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5 Electric Vehicle Stocks To Watch After Ford Boosts Spending On EVs

Will Ford’s Big Investment News Lift These Top Electric Vehicle Stocks In The Stock Market Now?

Wall Street has a new favorite electric vehicle stock in the stock market right now. And… it’s not Tesla (NASDAQ: TSLA) right now. Instead, it’s the legendary automaker Ford (NYSE: F) that is getting all the attention in the market as of late. Despite Tesla’s announcement on its plan to advance its effort to develop autonomous vehicles, the news was arguably overshadowed by Ford’s announcement to boost spending on electrification efforts. On top of that, the automaker aims to have 40% of its global volumes be all-electric by 2030, a move to step up its push on EVs.

When the whole transportation industry speeds up the transition to electric, investors might want to pay closer attention. While some experts believe that we are in a massive bubble, others beg to differ. The truth is, the rise of EVs didn’t happen overnight. Rather, it has been years in the making. With many growth stocks turning tide this week, a lot of focus is on the top electric vehicle stocks in the stock market today. With that in mind, do you have these electric vehicle stocks on your watchlist?

Electric Vehicle Stocks To Watch Right Now

  1. Li Auto (NASDAQ: LI)
  2. Lucid Motors (NYSE: CCIV)
  3. General Motors (NYSE: GM)
  4. Xpeng Motors (NYSE: XPEV)
  5. Fisker (NYSE: FSR)

Li Auto

Chinese EV maker Li Auto is an electric vehicle stock to watch this week. This came after the company reported a five-fold increase in its first-quarter revenue that topped analysts’ expectations. Revenue in the first quarter came in at $545.7 million, beating consensus estimates of $522.5 million.

The company now has 65 retail stores and 135 service centers. On top of issuing $862.5 million in convertible notes last month, the company unveiled the new 2021 model of Li ONE. And this new model includes an improved suite of active safety features.

The company’s CEO Xiang Li is highly optimistic about the company’s performance this quarter. He commented, “Li ONE was the second best-selling new energy SUV in China in the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.” Considering the upbeat momentum with the company’s performance, would now be a good time to include LI stock in your portfolio?

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Churchill Capital IV

Churchill Capital Corp. IV is a special purpose acquisition company (SPAC) that is merging with Lucid Motors. For those uninitiated, Lucid is a brainchild of former Tesla chief engineer, Peter Rawlinson.

Since the confirmation of the merger news, the stock has garnered a lot of attention from investors. However, since hitting a high of nearly $65 per share earlier this year, CCIV stock is down nearly 70% from its peak. Currently, investors can pick up CCIV stock at around $20 per share.

While CCIV stock did not have a good ride like its competitors in the market, Lucid Air’s presentation could be quite appealing to some investors. During the presentation, Lucid unveiled the intuitive user experience with the Air. And investors appear to be optimistic about what the company is offering. Of course, at $20 apiece, the stock is still double from the SPAC’s IPO price. While no one can be sure if we can ever go back to its previous high again, would it be compelling to buy CCIV stock on dips?

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General Motors

Following that, we have the legacy automotive giant, General Motors (GM). Like most of its peers, the company has and continues to shift towards the hot EV and AV segments now. With plans to go carbon neutral by 2040, GM seems set on adapting to shifting market dynamics. Thanks to its EV-focused strategy, GM stock has more than tripled in value over the past year. The company is also looking to invest $27 billion in EV and AV development over the next five years.

More recently, the company is also reportedly partnering up with Lockheed Martin (NYSE: LMT) to develop the next generation of lunar vehicles to transport astronauts on the surface of the Moon. In this partnership, GM will utilize its autonomous technology to facilitate safer and more efficient operations on the moon.

If anything, GM’s big investment in autonomous technology could very much bring in different revenue sources for the company as the technology continues to mature. Given its involvement in both electric vehicles and autonomous technology, could investors expect GM stock to be a multi-bagger?

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Xpeng Motors

Next up, we have another China-based EV company, Xpeng. Essentially, it is a company that designs, develops, and produces smart electric vehicles (Smart EVs). Not only that, but the company also has aims of developing full-stack autonomous driving technology, in-car intelligent operating systems, and core vehicle systems.

From its first-quarter earnings, total vehicles delivered by the company jumped by 487% to 13,340 from 2,271 in the corresponding period of the prior year. Also, total revenue increased 616.1% year-on-year to $450.4 million. This can largely be attributed to its deliveries of the P7 model.

What’s more impressive is that the company is predicting another fruitful second quarter. Given the strong financial results of the company, would you say that XPEV stock is trading at a discount now?

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Fisker

Last but not least, we have the EV startup Fisker. To put it simply, it is a company that designs and manufactures electric vehicles. Its flagship Fisker Ocean is set for mass production in 2022. The company aims to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. This week, the company announced that it has signed a letter of intent with the Mekonomen Group to provide a range of after-sales services for the Danish, Norwegian and Swedish markets.

With a network of more than 3,000 affiliated workshops across Scandinavia, the Mekonomen Group will provide a range of delivery and ownership services to Fisker, complementing its asset-light model.

Furthermore, Fisker also announced that it has nominated Sharp Corporation to develop technologies to support its next-generation in-vehicle screens and interfaces. The agreement would include the co-creation of technologies and the subsequent manufacture of screens and components from Sharp to support the Fisker Ocean SUV, Project PEAR (Personal Electric Automotive Revolution), and potentially two additional Fisker vehicles. With that in mind, would you invest in FSR stock now?

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