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July 29, 2021, 6:18 p.m. EDT

4 Top EV Stocks To Watch Before August 2021

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Fisker Inc

Next, we have an EV company that is developing one of the most eco-friendly EVs in the world, Fisker. On top of designing and developing EVs, it also has filed patents on solid-state battery technology for use in automotive and consumer electronics. Most consumers and investors alike are excited about its first Fisker Ocean models that will begin production in 2022.

Yesterday, the company announced it will make a $10 million private investment in public equity supporting the planned merger of Allego with Spartan Acquisition Corp III ( NYSE: SPAQ ). For those unfamiliar, Allego is a leading EV charging network in Europe. It has deployed more than 26,000 charging ports across 12,000 public and private locations in 12 European countries. Its network includes fast, ultra-fast, and AC charging solutions.

This investment has more than meets the eyes. In fact, it could just be the beginning of a long collaboration between Fisker and Allego. For starters, customers buying or leasing a Fisker Ocean SUV will benefit from one year of free charging on the Allego network. Besides that, the two companies are also working on plans to deliver a seamless charging experience for Fisker customers using the Allego 'Plug&Charge' service. At this point, it does seem like the company has everything planned out in anticipation of its first EV. Thus, would FSR stock be a solid investment for the future?

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Magna International Inc

Topping off our list today is Magna. The company is one of the auto equipment providers that is making considerable strides in revving up electrification capabilities. Magna is developing unique and scalable solutions that target issues current OEMs face in terms of efficiency and cost of electric vehicles. MGA stock has been up by more than 70% over the past year.

On Wednesday, the company along with LG Electronics signed the transaction agreement which establishes a joint venture between the two. This new company will be called LG Magna e-Powertrain. With this, it unifies Magna's strength in electric powertrain systems and world-class automotive manufacturing with LG's expertise in component development for e-motors and inverters. Also, it will enable both companies to quickly react to market trends and capitalize on the growing global shift toward vehicle electrification.

Not to mention, Magna also agreed to buy Swedish rival Veoneer Inc for about $3.8 billion last week. Veoneer makes advanced driver assistance systems that add features ranging from collision warning to parking assistance. After all, assisted driving features such as adaptive cruise control are becoming more common. So, this deal will help Magna close the gap with other market leaders and improve its autonomous vehicle technology. All things considered, are you sold by the prospect of MGA stock?


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