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Top 5 Electric Vehicle Stocks to Buy Now

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Electric vehicle (EV) inventories are expanding beyond the automotive industry. There are many more companies that produce electric vehicle related goods such as batteries, charging stations, motors and other mechanical components. The charging networks for electric vehicles ChargePoint (CHPT), Blink Charging (BLNK), EVgo (EVGO) and Wallbox are just a few examples (WBX).

Powertrains compatible with renewable gas and H2 fuel cells are being developed by Hyliion (HYLN) alongside electric powertrains for heavy vehicles.

Commercial electric vehicle fleets can get their battery packs from Romeo Power (RMO). When it comes to lithium metal batteries, QuantumScape (QS) claims to have made significant strides.

General Motors, Nio and Xpeng rely on Magna (MGA) for battery cases and e-drive gears. Towards the end of the year, the company will introduce another SUV, the Fisker Ocean.

Despite recovering from last year’s losses, the stock charts of most EV companies are showing new signs of stress. Electric cars are still a relatively new industry, which is why the investments of both large manufacturers and small entrepreneurs are seen as risky. As the market has shifted to a risk-off mindset and the scarcity of critical components persists, their fortunes have deteriorated.

The shares of electric vehicles with the strongest combination of fundamental and technical indicators are shown here.

BYD Company Limited (OTCMKTS: BYDDF)

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BYD, a Chinese automaker, is listed in Hong Kong and trades OTC in the United States. It is possible that BYD, a major battery manufacturer, will provide Tesla with EV batteries in the near future. The strong growth in 2021 and so far this year can also be attributed to BYD’s internal chip production.

BYD has switched to producing only BEVs and PHEVs (PHEVs). Despite the Covid-19 shutdowns, BYD saw electric vehicle sales more than triple in June and the second quarter of 2018. As a follow-up, it quadrupled its electric vehicle sales in 2021. BYD, which owns Berkshire Hathaway (BRKB), is a lender selling electric vehicles in Norway and plans to expand internationally.

The composite score for BYD (BYDDF) is a 0.0 and the EPS score is 56. The price of BYDDF shares is renewing its 50-day moving average after climbing back above it on July 14 based on strong earnings forecasts. As a result, the line representing the relative strength weakens.

Tesla (NASDAQ: TSLA)

Tesla stock
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On July 20, Tesla announced results that exceeded expectations for the second quarter. An earlier report said electric vehicle deliveries grew 27% annually in the second quarter. Although production stopped in April due to Covid issues, deliveries fell by more than 18% compared to the first quarter.

The Model S Plaid can go from 0-60mph in under two seconds, making it the fastest production Tesla yet. The Model 3 sedan and the Model Y crossover SUV are two of Tesla’s four cars. The Cybertruck, Semi and Roadster are part of his future ambitions.

The IBD Composite Rating for Tesla stock is 58 and the EPS Rating is 75, making it the top rated auto and EV company by market cap. In July, after spending two months below that critical support level, stocks finally climbed back above the 10-week moving average. The relative strength index of TSLA stocks is rising again after a dip. There are clear indications of a long-term upward trend.

Every year, Tesla hopes to increase its car shipments by 50%. As a result, 936,172 Teslas were shipped in 2021, an 87% increase from 2020.

Li Auto Inc (NASDAQ: LI)

IPG The Interpublic Group of Companies Stock
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The price-to-earnings ratio for Li Auto stock is 76, while the company’s value-to-price ratio is 90. While LI stocks have remained above the key averages, it is starting to lag the RS line, which is worrisome for a growth company on the IBD 50.

Shares of the Chinese electric vehicle company more than doubled in value in the seven weeks from mid-May to the end of June and are now stabilizing around highs. The Li-One SUV is available from Li Auto. The Li-One is a plug-in hybrid electric vehicle with a small petrol engine. On June 21, Li Auto released the L9, their second SUV.

Despite Covid issues, Li Auto saw a rebound in their EV sales in June and May, with sales up 63% for the entire second quarter. Vehicle electricity sales will almost quadruple in 2021 thanks to Li. The company’s sales are growing at a rate of triple digits.

Lucid Group Inc (NASDAQ: LCID)

Electric cars and Bitcoin
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Lucid Motors, an Arizona-based electric vehicle manufacturer, is leading the way for a new generation of luxury performance cars. Their first production car, the Lucid Air, debuted in January this year at the CES technology show. With 513 horsepower and a top speed of 320 mph with acceleration from 0 to 60 in 2.5 seconds, it’s easy to see why they called it “The New Standard In Performance.”

In addition to that breathtaking performance, the car looks like something out of a science fiction movie. It has standard autonomous driving functions (level 3) and a spacious interior with luxury amenities such as hand-stitched leather seats and double panoramic glass roofs with artificial lighting for illumination when driving at night.

When the company revealed a reduction in its production target for the year, LCID shares fell. Due to logistics and supply chain issues, Lucid Group has reduced its production target from 20,000 to 12,000 units. This could be a problem for the company, as it delivered just 125 cars in 2021 and 360 in the first quarter of 2022.