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Top Electric Vehicle Stocks to Buy Today? 4 To know

Top Electric Vehicle Stocks to Buy Today?  4 To know

4 Top EV Stocks to Watch This Week

Electric vehicle (EV) stocks have taken a hard hit since the start of the year. With headwinds like the chip shortage throwing a wrench into production, EV stocks are trading at a discount. Therefore, some may argue that EV stocks may be worth buying now, given their current valuations in the stock market. After all, the EV transition is real, with older automakers like General engines (NYSE: GM) and Ford (NYSE: F) race to electrify their fleets. Plus, you also have governments around the world that support the transition to electric vehicles.

For example, the Biden administration made a remarkable announcement last Monday. In particular, it will launch its $3.1 billion plan to boost domestic battery production. By accelerating the shift to electric vehicles, the funding will support grants aimed at building, converting or expanding the production of batteries and battery components. Accordingly, these grants will be funded through Biden’s $1 trillion infrastructure plan. Under this plan, more than $7 billion will be allocated to strengthen the country’s battery supply chain. As such, with the US government backing the EV transition, here are four EV stocks to watch in the stock market today.

EV stocks to buy [Or Sell] Now

lucid

Our start today is lucid, an emerging EV maker. For the most part, it is a car company that develops, manufactures and sells in-house electric cars, powertrains and battery systems. As of now, the company’s primary focus is on internal technology innovation, vertical integration and a clean-sheet approach to engineering and design. Following these principles, it led to the development of its groundbreaking EV, the Lucid Air. LCID stock is down more than 50% since the beginning of the year. Could now be the time to buy the dip?

After all, the company now has more than 30,000 reservations for its Lucid Air sedan, reflecting potential sales of a staggering $2.9 billion. Last Thursday, the company released its financial results for the first quarter of the year. In terms of sales, Lucid had revenue of $57.7 million from shipping 360 vehicles to customers in the quarter. The company also reiterated its forecast for 2022 production volume of 12,000 to 14,000 vehicles. Additionally, effective June 1, Lucid will increase the prices of its various Air models by approximately 10% to 12%. However, it will still honor its current prices for existing reservations and any new reservations before the end of May. Given the strong demand for Lucid EVs, should you invest in LCID stock?

Source: TD Ameritrade TOS

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Nikola

After this we have Nikola, a company that aims to transform the transportation industry worldwide. Simply put, it designs and manufactures zero-emission battery-electric and hydrogen-electric vehicles and related components. Nikola’s product range consists mainly of commercial trucks, SUVs and personal watercraft that run on batteries or hydrogen. Last week, the company released its first quarter financial results, which surprised Wall Street analysts.

For starters, the company had revenue of $1.89 million, beating consensus estimates of about $100,000. This revenue surprise is driven by the sale of his mobile charging trailers, a helpline of Nikola’s company. Turning to his gains, Nikola brought in a loss of $0.21, smaller than the loss analysts expected of $0.27. Financial matters aside, the company delivered its first Tre-semi trucks to customers in April. In addition, it says it has purchase orders for more than 500 of its Tre trucks. The company also says it is still on track to produce and deliver 300 to 500 vehicles to customers this year. That said, should you buy NKLA stock?

NKLA stock chart
Source: TD Ameritrade TOS

Fisker

Another notable name in the EV industry would be: Fisker† Basically, the company is named after the legendary car designer Henrik Fisker. One of Fisker’s core activities is developing the most environmentally friendly electric car on the market. In addition, the company also aims to become the top provider of e-mobility services with the world’s most sustainable vehicles. Currently, the company continues to work hard on the development of its electric SUV Fisker Ocean. FSR stock has moved sideways over the past year. Could things be looking like this soon?

On May 4, the EV company released its first quarter financials. While the company has yet to generate any revenue, it sees rapid progress toward production of its Fisker Ocean SUV. Specifically, it is on track to start production on November 17 later in the year. It has even started physical testing of its Fisker Ocean. Looking at the demand, Fisker sees more than 40,000 reservations for his SUV. In addition, the company also has more than $1 billion in cash and cash equivalents, which is enough to fund the November production launch of the Fisker Ocean. As Fisker prepares to launch, keep an eye on FSR stocks?

FSR Stock Chart
Source: TD Ameritrade TOS

[Read More] 4 top oil stocks to watch in the stock market today

Stellantis

Stellantis is a multinational automaker worth keeping an eye on. Stellantis, headquartered in Amsterdam, is one of the largest car manufacturers in the world. The company was formed as a merger between Fiat Chrysler Automobiles and the France-based PSA Group. Its car brand portfolio includes many world famous brands such as Maserati, Peugeot, Dodge, Jeep, Chrysler, Fiat and Alfa Romeo. In fact, Stellantis is present in more than 130 countries around the world.

On May 5, Stellantis announced its first quarter earnings. Sales rose 12% to $43 billion. According to the company, this increase reflects strong pricing and favorable vehicle mix. North American revenues were strong, growing 30% to nearly $22.1 billion. In other news, last week its mobility division Free2move signed an agreement to acquire car-sharing company Share Now. The deal aims to add 14 major European cities and 10,000 vehicles to Free2move’s existing fleet of 2,500 vehicles. Given the developments at Stellantis, is STLA a striking appearance?

STLA stock chart
Source: TD Ameritrade TOS

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]



Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

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