mean GM can’t be one of the best EV stocks for investors. In fact, the Detroit automaker expects the first-half profit to be “significantly better” than previously forecast.

automotive stocks to buy (GM stock)

In fact, if we’re to compare the stock performance among top EV stocks, GM handily outperformed top EV stocks on this list. The company’s stock price is seeing gains of more than 40% year to date. General Motors recently unveiled its plan on increasing its EV and AV investments from 2020 through 2025 to $35 billion.

This represents a 75% bump from its initial commitment announced before the pandemic. If you believe that GM will take up sizable market shares in the EV space, wouldn’t it make sense to load up on GM stock right now?

[Read More] Best Stocks To Invest In Before July 2021? 4 Biotech Stocks To Know

ChargePoint Holdings

Charging network operator ChargePoint Holdings is your pick-and-shovel play in this red-hot industry. The company operates one of the largest networks of independently-owned EV charging stations globally. In terms of scale, ChargePoint’s stations are present across 14 countries today. Arguably, CHPT stock offers investors a means to bet on both EV trends and infrastructure stocks at the same time. These tailwinds are powering up CHPT stock to a level it hasn’t seen since February. 

CHPT stock

Earlier this month, the company also announced a new partnership with Mercedes called “Mercedes me Charge” for the EQ line of EVs. This partnership is another step for the company’s strategy in increasing adoption and charger utilization. There’s been a lot of excitement for EV charging stocks over the past year, driven by the rapid expansion of EV production by automakers.

And with so much uncertainty in the space, going with a market leader like ChargePoint seems like a safer bet. Whether CHPT would play out as a profitable charging leader remains to be seen. But its dominant position in the charging network space could help it stay ahead of competitors.

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