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May 13, 2022, 12:44 p.m. EDT

Top Stocks To Buy Now? 4 EV Stocks To Know

May 13, 2022 (StockMarket.com via COMTEX) -- 4 EV Stocks For Your Mid-May 2022 Watchlist

While the broader stock market dips amidst hotter-than-expected inflation prints, electric vehicle (EV) stocks remain relevant. After all, it would be a forward-facing industry to consider now. With persisting worldwide efforts to reduce emissions and mitigate the impact of global warming, demand for EVs could rise accordingly. At the same time, some of the biggest names in the automotive industry have and continue to adapt to this trend as well. Take Ford ( NYSE: F ) and General Motors (NYSE: GM ) for instance. Both of these legacy auto manufacturers are actively working on electrifying their offerings. This is apparent from their respective upcoming F-150 Lightning and Chevy Equinox EVs.

Furthermore, even EV startups like Lordstown Motors ( NASDAQ: RIDE ) seem to be on investors' radars now. As of this week, the company is selling its factory in Ohio to electronic hardware manufacturer Foxconn. Through the current $230 million deal, Lordstown would be getting crucial funds to further maintain its operations. Additionally, Foxconn will also be employing the factory to build EVs for clients via contracts. This would also include Lordstown's flagship electric pickup, Endurance. Evidently, the EV space is as active as ever despite less-than-ideal economic conditions. With all this in mind, here are four more EV stocks to pay attention to in the stock market today.

EV Stocks To Buy [Or Sell] This Month

Rivian Automotive Inc.

Rivian is an EV company that designs, develops, and manufactures category-defining EVs and accessories. It also sells them directly to customers in the consumer and commercial markets. The company also complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle. Rivian reported its first-quarter financials on May 11, 2022.

Diving in, the company reports that it has over 90,000 preorders in the U.S. and Canada. Its primary objective will be to ramp up production of the R1T, R1S, and EDV vehicles. The company also ended the quarter with $17 billion in cash, cash equivalents, and restricted cash. Furthermore, the company also focuses on its three key strategies and continues to drive its long-term vision.

This would include increasing its share in the existing market as it ramps up production with the launch of its products. Also, it includes extending the depth and breadth of its software and services offerings. Rivian will also broaden and diversify its portfolio of consumer and commercial vehicles across multiple price points. With that in mind, is RIVN stock worth investing in?

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Nio Inc.

Nio is another EV company that develops and manufactures premium smart electric vehicles while also driving innovations in next-generation technologies in autonomous driving, digital technologies, and batteries. Accordingly, the company differentiates itself through its technological breakthroughs and innovations. This would include its battery swapping technology known as Battery-as-a-Service and its proprietary autonomous driving technologies and autonomous driving as a service.

Earlier in the month, the company reported its April 2022 deliveries. Firstly, it delivered 5,074 vehicles in April 2022. A significant chunk of these deliveries were its smart electric SUVs at 4,381. Secondly, vehicles delivered to date were 30,842, increasing by 13.5% year-over-year. Impressively, cumulative deliveries of vehicles as of April 30, 2022, have reached 192,912. On April 29, 2022, the first batch of tooling trial builds of the ET5 rolled off the production line at the new manufacturing plant at NeoPark in Hefei. The company expects to start delivery of the ET5 in September 2022. All things considered, is NIO stock worth adding to your portfolio today?

Tesla Inc.

Tesla is an automotive and clean energy company. Aside from manufacturing its line of EVs, the company also manufactures battery energy storage from home to grid-scale, solar panels, and solar roof tiles. It is also one of the most valuable companies in the world and also one of the most valuable automakers. Last month, the company also reported a record first quarter in revenue, vehicle deliveries, and operating profit. Total deliveries for the quarter were 310,048, increasing by 68% year-over-year. Revenue for the quarter was $18.76 billion, an increase of 81% year-over-year. Net income for the quarter was $3.31 billion or and earnings per share of $2.86.

Tesla also says that it continues to push on the expansion of its production capacity. It cites that since February, it has begun deliveries of Model Y from Gigafactory Texas and Gigafactory Berlin-Brandenburg. At the same time, the company also invests significantly in in-house cell production, raw material procurement, and supplier diversification. Tesla also notes that challenges around the supply chain have remained persistent, but it has been navigating through these challenges in the last year. Notably, the company has also been diversifying its battery chemicals in order to facilitate long-term capacity growth. It will also help optimize its products for their various use cases and to also expand its supplier base. With this piece of information, is TSLA stock a buy?

[Read More] Top Stock Market News For Today May 13, 2022

Fisker Inc.

Last but not least, we will be taking a look at Fisker. In essence, the upcoming EV firm is currently working towards bringing its Fisker Ocean EV into production by November 17 later this year. For a start, the company is expecting to produce 50,000 units annually. According to CEO Henrik Fisker, the company is working with Magna International ( NYSE: MGA ) to triple this figure by 2024.

While all this is commendable, Fisker's latest announcement has investors watching FSR stock today. Going into the specifics, the company is partnering with Foxconn to have its second EV model produced. This would be in the aforementioned Ohio plant that Foxconn purchased from Lordstown earlier this week. According to Fisker, Foxconn will be producing the PEAR Urban Lifestyle EV by 2024. The company also notes that it is planning to bolster its annual production capacity to 250,000 units in the long run. As such, would you consider FSR stock a top pick in your books?

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COMTEX_407149272/2688/2022-05-13T12:44:18

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