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Feb. 24, 2021, 4:11 p.m. EST

4 Top EV Stocks To Watch This Week

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Feb 24, 2021 (StockMarket.com via COMTEX) -- Do You Have These Top EV Stocks On Your Watchlist?

Like it or not, electric vehicles (EV) are rising up to become the next face of the automotive industry. As such, some of the top EV stocks now have skyrocketed at breakneck speeds. It seems that companies are also well aware of this. On one hand, you have conventional automotive players like General Motors ( NYSE: GM ) making massive shifts towards electric. On the other hand, we have also seen tech companies like Amazon ( NASDAQ: AMZN ) integrate EVs into their core businesses. It seems that wherever you turn to, everyone is investing in EVs.

Why might that be the case? Well, EVs are admittedly a part of global green initiatives which are growing as we race to fight climate change. For instance, President Joe Biden mentioned last month that he would start replacing the government's over 645,000 vehicle fleet with EVs. Moreover, there have also been mentions of gas-vehicle bans within the next 10 to 20 years across the globe.

Given all of this, it is easy to see why investors are betting on electric as well. To this end, EV players such as Arcimoto ( NASDAQ: FUV ) and Workhorse ( NASDAQ: WKHS ) have surged by over 2,000% since the March 2020 lows. Having read till this point, you might be interested in EV stocks yourself. If you are, here are four hot names to watch in the stock market today .

Best EV Stocks To Watch Ahead Of March

Baidu Inc.

Starting us off is Beijing-based multinational tech company, Baidu. For some context, the company is a leading player in the fields of artificial intelligence (AI) and internet-related services. Notably, Baidu is among the newer players in the current EV trends, joining the scene early last month. It is currently partnering with multinational auto manufacturer Geely to establish an "intelligent EV company". Ideally, this would see the integration of Baidu's AI tech and Geely's manufacturing know-how. As you'd expect, this has boosted BIDU stock towards gains of over 50% year-to-date. After its announcement this morning regarding its EV venture, Baidu will likely be in the spotlight this week as well.

In detail, Baidu and Geely revealed this morning that they have found a CEO for their new EV company. The duo has brought on Mobike co-founder and former CTO, Xia Yiping. For the uninitiated, Mobike is the world's largest shared bicycle operator. Before his run at Mobike, Xia worked with automotive giants Ford Motor /zigman2/quotes/208911460/composite F -1.11% and Fiat Chrysler. Given Xia's extensive management experience in the field of mobility services, I can see why he was chosen for the job. Regardless, time will tell if this budding EV company can bring BIDU stock big gains. Would you agree?

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Plug Power Inc.

Another EV stock in focus now would be Plug Power. In brief, the company focuses on the development of hydrogen fuel cell systems. Plug Power's fuel cell systems are considered a viable clean energy replacement for conventional batteries used in EVs. Impressively, the company managed to raise over $1 billion in equity back in November to fund the construction of its green hydrogen facilities across the U.S. Not to mention, Plug Power also has joint operations in South Korea and Europe as well. With the overall shift towards clean energy technology, PLUG stock would make for an interesting EV pick-and-shovel play. Evidently, the company's shares are looking at significant gains of over 900% in the past year.

Nevertheless, Plug Power does not appear to be resting on its laurels just yet. Last week, the company launched a new 50-50 joint venture (JV) in Iberia. In particular, it is currently working with global leading supplier of sustainable infrastructure solutions, Acciona. Through this JV, the duo will be leading a green hydrogen platform serving clients in Spain and Portugal. As it stands, the JV is gunning for about 20% of the green hydrogen market in the region. The platform will ideally achieve a manufacturing output of over 100 tons per day within the next few years. With a rapidly growing global portfolio behind it, will you be adding PLUG stock to your watchlist?

/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 11.58
-0.13 -1.11%
Volume: 56.88M
May 11, 2021 4:04p
P/E Ratio
11.50
Dividend Yield
0.00%
Market Cap
$46.74 billion
Rev. per Employee
$683,570
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