The electric vehicle (EV) market is a vibrant and rapidly evolving sector that has seen considerable growth over the past decade. Notably, the industry has attracted both well-established automakers and fledgling tech startups. All vying for a slice of the burgeoning EV market. These entities are diligently investing in the research, development, and production of electric vehicles, endeavoring to stake their claim in this promising area. The rise of this sector is fundamentally driven by a global shift towards more environmentally friendly modes of transportation.
Investor interest in EV stocks has been growing hand-in-hand with the industry’s own expansion. Given the sector’s promising prospects, it’s no surprise that many investors are taking notice. The world has become increasingly aware of environmental issues and the urgent need to address them. As part of the solution, the shift towards sustainable alternatives in every aspect of our lives.
Consequently, the demand for electric vehicles is projected to keep rising. Bringing with it a corresponding increase in investor interest in EV stocks. The investment opportunities in this industry are being recognized as not only financially beneficial but also as a means to contribute to global sustainability efforts. Given this, here are three EV stocks to check out in the stock market today.
EV Stocks To Watch Right Now
Tesla (TSLA Stock)
First up is Tesla, Inc. (TSLA), widely acknowledged as a trailblazer in the electric vehicle industry. Their lineup includes renowned electric cars like the Model S, Model 3, Model X, and Model Y. In addition to automobiles, Tesla also creates products for generating and storing clean energy. Which aligns with their overarching goal of hastening the shift to renewable energy globally.
Earlier this month, during the second quarter of 2023, Tesla produced nearly 480,000 vehicles and made over 466,000 deliveries. A majority of these were Model 3/Y units, with a smaller portion being Model S/X vehicles. The company is set to disclose its Q2 2023 financial results on July 19, 2023, and will hold a live webcast to discuss the results and outlook.
In the last month of trading, shares of TSLA stock are up 7.49%. Meanwhile, during power hour on Monday, Tesla stock is trading at $268.55 a share.
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Ford Motor Company (F Stock)
Following Tesla, we have Ford Motor Company (F), a longstanding powerhouse in the traditional car manufacturing field. Recently, Ford has been gaining momentum in the electric vehicle arena. They’ve launched the Mustang Mach-E, an entirely electric SUV, and the fully electric Ford F-150 Lightning pickup truck, demonstrating a firm dedication to the electrification trend.
In May, Ford announced that Ford EV customers will have access to 12,000 Tesla SuperChargers. Diving in, starting in 2024, Ford EV owners will gain access to over 12,000 Tesla Superchargers throughout the U.S. and Canada. This significantly boosts their charging options. Initially, this will be facilitated through an adapter and software integration. However, from 2025, Ford plans to incorporate the North American Charging Standard (NACS) connector into its next-generation EVs. This initiative will effectively double the number of fast-charging stations available to Ford EV users.
Over the last month of trading action, Ford Motor Company stock is trading higher by 9.03%. While during Monday’s afternoon trading session, shares of F stock are trading at $15.02 a share.
Rivian Automotive (RIVN Stock)
Finally, we have Rivian Automotive (RIVN), a company that’s making a name for itself in the electric vehicle industry. Rivian specializes in crafting unique electric vehicles and related accessories. Also, they sell them directly to customers in the consumer and commercial markets.
On July 3, 2023, Rivian Automotive reported its production and delivery figures for the second quarter, ending on June 30, 2023. During this period, the company built 13,992 vehicles at its Illinois-based factory and shipped 12,640 units. Rivian stated that these numbers were consistent with their projections. This indicates they are on track to meet their annual production target of 50,000 vehicles. The company also confirmed it would publish its financial results for Q2 2023 after the market closes on August 8th.
Looking at the last month of trading, RIVN stock is up a whopping 81.36%. Meanwhile, during Monday’s power hour trading session, shares of RIVN stock are trading at $25.39 per share.