Are These The Best EV Stocks To Buy Right Now?
Electric Vehicle (EV) stocks are often on the top of many investors’ watchlists in the stock market. For those who keep up with the latest trends, it is no secret that the automotive industry is trending towards cleaner energy sources. As such, EVs have been at the forefront of this movement. It should also be noted that many countries around the world are supportive of this shift within the industry. For instance, reports suggest that President Joe Biden will invoke the Defense Production Act to encourage domestic production of minerals to make batteries for EVs. It may well help companies receive government funding for feasibility studies on projects that extract materials such as lithium, cobalt, nickel, and manganese.
Last Thursday,
Tesla
(
NASDAQ: TSLA
) unveiled the grand opening of its Texas gigafactory. This is now the world’s largest factory building in the world by volume and the most advanced car factory the world has ever seen. In light of this, Tesla now expects to make 1.5 million vehicles in 2022, this would represent a 50% increase compared to last year. Additionally, company CEO, Elon Musk confirmed that the company will be building battery cells at the facility.
Elsewhere,
Faraday Future
(
NASDAQ: FFIE
) also recently announced a partnership with Meta System. In brief, Meta System will be the supplier of Faraday’s On-Board Charging Power Management for the upcoming FF 91 EV. Faraday believes that Meta’s deep understanding of power conversion systems will allow the FF 91 to offer industry-leading AC charging capabilities. Hence, giving its drivers more time to spend behind the wheel. Given these developments in the industry, here are some of the top EV stocks worth considering in the stock market today.
Electric Vehicle Stocks To Watch This Week
-
Ford Motor Company
(
NYSE: F
) -
Lucid Group Inc
(
NASDAQ: LCID
) -
Xpeng Inc
(
NYSE: XPEV
)
Ford
Ford
is a company that has had a huge presence in the automotive industry for more than a century. In detail, it designs, manufactures, markets, and services a full line of electrified passenger and commercial vehicles. This includes Ford trucks, utility vehicles, vans, cars, and even Lincoln luxury vehicles. Besides increasing its electrification efforts over the years, the company is also investing in the development of autonomous vehicles through Argo AI.
Even today, the global semiconductor chip shortage continues to haunt the industry. However, Ford has been doing a decent job in navigating through these challenges. Last week, Ford announced its March 2022 sales report. Its F-Series took in a new record 50,000 retail orders for the month, representing an increase of 38,000 over the previous year. Meanwhile, the company also achieved record electrified vehicle sales, expanding by 37.9% since the start of the year. Its newest products, namely Bronco, Bronco Sport, Mustang Mach-E, and Maverick continue to shine. These models had their best combined sales performance yet, with 33,398 vehicles sold in March.
On top of that, Ford recently declared a second-quarter regular dividend of 10 cents per share. The dividend will be payable on June 1 to shareholders of record at the close of business on April 26. Although sentiment around the stock may not be the best right now, F stock has still risen more than 20% over the past year. So, could it be an intriguing investment prospect?
Lucid
Another top EV company on the rise would be
Lucid
. Essentially, this is an automotive company that develops, manufactures, and sells EVs, EV powertrains, and battery systems made in-house. As of now, the company’s primary focus is on in-house technological innovation, vertical integration, and a clean-sheet approach to engineering and design. Following these principles, it has led to the development of its groundbreaking EV, the Lucid Air.
In March, Lucid announced that its DreamDrive Pro advanced driver-assistance system (ADAS) will add new features in the future. The plan is to build on
NVIDIA
(
NASDAQ: NVDA
) DRIVE Hyperion technology, a powerful software-defined platform in every Lucid Air today. The seamless integration of NVIDIA’s software and DRIVE OS will provide a powerful basis for the company to further enhance the potential of DreamDrive. Most importantly, all new integrations can be delivered to Lucid vehicles over the air.
Furthermore, the company also announced the official opening of its newest Studio at the Yorkdale Shopping Centre in Toronto, Ontario. Adding this to the list, it would be the second location in Canada and 23rd in the company’s growing North American retail network. This new location is one of the largest shopping destinations in Canada. Naturally, it would help the company to elevate the brand in Canada as it continues to expand internationally. Considering these factors, could LCID stock be worth watching right now?
[Read More]
Top Stock Market News For Today April 11, 2022
Xpeng
To sum up the list, we have one of China’s up and rising EV companies,
Xpeng
. Today, the company continues to be a leader in the rapidly growing smart EV market, producing popular and environmentally-friendly vehicles. Namely, this would include its G3 SUV and its P7 sports sedan. Its vehicles also offer attractive design and high performance, coupled with safety and reliability. XPEV stock has climbed more than 15% over the past month.
Last month, Xpeng reached a huge milestone as it became the first Chinese pure-EV company to produce 100,000 units of a single model. The 100,000th P7 smart sedan rolled off the production line 695 days after its official launch in April 2020. This sets a record for pure EVs from emerging auto brands in China. Safe to say, this is a testament to the company’s smart functionality and overall quality in providing the best services. Looking at the larger picture, Xpeng has come a long way and has established itself as one of the largest EV companies in the country.
This can also be seen through its March 2022 deliveries that were announced recently. The company’s total vehicles delivered for the month was 15,414 vehicles, an increase of 200% year-over-year. It also represents an increase of 148% compared to the month of February. For the first quarter of 2022, XPeng says that it has delivered over 30,000 vehicles, more than double that of the previous year’s quarter. Overall, Xpeng is trending in the right direction despite the various challenges faced by the industry right now. With that in mind, does XPEV stock have a place on your watchlist?
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel.
CLICK HERE RIGHT NOW!!