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May 9, 2022, 4:30 p.m. EDT

Top Electric Vehicle Stocks To Buy Today? 4 To Know

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May 09, 2022 (StockMarket.com via COMTEX) -- 4 Top EV Stocks To Watch This Week

Electric vehicle (EV) stocks have had a rough ride since the start of the year. With headwinds such as the chip shortage throwing a wrench into production, EV stocks have been trading at a discount. Hence, some may argue that EV stocks could be worth the buy now given their current valuations in the stock market . After all, the EV transition is real, with legacy automakers such as General Motors ( NYSE: GM ) and Ford ( NYSE: F ) racing to electrify their fleets. On top of that, you also have governments around the world backing the transition to EVs.

For instance, the Biden administration on Monday last week made a notable announcement. Particularly, it will be kicking off its $3.1 billion plan to boost domestic manufacturing of batteries. Accelerating the shift to EVs, the funding will support grants aimed at building, retooling, or expanding the manufacturing of batteries and battery components. Accordingly, these grants will be funded through Biden's $1 trillion infrastructure plan. In this plan, more than $7 billion will be allocated to bolster the country's battery supply chain. As such, with the U.S. government backing the EV transition, here are four EV stocks to check out in the stock market today .

EV Stocks To Buy [Or Sell] Right Now

Lucid

Starting us off today is Lucid, an up-and-coming EV maker. For the most part, it is an automotive company that develops, manufactures, and sells EVs, EV powertrains, and battery systems made in-house. As of now, the company's primary focus is on in-house technological innovation, vertical integration, and a clean-sheet approach to engineering and design. Following these principles, it has led to the development of its ground-breaking EV, the Lucid Air. LCID stock has been down by more than 50% since the start of the year. Could now be the time to buy the dip?

After all, the company now has more than 30,000 reservations for its Lucid Air sedan, which reflects potential sales of a whopping $2.9 billion. On Thursday last week, the company reported its first-quarter financials for the year. In terms of revenue, Lucid brought in a revenue of $57.7 million thanks to customer deliveries of 360 vehicles in the past quarter. The company also reiterated its 2022 production volume outlook of 12,000 to 14,000 vehicles. Besides that, Lucid will be bumping up the prices of its various Air models by roughly 10% to 12% effective June 1. However, it will still honor its current pricing for existing reservations as well as any new reservations before the end of May. Given the strong demand for Lucid EVs, should you invest in LCID stock?

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Nikola

Following that, we have Nikola, a company that aims to globally transform the transportation industry. Put simply, it designs and manufactures zero-emission battery-electric and hydrogen-electric vehicles as well as related components. Nikola's product line-up primarily consists of commercial trucks, off-highway vehicles and watercraft which are battery-electric or hydrogen-electric powered. Last week, the company announced its first-quarter financials which surprised Wall Street analysts.

For starters, the company brought in a revenue of $1.89 million, beating consensus estimates of about $100,000. This revenue surprise is driven by sales of its mobile charging trailers, an auxiliary line of Nikola's business. As for its earnings, Nikola brought in a loss of $0.21, narrower than the $0.27 loss analysts were expecting. Financials aside, the company has delivered its first Tre semi-trucks to customers in April. On top of that, it says that it has purchase orders for more than 500 of its Tre trucks. The company also says that it is still on track to produce and deliver 300 to 500 vehicles to customers this year. With that being said, should you buy NKLA stock?

Fisker

Another notable name in the EV industry would be Fisker. In brief, the company is named after legendary automotive designer Henrik Fisker. Among the core focuses of Fisker is to develop the most eco-friendly EV in the market. In its efforts to do so, the company is also aiming to become the top e-mobility service provider with the world's most sustainable vehicles. Currently, the company remains hard at work in developing its Fisker Ocean electric SUV. FSR stock has been moving sideways over the past year. Could things be looking up anytime soon?

On May 4, the EV company reported its first-quarter financials. Although the company hasn't started bringing in revenue, it sees rapid progress towards the production of its Fisker Ocean SUV. Specifically, it is on schedule to start production on November 17 later in the year. In fact, it has already started physical testing of its Fisker Ocean. Looking at demand, Fisker sees reservations exceeding 40,000 for its SUV. Furthermore, the company also has more than $1 billion in cash and cash equivalents, which is sufficient to fund the production launch of the Fisker Ocean in November. With Fisker gearing up for its launch, will you be keeping tabs on FSR stock?

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Stellantis

Stellantis is a multinational automotive manufacturer worth keeping tabs on. Headquartered in Amsterdam, Stellantis is one of the largest automakers in the world. The company was formed as a merger between Fiat Chrysler Automobiles and French-based PSA Group. Its automobile brand portfolio includes the likes of many world-renowned brands such as Maserati, Peugeot, Dodge, Jeep, Chrysler, Fiat, and Alfa Romeo among others. In fact, Stellantis has a presence in more than 130 countries across the globe.

On May 5, Stellantis announced its first-quarter revenues. Jumping in, revenues were up by 12%, rising to $43 billion. According to the company, this rise reflects its strong pricing and favorable vehicle mix. Revenues from North America were strong, increasing by 30% to nearly $22.1 billion. In other news, last week, its mobility division Free2move entered into an agreement to acquire car-sharing company Share Now. The deal aims to add 14 major European cities and 10,000 vehicles to Free2move's existing fleet of 2,500 vehicles. Given the developments at Stellantis, is STLA stock one to note?

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COMTEX_406935033/2688/2022-05-09T16:30:25

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