Top EV Stocks To Watch In The Stock Market Today
When it comes to the automobile industry today, most would know that a big change is underway. Namely, the current shift towards electric vehicles (EVs) has and continues to highlight EV stocks in the stock market today. From the widespread effects of climate change to shifting consumer trends and growing government efforts, the industry is gaining momentum. As with most upcoming sectors in the stock market, this could contribute to the appeal of EV stocks among investors now.
Evidently, we could take a look at the likes of EV makers like XPeng (NYSE: XPEV). Just yesterday, the company began shipping its top-of-the-line P7 sedans to customers in Norway. This would mark its first play in the international markets. Adding to this, the China-based automaker is also planning to accelerate its full-scale Norwegian operations. This includes its customer experience and charging facilities. Overall, XPeng is yet another major player in the Chinese EV space that seems to be eyeing international markets now.
Not to mention, even conventional auto manufacturers like BMW (OTCMKTS: BMWYY) are making plays in the space. Just last week, the company landed a $36 million contract with the U.K. government. Through this, BMW is looking to develop long-distance EV battery tech that can rival the range of internal combustion engines. Elsewhere, Amazon (NASDAQ: AMZN)-backed EV firm Rivian is also looking to invest $5 billion towards opening its second U.S. EV assembly plant. Safe to say, the entire industry appears to be kicking into high gear across the board. Because of all this, could one of these EV stocks be worth adding to your watchlist now?
Top EV Stocks To Buy [Or Sell] Today
- Ford Motor Company (NYSE: F)
- Nio Inc. (NYSE: NIO)
- Nikola Corporation (NASDAQ: NKLA)
Ford Motor Company
Starting us off today is the Ford Motor Company. Across the globe consumers, organizations and investors alike would be familiar with this titan of the automotive industry. Accordingly, the company, like many of its peers, would be keen on keeping up with the latest trends in the industry. Because of this, the company is looking to invest $22 billion through 2025 to bring battery EVs to its portfolio. Given all of this, I could see eager auto investors eyeing F stock among its EV peers now.
If anything, Ford is familiar with what consumers in the U.S. want. This is evident seeing as its F-series is the best-selling vehicle nationwide. Naturally, Ford has and continues to make headlines with the electrified version of this car, the F-150 Lightning. Earlier this week, news broke of the company doubling its production target for the F-150 Lightning. According to a report from Reuters, this would be due to strong early demand for the electric pickup truck ahead of its 2022 launch. As a result, Ford is now targeting annual production of over 80,000 in 2024, up from its previous goal of 40,000.
By and large, it seems that Ford does not plan on falling behind in the global EV race anytime soon. Likewise, investors looking to jump on the EV trend now could be flocking to F stock. This would be somewhat evident seeing as F stock is currently sitting on year-to-date gains of over 52%. All things considered, would you consider it a top buy now?
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Nio Inc.
Next up, we have a leading presence in the Chinese EV market today, Nio. In brief, Nio primarily focuses on developing and selling smart EVs. The likes of which boast cutting-edge features like autonomous driving while also being more environmentally friendly than combustion engine vehicles. For consumers and investors looking to invest in the more premium end of the EV market, Nio would be a go-to. In particular, investors’ sentiment for NIO stock remains strong as well. The company’s shares are currently looking at gains of over 115% in the past year.
If all that wasn’t enough, the company is also looking to branch out into EV battery swapping services. For one thing, the company’s battery-as-a-service (BaaS) business would differentiate it from the pack. In theory, being able to swap EV batteries could be the more efficient means for consumers to charge their EVs. Understandably, this would save time that would otherwise be spent waiting in line at charging stations. Despite only having launched its first vehicle in 2017, Nio continues to gain immense momentum.
In its second-quarter fiscal posted earlier this month, the company saw green across the board. Notably, Nio raked in a total revenue of over $1.3 billion for the quarter, marking a massive 127% year-over-year surge. Moreover, the company also ended the quarter with over $2.68 billion in cash on hand, an increase of 65% year-over-year. With Nio seemingly firing on all cylinders, will you be keeping an eye on NIO stock this week?
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Nikola Corporation
Nikola is an upcoming name to consider in the EV industry now. Unlike most other companies, Nikola focuses on the broader transportations industry. What this means is that it specializes in designing and manufacturing battery-electric and hydrogen-electric service vehicles or EV drivetrains. Additionally, the company also produces vehicle components, energy storage systems, and hydrogen station infrastructure. With Nikola taking an industrial approach to the EV industry, could NKLA stock be worth watching now?
For the most part, the company does not seem to be sitting idly by on the operational front. This is clear given its recent $2 million grant from the U.S. Department of Energy (DOE). As of earlier this month, the company is now actively working to advance research into autonomous refueling tech. Ideally, this tech will serve to ensure rapid, efficient, and safe fueling for large onboard storage systems on heavy-duty vehicles.
All in all, Nikola’s head of Energy and Commercial ventures, Pablo Koziner had this to say, “The work we are doing with the Department of Energy and our partners on fueling technology is part of Nikola’s holistic approach to the hydrogen ecosystem; supplementary to our work on heavy-duty vehicles, infrastructure, and energy solutions.” Safe to say, this is a win for Nikola as its portfolio continues to broaden with federal backing. As such, would you consider adding NKLA stock to your portfolio?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
