6 Top Stocks That Will Benefit From the Coming EV Boom
As the globe transitions to electric vehicles, there will be winners and losers among the major automakers. EV stocks have escalated in the wake of Tesla motors success as electric vehicles approach widespread use — but not all are made equal. Some auto stocks are more prepared for an EV future than any others. Here are the leading electric car manufacturers.
Best EV Stocks to Buy or Keep an Eye On
The current market sell-off has badly harmed the charts of EV stocks, with few in a buy zone. However, as of August 9, these stocks received the highest ratings. Most are not pure-play EV stocks but are aggressively pursuing electrification.
1. TESLA Stock
The stock of Tesla has a Composite Rating of 90 and an EPS rating of 72. The leading auto and EV stock by market capitalization forecasts a 50 per cent average annual increase in-car deliveries, with 2021 likely to be quicker. In 2020, deliveries increased by 36% to 499,647. The much-anticipated Cyber Truck is set to debut next year. The new Model S Plaid is Tesla's quickest car yet, reaching 60 mph in less than two seconds.
2. GENERAL MOTORS Stock
The IBD Composite Rating for GM stock is 69, and the EPS rating is 71. General Motors said on June 16 that it will increase its investment in electric and autonomous cars to $35 billion by 2025, up from a previous target of $27 billion, and that it plans to introduce 30 new EVs throughout the world. The highly awaited Hummer electric vehicle from General Motors has set to debut in late 2021. A premium Cadillac electric SUV will arrive in mid-2022, followed by a Hummer electric SUV in early 2023.
3. FORD Stock
The stock of Ford has a Composite Rating of 75 and an EPS rating of 66. Ford said in late May that it will increase its expenditure on electric cars to more than $30 billion by 2025 and that it expected 40 per cent of its global sales to be electric by 2030. It intends to launch 16 all-electric vehicles by 2022. Within a month of its introduction, Ford claimed 100,000 reservations for the F-150 Lightning electric vehicle on June 17. That Cybertruck competitor has set to arrive in mid-2022.
4. VOLKSWAGEN Stock
Volkswagen stock does not have a Composite Rating, but it does have an EPS rating of 95. VW has a $86 billion five-year expenditure plan, with ambitions for 70 completely electric vehicles by 2030. Last year, the German automaker sold 231,600 completely electric vehicles with aspirations to more than quadruple that figure to 500,000 this year.
This year, the entire sales target for electric cars, including plug-in hybrid models, is one million. Volkswagen's new ID.4 electric SUV that is critical to these objectives is now available internationally.
5. FERRARI Stock
The stock of Ferrari has a Composite Rating of 76 and an EPS rating of 85. The sports-car icon will produce its first all-electric supercar in 2025, entering the ranks of EV stocks after earlier opposing the transition to electric vehicles for safety reasons.
Meanwhile, Ferrari has concentrated on hybrid supercars, launching its first hybrid electric vehicle, the SF Stradale, only recently.
6. MAGNA Stock
Magna's stock has a 64-point Composite Rating and a 70-point EPS Rating. The business will begin production of Fisker's Ocean electric SUV in November 2022 in addition to selling EV parts and might eventually manufacture an Apple car. Magna already builds whole cars for BMW, Daimler, and Jaguar. Magna and LG Electronics of South Korea have formed a joint venture to produce electric car motors, inverters, onboard chargers, and drive systems.
Are Electric Vehicle Stocks a Good Investment?
According to CAN SLIM principles, companies with a good track record of profits growth and market outperformance that are generating bullish chart patterns are the ideal prospects for stocks to purchase and monitor. However, the majority of the new EV stocks lack both. Fisker (FSR), Canoo (GOV), and Lordstown are among them (RIDE). Others, like Rivian, aren't yet public, while Lucid, Faraday Future, and Xos Trucks will make their debuts when their blank-check agreements have been completed. Meanwhile, Chinese EV stocks such as Nio (NIO), Xpeng (XPEV), and Li Auto (LI) sell tens of thousands of vehicles but are now unprofitable. Then there are the established automakers, such as General Motors (GM) and Ford (F).
In the medium run, EV stocks will continue to be squeezed by the worldwide semiconductor shortage that is hurting the whole car sector. However, in the long run, greater government assistance for electric cars is anticipating as prices fall.
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