Electric vehicle stocks have been on the rise in recent years as the automotive industry has undergone a major shift toward electrification. EV stocks are typically more volatile than the overall market, but they offer investors the potential for high returns as the EV market continues to grow.
Electric vehicle stocks have been bolstered by a number of factors in recent years, including government incentives, falling battery prices, and increasing consumer awareness. This is evident with popular EV stocks like Tesla (NASDAQ: TSLA) and NIO Inc. (NYSE: NIO). The electric vehicle market is still in its early stages, and EV stocks are likely to remain volatile in the near future. However, long-term investors may find that EV stocks offer considerable upside potential. Keeping this in mind, here are two cheap EV stocks to watch in the stock market today.
EV Stocks To Invest In [Or Avoid] Right Now
1. Lucid Group (LCID Stock)
First off, Lucid Group Inc. (LCID) is a technology and automotive company. For starters, the company develops the next generation of electric vehicle (EV) technologies. Additionally, Lucid Group is a vertically integrated company that designs, engineers, and builds electric vehicles, EV powertrains, and battery systems in-house using our own equipment and factory. The company’s flagship EV is the Lucid Air. Specifically, the Lucid Air is an all-electric car that focuses on post-luxury consumers.
LCID Recent Stock News
Back in August, Lucid Group reported a beat for its second-quarter 2022 financial results. In detail, LCID reported a second-quarter 2022 loss of $0.33 per share, with revenue of $97.3 million. This was compared to the street’s second-quarter consensus estimates, which was a loss of $0.44 per share, on revenue of $128.9 million. What’s more, Lucid reported it had over 37,000 reservations in Q2 2022, which represents potential sales of nearly $3.5 billion.
Sherry House, Lucid’s CFO commented, “Our Q2 revenue was $97.3 million, primarily driven by higher customer deliveries of Lucid Air vehicles. We continue to have a strong balance sheet, closing the quarter with $4.6 billion cash, cash equivalents and investments, which we believe is sufficient to fund the Company well into 2023.“
LCID Stock Chart
Meanwhile, shares of Lucid stock are down over 69% year-to-date so far. In addition to that, on Tuesday morning LCID stock is trading at $12.50 per share.
2. General Motors (GM Stock)
Next, General Motors Company (GM) commonly referred to as General Motors (GM), is an American multinational corporation. In short, the company designs, manufactures, markets, and distributes vehicles and vehicle parts, and sells financial services.
GM Recent Stock News
Just last month, the company announced that in collaboration with Hertz (NASDAQ: HTZ) it will expand its EV production. In detail, the news announcement reported that Hertz is going to order up to 175,000 electric vehicles from General Motors over the next five years. Both companies believe this plan will be one of the largest expansions of electric vehicles amid fleet customers. As well as, the widest range of options to choose from, because the deal covers a broad variety of vehicle categories and price points.
Mary Barra, GM Chair and CEO stated, “Our work with Hertz is a huge step forward for emissions reduction and EV adoption that will help create thousands of new EV customers for GM,” she added. “With the vehicle choice, technology and driving range we’re delivering, I’m confident that each rental experience will further increase purchase consideration for our products and drive growth for our company.“
GM Stock Chart
During Tuesday morning’s trading session, GM stock is trading at $31.98 per share. Meanwhile, shares of General Motors stock are still trading 47.80% off from their 52-week highs at $67.21 per share.