Electric vehicles or EVs for short, represent a turning point for the global automotive industry today. As such, it would make sense that EV stocks also stand to gain in the stock market as well. After all, the industry-wide shift towards electrification is happening at breakneck speeds. Rightfully so as EVs are among the key methods countries across the globe are employing to combat climate change. With numerous tailwinds supporting the industry’s growth now, I could see investors watching the top EV stocks closely.

For one thing, there is a vast selection of EV stocks in the stock market today. On one hand, pure-play companies such as Li Auto (NASDAQ: LI) continue to make headlines. This would be the case as consumer demand for EVs skyrockets across key markets in the U.S., China, and Europe. Namely, Li Auto saw its August delivery figures surge by 248% year-over-year. On the other hand, even pick-and-shovel plays on the EV market like ChargePoint (NYSE: CHPT) are gaining traction. Through its EV charging station network, the company’s services would synergize well with President Biden’s EV infrastructure plans. All in all, some would argue that now could be a good time to invest in the top EV stocks in the market. Should you agree, here are five names to watch now.

Best EV Stocks To Buy [Or Sell] This Month

  • Nio Inc. (NYSE: NIO)
  • Ford Company (NYSE: F)
  • Fisker Inc. (NYSE: FSR)
  • Volta Inc. (NYSE: VLTA)
  • General Motors Company (NYSE: GM)

Nio Inc.

First up, we have Nio, a pioneer in China’s EV market. The company designs and manufactures smart and connected premium EVs, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence. It also offers a variety of EV-related technology like Power Swap, its innovative battery swapping service. NIO stock currently trades at $37.78 as of 9:35 a.m. ET and is up by over 80% in the past year alone. Today, the company provided its August 2021 delivery update.

Notably, the company delivered 5,880 vehicles in August 2021, increasing by 48.3% year-over-year. Cumulative deliveries of the ES8, ES6, and EC6 as of August 31, 2021, have reached an impressive 131,408. However, the company has adjusted its delivery outlook to the range of 22,500 to 23,500 vehicles for the third quarter of 2021 due to supply chain constraints.

However, investors should not be disheartened as Nio could ride through these material woes. Also, this is a global supply issue that affects many industries and is not unique to Nio. Furthermore, given how the EV market in China is still growing substantially, will NIO stock be worth buying for the long run?

Ford Motor Company

Ford is a multinational automobile manufacturer with headquarters in Michigan. The company has made huge strides into the EV market this year, with its Ford+ plan to lead the electrification revolution. In fact, Ford expects 40% of its global vehicle volume to be all-electric by 2030 and plans to invest over $30 billion by 2025. This would include the development of its IonBoost batteries. F stock currently trades at $13.03 as of 9:44 a.m. ET.

Last month, the company reported that its Ford Mustang Mach-E sales grew by 15.8% in July. Its F-150 Lightning reservations exceeded 120,000. Almost 80% of the fully electric Lightning truck customers are coming from other brands. Also, its accessory business continues to grow rapidly, growing by 23% in the first half of the year and is on track for a record year. Given the strong portfolio of new products, robust transaction pricing, and a big order book, will you say that F stock is worth adding to your portfolio right now?

Fisker Inc.

Fisker is a design-forward, digitally focused EV company that is designing a next-generation EV. The company’s asset-light, direct-to-consumer operating model supports recurring revenue, reduced cyclicality, and a rapid path to production and profitability. FSR stock currently trades at $14.13 as of 10:02 a.m. ET. On August 5, 2021, the company announced its second-quarter financials.

The company says that its Fisker Ocean development remains on track for start-of-production and full ramp-up production volume reaching over 5,000 assembled units per month by 2023. Its second-quarter operating results are also consistent with its expectations and the company ended the quarter with $962 million in cash.

“We continued making steady progress in Q2 2021 on our key priorities — appealing product, product lifetime profitability, on-time start of production, and streamlined program costs,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker. “Fisker has grown significantly and our experienced team is consistently delivering to the planned engineering and supply chain timelines for the Fisker Ocean”.

Volta Inc.

Another name to consider in the current EV trade would be Volta. In brief, it is an upcoming player in the EV charging business today. Understandably, as the ranks of EV owners continue to grow, there would also be a growing need for charging stations. In practice, this would be where Volta comes into play. Now, unlike most of its peers, Volta’s stations come with media display panels installed. This allows Volta to essentially offer both EV charging services and ad space in an all-in-one package.

Overall, this would help build the case for VLTA stock in the stock market today. After having just gone public via a SPAC merger with Tortoise Acquisition, the company’s shares currently trade at $8.63 as of 10:15 a.m. ET.

If anything, Volta appears to be kicking into high gear. Just last month, the company announced plans to expand its presence in Europe. Additionally, it also continues to bolster its existing network software via machine learning and artificial intelligence. With all this in mind, will you be investing in VLTA stock?

General Motors Company

Following that, we have General Motors (GM). By and large, the automotive titan would be another viable bet in the current global EV race. As with most of its peers, the company is also looking to electrify its current fleet. To do so it plans to invest $22 billion over the next four years toward its EV battery tech. Given GM’s experience and sheer scale, it would not surprise me to see investors eyeing GM stock. As it stands, the company’s shares currently trade at $49.02 as of 10:26 a.m. ET.

Notably, GM does not appear to be slowing down on the operational front any time soon. Earlier today, the company announced a new partnership with Telus Communications (NYSE: TU). In detail, the duo is now working to integrate GM’s latest vehicles to Telus’ 5G network in Canada. Ideally, this would enable GM to make the most of 5G tech in the region, allowing for more comprehensive driver experiences. Given all of this, would GM stock be a top pick for you?

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