Are These The Best EV Stocks To Buy Or Sell This Week?
A massive rally has been brewing in electric vehicle stocks. In fact, most of the EV stocks have taken off like a bolt of lighting amid the ongoing automotive revolution. The rapid pace of climate change has made the need of finding renewable energy sources and cutting pollution more pronounced. For this reason, investors’ attention appears to be shifting towards the EV space.
Shares of Tesla (TSLA Stock Report) and Nio (NIO Stock Report) have had a good run before consolidation. Both TSLA stock and NIO stock have soared more than 240% year to date. They are already making some serious headway as reported from their uptick in electric vehicle demand in recent weeks. The question here is, can we expect the demand for electric vehicles to continue to rise in a sustainable manner moving forward? That is certainly a trend many are expecting. According to a report published by Cairn Energy Research Advisors, global EV sales could exceed 3 million for the first time ever in 2021.
As the world pushes toward renewable energy, a bullish momentum has formed around the electric vehicle space. There are so many reasons to believe that EV stocks could be making huge moves amid the EV revolution. Analysts believe that major gains could be in store for EV stocks. But investors are also reminded that not all EV stocks are created equal. After all, some have significantly higher potential to succeed than the other. That said, let’s take a closer look at these two EV stocks that are making big moves this week.
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Top EV Stocks To Buy Or Avoid: Kandi Technologies
Kandi Technologies (KNDI Stock Report) stocks were trading higher on Wednesday. This came after the company announced that it will launch two of its electric vehicles in the U.S. next month. The company’s sales efforts will initially focus on the Dallas-Fort Worth metroplex. Right after the announcement, KNDI stocks skyrocketed 140% on Wednesday. It has jumped by double digits in percentage terms during pre-market trading.
The two Kandi models, namely the K23 and K27, are small, affordable electric vehicles intended for urban commuter vehicles. Bear in mind these EVs aren’t Teslas, as reflected from their pricing and design. Some automotive fans were also saying that electric vehicles from General Motor’s (GM Stock Report) Chevrolet Bolt might offer a better deal as it is just a few thousand dollars higher compared to the Kandi models. While KNDI stock investors might be pleased with the announcement on Wednesday, investors are reminded to be cautious with the stock.
The rally we are seeing in KNDI stock may be unrealistic given the competitive landscape and the pricing offered by the Chinese automaker. It is reasonable to assume that KNDI stock is about to have another big move today judging from the pre-market trading levels. That said, would you buy or sell KNDI stock when the market opens today?[Read More] Top 2 Pharmaceutical Stocks To Watch Before August
Top EV Stocks To Buy Or Avoid: Blink Charging
Blink Charging (BLNK Stock Report) focuses on electric vehicle charging equipment. BLNK stocks traded 33% higher on Wednesday after the company announced a new collaboration with EnerSys (ENS Stock Report). The new collaboration aims to develop high power inductive and enhanced DC fast charging systems with energy storage options for the automotive market.
This is a potential pick-and-shovel play in the EV industry. It is a way to invest in an industry without having to endure the risks of the market for the final product. The EV market has soared over the years as automobile manufacturers rush to capture part of the growing market. Investors can invest in car manufacturers to play the EV market. Or they can buy one of the infrastructure players, which in this case is BLNK stock. Despite the weaknesses shown in the broader stock market, BLNK stocks have soared more than 400% year-to-date from $1.3 per share. It is currently trading at $9.62 per share.