4 Top Electric Vehicle (EV) Stocks To Watch This Week

Electric vehicle (EV) stocks are on a hot streak right now in the stock market. Month after month, the EV industry seems to show no signs of slowing down. Investor interest in EV stocks is unwavering and you only need to look at the last few months for a clear indication. Thanks to the phenomenal rise of the EV industry in general, Xpeng (NYSE: XPEV) shares were up by over 150% in the last year. Workhorse Group (NASDAQ: WKHS) is also up by an even more impressive 600% in the last year.

One undeniable thing is that the world is heading towards renewable energy, with EVs playing a crucial role to facilitate this rising demand. It is not unreasonable to say that this could very well be just the beginning for the industry. With lithium-ion batteries that are more fuel-efficient than conventional combustion engines, it makes sense to switch over to EVs. Furthermore, the cost of these batteries has also been reducing. Lithium-ion battery packs cost $1,183/kWh in 2010 and now cost about $137/kWh.

With President Joe Biden making climate change a priority in his administration, top EV stocks could become even more attractive to investors. Things certainly look promising as the president calls for sweeping changes to bolster the EV industry. With that in mind, here is a list of the best EV stocks to buy [or sell] this week.

Best EV Stocks To Buy [Or Avoid] This Week

Tesla Inc.

Tesla is a world leader in EVs and clean energy. The company is based in California and has always been at the center of attention when it comes to all things EV. The company’s shares have exploded in growth, up by over 650% in the last year alone. Tesla shares are currently traded at $890.50 as of 10:23 a.m. ET, up 5%. The company is set to announce its fourth-quarter financials on Wednesday, much to investor anticipation.

top electric vehicle stocks to buy now (tsla stock)

Ahead of its earnings, the company released its fourth-quarter vehicle production and deliveries. In it, the company reported that it managed to produce and deliver half a million vehicles, which is in line with its most recent guidance. For the quarter, the company managed to deliver over 170,000 units. Also, Model Y production in Shanghai has begun, with deliveries expected to begin in the near future.

Today, the German ministry of economics has given the green light for Tesla to start its “preliminary measures” for its planned electric car battery factory near Berlin. Tesla’s rise last year to become the world’s most valued automaker by market cap is no fluke for sure. With all things considered, will you have TSLA stock in your portfolio?

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XL Fleet Corp

XL Fleet provides vehicle electrification solutions for commercial and municipal fleets. The company provides hybrid electric and plug-in hybrid fleets. Among the advantages are that it has immediate results with longer-term demand. They also have strong installation and service capacity and have built comprehensive networks throughout North America. This would allow customers to buy, install, and service their electric vehicles from the same location. Lastly, it has greater charging efficiency with minimal infrastructure.

SPAC stocks (XL stock)

The company recently got a boost from BTIG analyst Gregory Lewis after he set a price target of $30 for the EV stock. Lewis is also modeling for XL to generate about $1.4 billion in revenue in 2024. Last month, the company closed its merger with a special-purpose acquisition company (SPAC), Pivotal. Although the company does not sell its own vehicles, XL Fleet will take conventional combustion engine vehicles for existing commercial fleet owners and electrify the drivetrain to create these hybrid EVs.

Although many automakers are expected to ramp up their EVs over the next few years, the reality is that many fleets are still based on conventional combustion engines. This would definitely allow the company to scale up its business in the years to come. With that in mind, will you buy XL stock?

[Read More] 3 Top 5G Stocks To Watch This Week

NIO Inc.

NIO is an electric-vehicle maker that has seen huge success both in China and the stock market. The company is arguably one of the most successful EV companies in terms of growth today. To elaborate, NIO stock has been up by over 1,000% in the last year itself. Its most recent rally is after Nomura became the latest Wall Street firm to issue a positive call on the stock. Nomura analyst Martin Hueng wrote that he likes NIO for its “Tesla-like top-down approach”. Like Tesla, NIO started with a premium product called the ES8. It then followed suit by producing more consumer-friend models.

best electric vehicle stocks to buy (nio stock)

In the company’s latest quarter financials posted In November, it reported total revenue of $666.6 million. This is a 146.4% increase year-over-year. NIO also reported a record-high quarterly delivery of 12,206 units for its ES8, ES6, and EC6 models. Earlier this month, the company also provided its December, fourth quarter, and full-year 2020 delivery update.

In it, the company reported a total delivery of 43,728 vehicles in 2020, representing a 112.6% increase year-over-year. Will the company be able to continue its momentum, going into 2021? Given the company’s growth record, will you consider buying NIO stock?

[Read More] Is Ford (F) Stock A Better EV Stock To Buy Than Nio & Tesla Right Now?

Arcimoto Inc.

Arcimoto is an Oregon-based EV company that manufactures Fun Utility Vehicles (FUVs). In essence, its FUVs are tandem two-seat, three-wheeled EVs. The company also sells van-variations of its product as well. This small-cap EV company has seen its share price increase by over 1,200% in the past year. Current EV tailwinds aside, investors may be wondering if the company has any plans for the long-term.

top ev stocks to buy (FUV stock)

Well, earlier this month, Arcimoto announced that it had joined the Zero Emission Transportation Association (ZETA). ZETA is the first industry-backed coalition consisting of over forty businesses advocating for 100% EV sales by 2030. Remarkably, ZETA is backed by the likes of Lordstown (NASDAQ: RIDE) and Uber (NYSE: UBER). By doing so, Arcimoto would stand to benefit from any federal funds distributed to the overall alliance. Moreover, ZETA’s goals synergize well with Joe Biden’s pledge to achieve net-zero emission in the U.S. Should Arcimoto play its cards right, FUV stockholders could be in for a treat in the long run.

Adding to that, the company also announced earlier today that it would be acquiring Tilting Motor Works. Arcimoto CEO Mark Frohnmayer said, “This acquisition is a springboard for creating a whole new line of Arcimoto products aimed at true micro-mobility.” Evidently, the rising EV company shows no signs of slowing down. Could this bode well for FUV stock this year?

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