best ev stocks

Tesla’s Massive Rally Was Only The Beginning For EV Stocks

Electric vehicle stocks continue to reward a loyal group of investors. Despite the uncertainties posed by the coronavirus pandemic, EV stocks are still a hot commodity in the market. Why do I say that? The reason is pretty obvious. That’s because many top EV stocks continue to soar or even hit their all-time highs. Be it the existing giants or up-and-coming newer players on the EV space. With the right timing and a bit of luck, trading EV stocks which have recent developments and momentum could be profitable. 

According to George Crabtree of University of Illinois at Chicago, “Electric vehicles are poised to transform nearly every aspect of transportation, including fuel, carbon emissions, costs, repairs, and driving habits. The primary impetus now is decarbonization to address the climate change emergency, but it soon may shift to economics because electric vehicles are anticipated to be cheaper and higher-performing than gasoline cars.”

Chinese EV Stocks On The Rise

An interesting phenomenon is happening among Chinese electric vehicle manufacturers. These Chinese EV stocks continue to defy Washington’s roadblocks and make their mark in U.S. stock exchanges despite greater scrutinies. Li Auto (LI Stock Report) went public through the standard listing procedure whereas Kandi Technologies Inc. (KNDI Stock Report) went through the special purpose acquisition corporation (SPAC) route. 

Some would argue that the massive rally from Tesla (TSLA Stock Report) ignites the fire among many best electric vehicle stocks to follow in its footsteps. But the truth is, China’s electric vehicle industry has gotten mainstream before most if not all other countries. While some questions the underlying technology and even the designs of Chinese electric vehicles, there’s little doubt that the shift to EV is more pronounced in China than anywhere else. As more players are joining the EV space, are any of these top EV stocks on your watchlist?

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Top EV Stock To Watch In August 2020: Nio Inc

First up the list, Chinese EV maker Nio Inc (NIO Stock Report) is having a good year after seeing their stock prices soared more than 280% year-to-date. And that’s not all. The company received an injection of fresh liquidity from the Hefei government. This provides reassurance that the company can continue to stay afloat. That to me, is crucially important.

nio stock

After all, just earlier this year the company had a problem of staying solvent throughout the year. Improved unit sales in July is also another reason why investors remain calm.

The question here is, is NIO stock still a buy after this year’s rally? Nio has disclosed the deliveries for the quarter today. And the vehicle margin is one important metric to watch today. Now Nio has reported positive vehicle margin for the first time as opposed to negative vehicle margins in the past. The results today shall make NIO stock the best EV stock to watch as investors are expecting a huge growth runway in NIO stock prices.

[Read More] Are These The Best Retail Stocks To Buy In August?

Top EV Stock To Watch In August 2020: Nikola Corporation.

Nikola (NKLA Stock Report) took the market by storm on Monday after the company announced a deal to sell 2,500 garbage trucks to Republic Services (RSG Stock Report). It also comes with an option to increase the order of electric trucks to 5,000 As a result, NKLA stock surged more than 20% upon the announcement. 

electric vehicle stocks to buy (nkla stock)

Nikola’s electric trucks will have 1,000 horsepower at their disposal. This means they are nearly three times as powerful as gas and diesel garbage trucks. Thus, it appears Nikola trucks can outperform its traditional counterparts easily. This is especially important as garbage trucks often have to climb hills while carrying a full load of trash.

Nikola stands at around $17 billion market cap. It has $698 million cash in the bank as of June 30. Despite potentially strong partnerships, the company has zero revenue for at least a year. Buying NKLA stock is not too far-off from gambing in a casino right now. So, can this electric vehicle stock live up to its hype? Is it worth what investors are paying for it now? That will depend largely on whether, and how well, it can execute on its promising plan.

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