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

4 Top EV Stocks To Watch This Week

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Nio Inc.

Next, we have leading Chinese EV company, Nio. Most auto investors would be familiar with Nio. This is because it has been hailed as China's equivalent of EV giant Tesla ( NASDAQ: TSLA ). Rightfully so as its shares of more than tripled in value over the past six months. This comes as no surprise given its strategic business model. Namely, the company's take on battery services seems to be attracting customers. In summary, Nio offers upfront discounts on vehicles when customers sign up for a battery pack usage subscription. This adds up to an $11,000 discount off the purchase in place of a monthly battery subscription fee of about $150. Strategic business practices and booming stock aside, exactly how has the company been doing in terms of sales?

Well, at the start of February, Nio provided its January delivery update and wowed investors. In summary, the company delivered 7,225 vehicles in January, a remarkable 352% year-over-year jump. Should Nio maintain its current momentum, I could see investors continue to flock towards NIO stock. In fact, South Korea's sovereign wealth fund just bought over 295,000 shares of the company recently. It also substantially increased its investments in Tesla as well. With all the current activity, will you be watching NIO stock ahead of its fiscal 2020 earnings call next week?

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Churchill Capital Corporation IV

Last but not least, we will be looking at special purpose acquisition company (SPAC) Churchill Capital. Amongst the current wave of EV-SPAC deals in the works now, investors have had their eyes on this SPAC's ongoing deal. For some context, luxury EV startup Lucid Motors is allegedly in talks with Churchill Capital to go public. Seeing as CCIV stock surged by over 150% in the past month, I'd say investors are keen to see this happen. Well, according to a report from Bloomberg, the duo could be looking to close the deal as soon as this Tuesday.

Should this be the case, Lucid Motors would be going public with an estimated valuation of $15 billion. What makes this merger different from the rest? Well, for one thing, Lucid Motors is backed by the Saudi Arabian sovereign wealth fund. No doubt, as cash is king, this would help with boosting manufacturing capacities to meet rising EV demands. On top of that, the company is also amongst the EV-SPAC names that already have vehicles ready to hit markets. This would bode well for Lucid Motors in the long run. By and large, it remains to be seen if Churchill can successfully close the deal. Would you consider CCIV stock worth watching at this point?


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