The electric vehicle (EV) sector represents a dynamic and transformative facet of the global automotive industry. As concerns over environmental sustainability and rising fossil fuel costs drive a global push towards cleaner transportation options, electric vehicles have emerged as a compelling solution. From sedans and SUVs to trucks and commercial vehicles, electrification is steadily reshaping the transportation landscape. Promising reduced greenhouse gas emissions and a decreased dependency on oil.
Investing in EV stocks offers exposure to a rapidly growing segment of the auto market. Traditional automakers are pivoting towards electrification and a surge of new entrants aiming to capture market share. In turn, the competition is intense but the potential rewards are substantial. The rise of EVs isn’t just about cars; it encompasses an entire ecosystem, including battery manufacturers, charging infrastructure providers, and software developers focused on autonomous driving and connectivity.
For investors intrigued by the EV space, it’s vital to consider both the opportunities and the challenges. The industry’s growth trajectory suggests significant potential, but the path to widespread adoption isn’t without obstacles. Factors such as evolving regulatory environments, technological advancements, and infrastructure development will play pivotal roles in shaping the future of the sector. All things considered, here are two electric vehicle stocks to check out in the stock market this month.
EV Stocks To Watch Right Now
Tesla (TSLA Stock)
Starting off, Tesla Inc. (TSLA) is a prominent global leader in the electric vehicle industry, not just manufacturing cars, but also pushing forward advancements in sustainable energy solutions.
In July, Tesla unveiled its second-quarter financial results for 2023, surpassing many analysts’ projections. The electric car giant recorded earnings of $0.91 per share, alongside a revenue totaling $24.93 billion. This is compared to analyst expectations, which anticipated earnings of $0.82 per share and revenue of $24.53 billion. Additionally, there was a significant 47.20% rise in revenue when compared to the same timeframe the prior year.
Meanwhile, during Monday morning’s trading session, shares of TSLA stock opened up 6.62% on the day so far trading at $264.95 a share. This surge stems from an optimistic look at its Dojo supercomputer.
General Motors Company (GM Stock)
Next, General Motors Company (GM) is a key participant in the automobile sector. The company offers a diverse range of cars, trucks, and electric models. Given its extensive history in the industry and efforts towards electric vehicle development, GM is navigating the evolving landscape of the electric vehicle market.
Back in July, General Motors also reported its second quarter 2023 financial results. Diving in, the company reported earnings of $1.91 per share, with revenue of $44.75 billion for the second quarter. This was versus Wall Street’s consensus estimates which were earnings per share of $1.73 on revenue of $41.98 billion. Moreover, revenue increased by 25.13% compared to the same period, the previous year.
Continuing on, Monday morning shares of GM stock are trading modestly lower off the opening bell by 0.67% at $32.73 a share.