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These EV Stocks Are Up Big This Week; 3 Names To Know

After a red-hot rally in Chinese EV stocks last week, it’s the turn of these electric vehicle stocks this week.

Looking For Top EV Stocks To Buy; Do You Have These On Your List?

Electric vehicle stocks have been on the rise recently. And some of this week’s move is a continuation of interests among investors. From the monstrous rally with the Chinese EV stocks last week such as Nio Inc. (NIO Stock Report) and Xpeng Motors (XPEV Stock Report), other top electric vehicle stocks are turning heads this week. 

When the $5 trillion global transportation industry is going green, you might want to pay a little bit more attention to this burgeoning industry. Many experts believe that some of the best growth opportunities are in the electric vehicles space. Certainly, there is a lot of potentials for EV companies to grow and we may be at the advent of a new dot com boom. Key industry players like General Motors (GM Stock Report) and Ford (F Stock Report) have already begun shifting to EVs. If these automotive titans have already begun transitioning, this could ultimately be a sign to pay attention to EV stocks.  

This is not saying that just the EV manufacturers are the only ones benefiting from the go-green initiatives. Pick-and-shovel plays are also seeing a surge in demand. For instance, Blink Charging (BLNK Stock Report) which operates charging stations has also benefited. Meanwhile, Plug Power (PLUG Stock Report), while not an EV play in itself, has seen increased interest in its hydrogen fuel cell technology. With all that in mind, could these 3 EV stocks be worth adding to your portfolio today?

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Top EV Stocks To Watch For Long Term Gains: Tesla  

For being the poster child of the EV industry, Tesla’s (TSLA Stock Report) success story is worth mentioning. Tesla stock has been on fire this week. This came after the news that the company will be included in the S&P 500. In addition to that, the largest EV maker is also making another huge jump following a positive commentary from Morgan Stanley analyst Adam Jonas who gave a price target of $540. The analyst felt even more bullish on the stock as he adjusted his forecasts to reflect the higher contribution from software and connected vehicle services revenue. Jonas believes the value of Tesla’s software and connected vehicle services alone is worth $160 per share. 

The company’s Model 3 has also received a strong reception in China and has an installed annual capacity of 200,000 units. This makes it’s Model 3 the bestselling EV and allows it to compete with other midsize premium sedans, such as the BMW 3 Series. The company also reported that in Germany, one of its biggest European markets, the Gigafactory Berlin is under construction. Tesla is implementing further structural improvements based on its learnings from prior factories.

There is certainly a lot of potential for Tesla’s software. It is already known to release over-the-air (OTA) software updates. Eventually, Tesla hopes to release OTA updates to make its existing vehicles fully self-driving. Some of Tesla vehicles have already received a self-driving beta. However, this beta software still requires drivers to be ready to take over the steering wheel at any time. As the Autopilot option improves and as more functionalities become available, you would bet that Tesla would be charging for access to these features. Some even speculated that the company will eventually transition to a subscription model for its software. Considering all that, will you bet on TSLA stock for the potential of its software revenue?

Top EV Stocks To Watch For Long Term Gains: Nikola

Next up, investors have been watching Nikola (NKLA Stock Report) closely for a strong rebound after the stock has taken a dive earlier this year. During Wednesday’s intraday trading, Nikola stock surged more than 20% before closing 15% higher. And the stock appears to continue its rally today after a strong opening, surging more than 7% as of 10.40 a.m. ET. This came after the mention of Nikola on General Motors’ website was widely circulated on Wednesday, potentially causing confusion that a deal has been reached. But don’t get excited too early, there is a disclaimer stating that the deal between both companies has not closed.

Recall that the deal which was announced in September was previously put on hold. That came after a report from Hindenburg Research alleging that Nikola and its co-founder Trevor Milton defrauded investors. Now, the December 3 deadline to close the potential deal between General Motors and Nikola is fast approaching. As such, the stock appears to have been regaining attention again.

Nikola stock was jumping on Wednesday of what appears to be an update about the deal with General Motors. But the truth is, it appears that it is investors that have gotten ahead of themselves. General Motors has yet to announce any deals with Nikola. It appears to me that this is speculation at its best. But not all hope is lost. The legendary automaker will be providing an update at an investor’s conference today. Investors looking to invest in NKLA stock might want to mark the event on their calendars to be able to make an early move.

[Read More] Should Investors Consider These Tech Stocks After Pfizer’s Vaccine News?

Top EV Stocks To Watch For Long Term Gains: Kandi Technologies

When looking for the best Chinese EV stocks to buy, Kandi Technologies (KNDI Stock Report) is not usually the first company to appear on the list. Shares of Kandi Technologies have skyrocketed nearly 60% since the start of the week. The company’s stock is also jumping more than 10% during the pre-market trading.  

Like rivals Nio, XPeng, and Li Auto (LI Stock Report), Kandi could benefit from the EV sales growth in China. Note that these rivals have all recently reported record deliveries in the third quarter. For instance, XPeng reported a 266% jump in vehicle deliveries during the third quarter from a year ago. , and more than double what it delivered in the previous quarter. During the same period, Nio saw deliveries rose 191%. As such, it is not surprising that Chinese EV stocks have continued to win the hearts and minds of investors.

With Kandi launching its U.S. operations, the company will seek to jumpstart its sales through its dealer partners. With its focus on lower-cost EVs, could KNDI stock bring a different flavor to the increasingly competitive EV market?

By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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