It’s been a joyous month for EV stocks enthusiasts in the stock market. For the most part, EV stocks have been trending downwards or trading sideways this year. However, we are starting to see signs of recovery, especially over the past month in some of the household EV names. After all, the electrification of vehicles appears to be the future of transportation. Many companies continue to invest in the development of EVs despite having the deliveries and manufacturing disrupted by chip shortages.

For example, Ford Motor Company (NYSE: F) executives are opening up the cash vaults and ready to splash on the funding of electric vehicles. The company is willing to spend $30 billion on electric vehicle development which includes battery development by 2025. We can also see the adoption of EVs increasing with Tesla Inc (NASDAQ: TSLA) selling 33,463 China-made EVs in May. This signifies a 29% jump from April. It is worth noting that the company’s China sales account for one-third of its total sales. So, would you say that the hype surrounding the industry is justified? If so, why not take a look at some of the top EV stocks in the stock market today.  

EV Stocks To Watch In The Stock Market Now

Li Auto Inc

First, we have a China-based holding company that engages in designing, developing, manufacturing, and sales of smart electric sport utility vehicles (SUVs). The company’s primary product is the SUV model Li ONE. It also sells peripheral products and provides related services, such as charging stalls, vehicle internet connection services, and extended lifetime warranties. LI stock has been trending upwards for the past month, up by a whopping 65%.  

LI stock

This impressive climb is likely stimulated by the announcement which was made earlier this month in regards to its delivery update on its Li ONEs. The company announced 4,323 Li ONEs were delivered in May 2021, representing an impressive 101.3% year-over-year increase. The 2021 Li ONE which was released on May 25 received positive feedback from its users as shown by the robust order inflow that took its orders in May to a record high. It is the first vehicle in the world with a full-stack self-developed Navigate on Pilot (NOP) feature in a standard configuration.

Overall, the company now has 83 retail stores covering 57 cities and 147 servicing centers. Moreover, it also has Li Auto-authorized body and paint shops operating in 109 cities. So, would now be the best time to jump on the LI stock bandwagon as it shows a strong price action? 

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Nio Inc

Next on the list, we have another rising EV company, Nio. The company also engages in designing, manufacturing, and selling smart and connected EVs. The company differentiates itself through its continuous technological breakthroughs and innovations, such as its industry-leading battery swapping technologies, Battery-as-a-Service (BaaS), as well as its proprietary autonomous driving technologies and Autonomous-Driving-as-a-Service (ADaaS). 

best electric vehicle stocks to buy (nio stock)

Earlier this month, the company provided its May 2021 delivery results. NIO delivered 6,711 vehicles which represent a strong 95.3% year-over-year growth. As of May 31, 2021, cumulative deliveries of the ES8, ES6, and EC6 reached 109,514 vehicles. The company still posted strong delivery numbers despite deliveries being adversely impacted for several days due to the disruption of semiconductor supply and certain logistical adjustments. Based on the current production, Nio will be able to accelerate the delivery in June to make up for the delays from May.

The company also posted strong financial numbers in its first-quarter earnings report. Total revenues came in at $1.21 billion, up by a staggering 481.8% from the prior year’s quarter. Meanwhile, gross profit was $237.3 million, compared to a $26.2 million gross loss in the first quarter of 2020. Given that NIO stock is also showing signs of recovery from its sell-down over the past few months, could this be a good time to invest in NIO stock?

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

XPeng Inc 

XPeng Inc is a China-based company that engages in the design, development, production, and sales of smart EVs. The Company’s primary products are environmentally friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). The Company aims to develop full-stack autonomous driving technology, in-car intelligent operating systems, and core vehicle systems in-house through its proprietary software, core hardware, and data technologies. 

top ev stocks to watch (xpev stock)

Towards the end of May, the company said that its smart EVs have cumulatively conducted 380,000 times over-the-air upgrades. XPeng has released cumulatively 23 FOTA (firmware over-the-air) updates for G3 and P7 users, with 134 new functions added and 2,326 functions optimized from Jan 2019 to May 2021. This is significant as it is able to upgrade its chassis, powertrain, and battery management on top of its autonomous driving, navigation, electronics, and infotainment systems. 

As for its May delivery update, XPeng delivered a total of 5,686 Smart EVs. This represents a 483% increase year-over-year. Out of which, 3,797 consisted of P7s, and 1,889 were the G3s. The number of P7s delivered in May reached a record high of 3,797, demonstrating the strong customer appeal of XPeng’s market-leading smart features. All things considered, would XPEV stock be a buy for you?

[Read More] 5 Financial Stocks To Watch In A Rising Interest Rate Environment

Magna International Inc.

To sum up the list, we have the mobility technology company, Magna. The company is a leading global automotive supplier. Its products can be found on most vehicles today, and come from 347 operations, and 84 product developments. Magna is one of the auto equipment providers that is making considerable strides in amping up electrification capabilities. As of now, it is already making e-drive gearboxes for Nio and XPeng. 

top ev stocks to buy (MGA Stock)

Not only that, but the company will also be making Fisker Inc’s (NYSE: FSR) Ocean SUV, starting in late 2022. In fact, MGA stock has more than doubled over the past year with speculations of Magna potentially building a possible Apple Inc (NASDAQ: AAPL) car. After all, Magna is one of the largest car parts suppliers with a history of assembling vehicles. 

In May, Magna reported its first-quarter earnings. The company posted sales of $10.2 billion, an increase of 18%. Also, global light vehicle production increased by 18%, largely driven by an 87% increase in China. Meanwhile, adjusted EBIT was up by 91%. The company generated strong earnings despite industry supply constraints that impacted its production schedules. So, would you consider adding MGA stock to your portfolio?

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