Are These The Best EV Stocks To Watch In April 2022?

As the broader stock market advances today, investors could be looking for secular growth stocks to jump on. For today, electric vehicle (EV) stocks could be among the key groups to consider. After all, the U.S. economy remains steadfast in its recovery now. This is arguably evident from the latest monthly payroll which continues to gain towards pre-pandemic levels. Diving in, non-farm payrolls are in at 431,000 while the unemployment rate is down to 3.6%. Regarding the latter, this is better than consensus estimates of 3.7%. As the labor market and economy remain on the upswing, more cyclical industries such as the EV market would thrive.

How would EV firms fit in amidst all this might you ask? Well, for one thing, governments continue to make the push for a transition towards EVs. As of yesterday, President Joe Biden is officially invoking the Defense Production Act. Through this, he is looking to bolster domestic production of minerals used in EV batteries such as nickel and lithium. Meanwhile, with a healthy job market, consumers would likely have more funds to make the transition as well. As such, all this could see EV titans such as Ford (NYSE: F) and Tesla (NASDAQ: TSLA) gain traction as well. To add to this, here are four more top EV stocks to note in the stock market today.

EV Stocks For Your Watchlist Now

Li Auto

Starting us off today, we have Li Auto, an innovator in China’s new energy vehicle market. It designs, develops, manufactures, and sells premium smart EVs. The company is also a pioneer in successfully commercializing extended-range EVs in China. Also, its first EV model is the Li ONE, a six-seat, large premium electric SUV. It is equipped with a range extension system and also has advanced smart vehicle solutions. Li Auto also continues to leverage technology to create value for its users. Today, LI stock is up by over 5% after reporting its delivery figures for March.

Diving in, the company says that it delivered 11,034 Li ONEs in March 2022, up by 125.2% year-over-year. This boosted the company’s first-quarter deliveries to 31,716, an increase of over 150% year-over-year. Li Auto also announced that it will be unveiling its world-class flagship smart SUV L9 for family users on April 16, 2022. The L9 will feature the company’s fully self-developed range extension system, chassis control system, and central vehicle domain controller. In addition, the company addressed its supply chain challenges due to the global shortage of materials by safeguarding production and ensuring supply to shorten the waiting time of delivery for its users. With that being said, is LI stock worth investing in today?

LI stock chart
Source: TD Ameritrade TOS

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Nio Inc.

Following that, we have Nio, another pioneer in the premium smart EV market. The company also aims to build a strong community starting with smart EVs to further elevate the user experience in the EV space. It also develops next-generation technologies in autonomous driving, digital technologies, and batteries among others. Its game-changing battery swapping technologies, for instance, Battery-as-a-Service allow for quick swapping of batteries instead of charging. NIO stock is also up by over 7% on today’s opening bell after reporting its March 2022 deliveries.

Firstly, the company says that it has delivered 9,985 vehicles in March 2022, increasing by 37,6% year-over-year. Secondly, it delivered 25,768 vehicles in the three months that ended in March 2022, increasing by 28.5% year-over-year. Impressively, cumulative deliveries of its vehicles reached 192,838 vehicles on March 31, 2022. The company also began delivering its ET7 models in March. The ET7 is the company’s new mid-to-large five-seater SUV equipped with NIO Technology 2.0. Furthermore, Nio plans to unveil the 2022 NIO ES8, ES6, and EC6 models with the latest digital cockpit hardware. For these exciting reasons, is NIO stock a buy right now?

NIO stock chart
Source: TD Ameritrade TOS

XPeng Inc.

XPeng is a leading smart EV maker in China. Today, the company continues to be a leader in the rapidly growing smart EV market, producing popular and environmentally-friendly vehicles. Namely, this would include its G3 SUV and its P7 sports sedan. Its vehicles also offer attractive design and high performance, coupled with safety and reliability. XPEV stock is currently up by over 7% today. The company also announced its March 2022 deliveries.

Today, it announced that it has delivered 15,414 vehicles in March 2022, increasing by over 200% year-over-year. This was also an increase of 148% compared to the previous month. For the first quarter of 2022, XPeng says that it has delivered over 30,000 vehicles, more than doubling year-over-year. Monthly deliveries of its P7 smart sports sedan also exceeded 9,000 for the first time in March. Besides, XPeng delivered 4,398 P5 smart family sedans last month. With this latest update, is XPEV stock worth adding to your list of EV stocks?

XPEV stock chart
Source: TD Ameritrade TOS

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Fisker Inc.

Another EV maker to take note of in the stock market today would be Fisker. In brief, the company is named after legendary automotive designer Henrik Fisker. Among the core focuses of Fisker is developing the most eco-friendly EVs in the market. In its efforts to do so, the company is also aiming to become the top e-mobility service provider with the world’s most sustainable vehicles. Currently, the company remains hard at work in developing its Fisker Ocean electric SUV.

Regarding its current work, the company provided a positive update yesterday. Notably, Fisker announced that it has exceeded 40,000 initial reservations for the Fisker Ocean SUV. The company has indications that many reservation holders intend to purchase the Fisker Ocean One launch edition or the Fisker Ocean Extreme models. It will also open pre-orders for the limited-edition Fisker Ocean One on July 1, 2022, due to anticipated demand. All things considered, is FSR stock worth adding to your watchlist?

FSR stock chart
Source: TD Ameritrade TOS

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