Electric vehicle (EV) stocks have been making a comeback in the stock market over the past few months. If you have been following the space, you would have noticed that the industry’s sentiment has not been the best this year. Even the poster child of EV, Tesla Inc’s (NASDAQ: TSLA) stock has gone through some correction after hitting record highs earlier this year. However, it may not be all doom and gloom just yet. Tesla had recently reported its deliveries for the second quarter. In particular, the company delivered 201,250 vehicles during the quarter, which represents a 121% year-over-year growth. 

The global adoption of EVs is increasing by the day. According to the German newspaper Der Tagesspiegel, Germany will have 1 million electric cars on the road by July. This is an impressive milestone as Europe has become one of the world’s largest markets for EVs. Some may attribute this to European governments imposing fines for automobile makers who don’t reach strict emission targets and even giving incentives for buying electric cars. Given how rapidly the automobile industry is changing, would you consider electric vehicle stocks the next big thing? If so, then here’s a list of some of the top EV stocks in the stock market today

Top EV Stocks To Buy [Or Sell] This Week

Nio Inc

First up, we have the pioneer of EV in China, Nio. Essentially, it designs, develops, manufactures, and sells smart EVs. In addition, Nio also offers power solutions such as Power Home, Power Swap, Public Charger, Power Mobile, and Power Map which aids in the charging of its EVs. Safe to say, its products are mostly next-generation technologies in connectivity, autonomous driving, and artificial intelligence. NIO stock has been up by over 330% over the past year.

Last week, the company announced its June and second-quarter 2021 delivery updates. Nio was able to deliver 8,083 vehicles in June 2021, an increase of 116.1% year-over-year. Its cumulative deliveries of its ES8, ES6, and EC6 as of June 30, 2021, reached 117,597. Also, Nio delivered 21,896 vehicles during the quarter, increasing by 111.9% from a year earlier.

It is also noteworthy that the company announced that it has entered into a manufacturing agreement with Jianghuai Automobile Group (JAC) in May. Furthermore, JAC will expand its annual production capacity to 240,000 units to meet the growing demand for the company’s vehicles. Given how the company continues to expand its manufacturing capabilities, should investors be focusing more on NIO stock?

electric vehicle stocks (NIO stock)
Source: TD Ameritrade TOS

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Xpeng Inc

Next, we have another China-based EV company, Xpeng. Similar to Nio, it designs, develops, manufactures, and markets smart EVs in China. As of today, it offers SUVs under the G3 name and four-door sports sedans under the P7 name. XPEV stock has been relatively flat this year. That said, it still posted more than 100% gains for its investors over the past year. Now, the stock is in focus again as Xpeng would raise $1.8 billion in a dual primary listing in Hong Kong later this week. Furthermore, Xpeng will be added to FTSE Russell’s global equity indexes on July 8, potentially raising the profile of the company among investors. 

June was yet another record month with 6,565 vehicles delivered, representing a staggering 617% increase year-over-year. Moreover, the company has delivered a total of 30,737 vehicles year-to-date, an increase of 459% compared to the prior year. Out of which, its P7 continues to deliver record-breaking growth which reflects the rising popularity among China’s tech-savvy consumers. 

For those unaware, Xpeng is planning to launch its G3i SUV, the new mid-phase facelift version of G3, in July 2021. The deliveries will be planned for September this year. Meanwhile, its P5 family-friendly smart sedan will be in for production in the third quarter of 2021 with deliveries expected in the fourth quarter of 2021. Upon delivery, the P5 will be the world’s first mass-produced Smart EV equipped with auto-grade LiDAR technology. Given these exciting developments, would you consider XPEV stock to be a top EV stock to buy?

NYSE XPEV
Source: TD Ameritrade TOS

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

Li Auto Inc

Another up-and-coming EV company would be Li Auto. The company offers Li ONE, a six-seater electric SUV that is equipped with a range of extension systems and smart vehicle solutions. Just like many EV stocks in the stock market, LI stock has been trading sideways for most of the year. However, it has been on an upward climb since May and has been up by more than 20% over the past month. 

Last week marked the company’s 6th anniversary and it announced its June delivery update. Impressively, the company delivered 7,713 Li ONEs in June which represents a 320.6% year-over-year increase and also a new monthly high. As the 2021 Li ONE continues to gain traction rapidly and drive a surge in orders, the company’s new orders in June, which surpassed 10,000, also hit a record high. 

During its first quarter, the company posted total revenues of $545.7 million, representing an increase of 319.8% year-over-year. Meanwhile, its gross profit was $94.1 million, up by 802.9% year-over-year. All in all, the company is posting impressive key numbers across the board. So, would you consider investing in LI stock?

NASDAQ LI
Source: TD Ameritrade TOS

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Volkswagen AG

To sum up this list, we have the automotive giant from Germany, Volkswagen. For those unfamiliar, its brand portfolio includes Audi, SKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, SEAT, and many more. Yes, as you would expect, a large automotive company such as Volkswagen would be involved in the EV scenes as well. In fact, the company’s ID.4 is an EV that has won the 2021 World Car Of The Year award. 

Last week, the Chief Executive and President Scott Keogh announced that Volkswagen of American sold more than 211,000 cars in the first half of 2021. This marks the highest level for the period in almost 50 years and is on pace to sell more than 400,00 vehicles this year. This could be due to its expanded portfolio that focuses on SUVs. This ranges from the new Taos compact to the all-electric ID.4. 

We could also see the company’s commitment to the EV space as it vows to stop selling combustion engine cars in Europe by 2035 as it shifts to electric vehicles. In Europe, the company aims for electric cars to account for 70% of total sales by 2030. This goes in line with the European Union’s climate change targets. Given the company’s track record in the automotive industry, one would assume that Volkswagen would adapt to the changing market demand. So, would you add VWAGY stock to your portfolio?

VWAGY stock price
Source: TD Ameritrade TOS

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