Electric vehicle (EV) battery stocks have been a hot topic in the stock market over the past couple of years. Naturally, as EV trends continue to pick up momentum, the companies that provide one of the core components would also follow suit. The traction that the industry draws right now is because there is an immense growth in demand for electric vehicles. Well, even President Joe Biden is showing great support for the industry. We saw the president setting a goal of more than 50% of vehicles sold in the country to be EVs by 2030. With that said, demand for EV batteries could be skyrocketing. 

Yesterday, we also saw Ford’s (NYSE: F) CEO, Jim Farley, saying that the company needs more batteries for its EVs than semiconductor chips. Now, this is a statement that should not be taken lightly considering how big of an impact the shortage of semiconductor chips has affected the automotive industry. The comments came after the company halted customer reservations for its electric version of F-150 after it hit 200,000 units.  

With all said and done, this should not be a concern long term as we are slowly seeing the emergence of more EV battery companies. These include the likes of Solid Power, which made its debut yesterday. Elsewhere, commercial EV technology company Proterra (NASDAQ: PTRA) went public earlier this year. In brief, Proterra has multiple partnerships where it supplies its battery technology to buses, trucks, and even forklifts. Given these circumstances, would a list of the top EV battery stocks in the stock market today be of your interest? 

Best EV Battery Stocks To Watch Right Now

Solid Power 

First and foremost, we have the hot newcomer in the EV space, Solid Power. The company is a developer of next-generation all-solid-state battery technology. It believes that the future of the automotive industry will revolve around clean, sustainable, and battery-powered mobility. SLDP stock made its debut in the stock market yesterday after the completion of a SPAC merger. It’s worth pointing out that Solid Power counts Ford and BMW as its major investors. And they could be the company’s first customers in another year or two.

SLDP stock

While the company is going public at a time of market volatility, that does not seem to concern CEO Doug Campbell. He said, “We’re focused on developing and commercializing a viable product. So, in my opinion, what the stock does over the next six months or 12 months is kind of meaningless as it pertains to getting our product into the marketplace.”  

Now, let us see what makes Solid Power different from other EV battery companies. Solid-state batteries do not use liquid electrolytes that are found in conventional lithium-ion batteries, which are widely found in most EVs. To point out, Solid Power’s batteries could potentially be safer and lighter while providing more range at a lower cost. Not to mention, the company claims that solid-state batteries can be manufactured similarly to lithium-ion batteries. This would allow automakers to easily transition to solid-state batteries. With that in mind, would you consider investing in SLDP stock?

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Next up, we will be looking at QuantumScape. The company develops battery technology for EVs and other applications. Its focus is primarily on the development and commercialization of solid-state lithium-metal batteries. As one of the leaders in developing next-generation batteries for EVs, the company is on a mission to revolutionize the industry for a sustainable future.  

In October, the company announced an independent third-party laboratory testing report on the performance of its solid-state lithium-metal battery cells. In the test by Mobile Power Solutions, the company’s single-layer cells passed all the automotive-relevant conditions. The batteries performed at over 800 cycles at 25°C, 1C (one hour) charge/discharge rates, 100% depth of discharge, and under 3.4 atmospheres of pressure. Coincidentally, these results are consistent with those initially reported by the company in its December 2020 Battery Showcase presentation. 

Furthermore, Quantumscape also announced that it had partnered with a large automaker to evaluate prototypes of its solid-state battery cells in September. In light of this, the company has now achieved all of its 2021 goals ahead of schedule. These are encouraging signs that growing companies within the industry would exhibit as it demonstrates the ability to execute its objectives in a timely manner. The company now intends to focus on its goals for 2022 and 2023 that include further improvement in quality, consistency, and layer counts for the cells. Considering its progress, could this be the right time to jump on the QS stock bandwagon right now? 

QS stock chart
Source: TD Ameritrade TOS

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Unlike the previous two companies on the list, ChargePoint does not make batteries. But having powerful batteries is no use if you can’t charge them conveniently. And that is where ChargePoint comes in. It develops and markets networked EV charging system infrastructure and cloud-based services. ChargePoint operates one of the largest EV charging networks in North America and Europe. In addition, it provides added subscriptions that provide an open platform that integrates with hardware from other manufacturers. The company also offers home charging solutions.

Earlier this week, ChargePoint announced its third-quarter financial update. Well, it was yet another strong quarter as the company continues to capture the increasing charging demand from customers preparing for an electric future. In brief, the company posted revenue of $65 million, up 79% year-over-year. Out of which, networked charging revenue was $47.5 million, more than double that of the prior year’s quarter.  

Its robust third quarter was also accompanied by two successful acquisitions. They were the European e-mobility tech provider has·to·be and commercial vehicle management provider ViriCiti. To top it off, ChargePoint also announced that it will be raising its full-year revenue guidance to $235 – $240 million. All in all, ChargePoint appears to be trending in the right direction. So, would you consider adding CHPT stock amid its recent dip?

CHPT stock chart
Source: TD Ameritrade TOS

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