15 Best-Performing EV Stocks for August 2024

Again, it’s been a leader in the hybrid electric vehicle space. That electrified vehicles already account for nearly 25% of Toyota’s U.S. sales volume, and that number is expected to rise to nearly 70% by 2030. As a good long-term play on lithium demand, consider the shares of Albemarle (ALB, $232.52), one of the world’s largest miners and producers of lithium. The shares are cheap at current prices, trading at just 7.5 times earnings. At a price-to-earnings (P/E) ratio of 86 and a price/sales (P/S) ratio of 12, the company is priced aggressively for even an upstart tech stock. And this is a company with a market cap of close to a trillion dollars.

FREYR Battery

The battery industry is red hot, and the move by Nio may just be what it needs to secure its lead for the long term. Its main products are its two C-Series trucks, with interior volumes of 1,000 and 650 cubic feet. According to the company, not only are these trucks better for the environment, they also eliminate a lot of unnecessary body weight while still handling the same amount of volume and payload. Buying F stock for its electric position is a feel-good bet on America’s past. If investors are right, it’ll soon become a bet on the future. The all-electric F-150 is still a few years away, and the company is only now touting federal tax incentives and minimal maintenance costs to attract EV shoppers.

Li Auto Inc. (LI)

Li Auto, also known as Li Xiang after its founder and CEO, recently came public in an effort to do just that. Right after it completed its reverse merger, founder Trevor Milton — who some see as the next Musk — announced a preorder date for the Badger pickup truck. It comes in both battery EV and hydrogen fuel cell models, with starting prices of $60,000 and $80,000, respectively. Special purpose acquisition company VectoIQ completed a reverse merger with Nikola in early June, and the company hasn’t looked back since.

You’re our first priority.Every time.

• Apart from its ambitions in the EV space, perhaps the most compelling reason to consider an investment in General Motors is the stock’s valuation.
• ON’s silicon carbide chips address the two major pain points of electric vehicles.
• Companies that manufacture the components used in electric cars — such as batteries or autonomous vehicle systems — can also be considered part of the electric car industry.
• As you consider electric car stocks, make sure diversifying legacy automakers are on your radar.

InvestorPlace Markets Analyst Luke Lango said that Nio is simply a long-term electric vehicle winner. There are two big catalysts investors should be watching beyond improving delivery figures. It appears that this focus on the luxury market, along with several last-minute funding initiatives, have given Nio the boost it needed to survive. During its last earnings release, total deliveries soared. And the average sale price of vehicles improved even as the world navigates a pandemic.

This standardization should make purchasing and charging EVs simpler, which could help drive growth in the industry. Tesla has resorted to price cuts to sell vehicles this year as consumer demand faltered, a move that has hurt the bottom line. In the first quarter of 2023, Tesla’s overall gross margin plunged by almost 10 percentage points year over year to 19.3%. The company is still profitable, but profits are trending lower.

Investing in Electric Car Stocks

Honda has already touted its E-City car, which it views as a competitor to tiny vehicles like the Mini Cooper SE and the Fiat 500e. This vehicle launch will contribute https://investmentsanalysis.info/ to a company initiative to sell only electrified cars in Europe by 2022. Ayro also markets the Club Car 411, another highly configurable vehicle with multiple uses.

Lucid raised $1.2 billion in additional capital in May, which will help cover its losses as it scales up production. Lucid stock is pricey, valued at $14.6 billion despite quarterly revenue of less than $150 million, so investors should tread carefully. A child of sorts of Workhorse, Lordstown plans to use the old GM factory to build light-duty electric trucks for fleet owners, emphasizing the lower maintenance costs of electric vehicles. With a market capitalization of $495 million, and a chart that’s not strong, it’s not attractive today. The company recently shed a bit more light on its positioning, citing limitations in its battery production. However, Toyota is neither completely committing to battery-electric cars nor backing away from FCEVs.

If you want to buy an automaker, you could invest in a company like BYD, the leading manufacturer of electric vehicles. QuantumScape is Ev stocks to watch spending heavily to bring its technology to market. The company delivered its first prototype battery samples to EV automakers in 2022.

“When looking at EV ETFs, I look for broad diversification in both industries and geography,” Krull says. “They should include the entire supply chain, not just the top-line auto manufacturers, as well as countries outside of the U.S. With an EV ETF, you’ll get more than just the automobile manufacturers, you’ll also be invested in battery technology and the minerals that are required to manufacture them. The Global X Autonomous & Electric Vehicles ETF (DRIV 2.82%) invests in makers of electric and self-driving cars. EV stocks include electric vehicle manufacturers, electric battery producers and companies that make charging stations and electric motors. In a broader sense, electric vehicle stocks may also include mining companies and semiconductor companies that produce key EV components.

Management says tests have gone well, and it expects to provide batteries for test cars in 2023 and begin commercial battery production in 2024 or 2025. Panasonic’s supplier relationship with Tesla may not last forever. It’s working to expand its supplier relationships, including a deal with Lucid at the end of 2022. The battery maker remains well positioned to supply EV batteries to all the major automakers that have unveiled grand plans to produce EVs. While Panasonic isn’t a pure-play EV battery company, it’s likely to remain a leader in the sector. BYD is an integrated EV company based in China and one of the world’s most valuable automakers.

Microvast spent $150.9 million in capital expenditures in 2022. That’s a hefty amount for a company that generated just $204.5 million in revenue that year. The investments will enhance its battery production capacity and expand its range of battery solutions so it can tap into a large and growing market.