If you have been keeping up with stock market news this year, you would know about electric car stocks. More commonly, most would refer to these cars as electric vehicles (EVs). Now, the current momentum in this industry is mostly thanks to the overarching environmental issues in our world today. With concerns over global warming and climate change, electric cars would become increasingly relevant. Just this week, news broke of President Biden aiming to announce a new national target for national EV sales. This mainly involves electric cars accounting for half of all new U.S. vehicle sales by 2030. As a result, investors could see an opportunity amongst the top electric car stocks in the stock market today.

For one thing, there is no shortage of options for investors to choose from. Sure, many would be familiar with the likes of Tesla (NASDAQ: TSLA). It is the leading name in the industry after all. Pair this with its clean energy home grid solutions and TSLA stock would stand to benefit from the global green wave now. Elsewhere, another rapidly growing space in the EV industry to know now would be the Chinese market. Top names such as Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) would come into play in this space. In particular, Xpeng recently wowed investors by delivering a record number of EVs last month. Notably, it saw a 288% year-over-year increase.

By and large, the case for top electric car stocks continues to grow each day. This would be the case with massive support from governments and persistent demand from consumers. Given all of this, you might be looking to invest in some of the top EV stocks yourself. Should that be the case, here are three worth knowing now.

Top Electric Car Stocks To Buy [Or Sell] This Month

Ford Motor Company

To begin with, we will be taking a look at the Ford Motor Company. This legacy automobile manufacturing is a titan in the automotive industry today. Like most of its peers, the company is steadily transitioning towards an all-electrified fleet. Given the current popularity of Ford’s offerings, the shift towards electric cars would be a timely one. U.S. customers looking to upgrade their current vehicles would have more alternatives available and Ford could ride the current trends in the industry. Could all of this make F stock a top electric car stock to consider?

If anything, Ford does not seem to be slowing down anytime soon. In its latest quarter fiscal report posted last week, the company raked in a total revenue of $26.75 billion for the quarter. This adds up to a sizable 38% year-over-year increase. On top of all this, Ford also reported solid figures in its July 2021 sales update. In it, the company saw sales for its Mustang Mach-E electric car increase by 15.8% month-over-month. At the same time, reservations for Ford’s F-150 Lightning truck currently sit at over 120,000. Overall, it seems like the demand for Ford’s current offerings remains strong.

While all this is great, Ford continues to strive towards its goal of electrifying its portfolio. The company currently aims to invest $22 billion through 2025 to do so. All in all, Ford’s VP of U.S. and Canada Sales, Andrew Frick said, “With our strong portfolio of new products, robust transaction pricing, and a big order bank, we are perfectly positioned for significant growth as the semiconductor chip situation improves.” Given all of this, some would argue that F stock could have more room to run moving forward. Would you say the same?

NIO stock
Source: TD Ameritrade TOS

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Nio Inc.

Another company to consider in the EV industry today would be Nio. In brief, the company is a leading designer and manufacturer of smart EVs that boast autonomous driving features. For the most part, Nio primarily caters to the booming Chinese consumer EV market. To put things into perspective, it is the biggest EV market in the world today and continues to grow significantly. According to the China Association of Automobile Manufacturers, China’s new energy vehicle sales could grow by over 40% per year through 2025. With Nio’s offerings being a prime option there, it is no surprise that investors are eyeing NIO stock now.

Sure, the company’s shares are already sitting on gains of over 220% in the past year. However, Nio seems to be kicking into high gear on the operational front, nonetheless. Earlier this week, the company posted stellar figures in its July 2021 deliveries update. In it, Nio delivered a total of 7,931 vehicles in July, indicating a whopping 124.5% year-over-year surge.

All things considered, I can understand if NIO stock is in focus among the top electric car stocks now. Across the board, the company continues to surpass expectations and expand its operations. This is evident from its efforts in penetrating the European market to its battery swapping plans. With Nio set to report its second-quarter earnings next week, would you consider NIO stock a top buy now?

NIO stock
Source: TD Ameritrade TOS

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

General Motors Company

Similar to our first entry, General Motors (GM)is another legacy automotive manufacturer that is pivoting towards EVs. As you’d expect, the company designs, manufacture,s and markets its massive array of automotive offerings across the globe. Regarding its electric car plans, GM plans to have a fully electrified portfolio by the year 2035. Among its flagship brands, the company’s Cadillac division is looking to have an all-electric lineup by 2030. Would all this make GM stock a top electric car stock in the market now?

Well, for one thing, Deutsche Bank (NYSE: DB) analyst Emmanuel Rosner seems to believe so. On Thursday, the analyst hit GM stock with a Buy rating and a $68 price target. This would indicate a potential 24.9% upside from its current price of $54.44 as of Thursday’s closing bell. Notably, Rosner appears to be bullish on GM stock despite the company’s recent earnings miss.

In detail, GM reported an earnings per share of $1.97 on revenue of $34.17 billion for the quarter. This is compared to estimates of $2.23 and $30.9 billion. Among other factors, the company is also dealing with the global shortage of semiconductor chips as well now. Regardless, GM appears optimistic about its long-term growth prospects, raising its 2021 outlook. CFO Paul Jacobson said, “The year is actually progressing quite well and I think we’ve overcome all of those initial expectations to exceed what we thought we could do at the beginning of the year.” In light of all this, will you be adding GM stock to your portfolio?

electric car stocks (GM Stock)
Source: TD Ameritrade TOS

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