The race is on and EVs are taking over the automotive world. EV development brings us some of the best electric vehicle stocks to buy.
It’s not only traditional legacy names that you’ll find on the EVs of the future. Some names you’ll only get to know when they begin to arrive in the United States, other companies are focused on battery development or adding charging stations around the country. Regardless, the movement away from gasoline to electricity brings many companies that could offer excellent profits and be where you want to invest your money during 2023.
Tesla (TSLA)
Whenever we think about electric vehicles, Tesla is the first name to come to mind. The stock price of Tesla dropped nearly 68% in 2022, which worried some investors that has made exceptional returns during previous years. its likely this stock has finally leveled off and could show slow, steady, upward progress as new models and sales tactics are employed. The price per share of Tesla could finally be affordable enough for many investors to buy several shares.
NIO Inc. (NIO)
If you’re looking for a stock with expert confidence then you’ll want to invest in NIO. This Chinese EV startup isn’t the biggest or the best-selling, but it offers strong company growth and revenue returns that could be double what’s expected of Tesla. When you’re looking for the best electric vehicle stocks for your investment, NIO could be the right company for you. Share prices have been on the rise since June, which shows a strong turning of the tables compared to the previous year’s performance.
Blink Charging (BLNK)
The millions of EVs hitting the roads between now and the end of the decade need a place to charge. The plan is to build 500,000 EV Level 2 and Level 3 charging stations around the country, which could bring more business to Blink Charging. Over the next few years, this company will be busy growing and expanding, which should be an indicator of significant stock growth and expansion. Now is the best time to put your money into this company and be part of the future success of the EV market.
Rivian (RIVN)
Rivian is an American EV startup that recently offered an IPO in the last quarter of 2021. You might have heard some troubles at Rivian, which could make this one of the electric vehicle stocks you avoid, but some experts recommend buying into a stock when the company is down, not up. Rivian built nearly 25,000 vehicles last year, but they currently have more than 100,000 preorders. This makes it easy to consider Rivian as a great stock to buy in 2023.
Lucid (LCID)
Another American EV startup is one that could make a lot more sense when you’re looking for the next big thing in the electric vehicle world. Lucid excels in the same arena as Tesla but does things much better. The CEO of Lucid is the former chief of engineering of the Tesla Model S, and now he has a team of former employees from several major companies helping create some of the most incredible EVs in the world. Rivian shows incredible promise with features and technology that beat the competition in every way.
Fisker (FSR)
Fisker’s claim to fame in the EV world is to bring EVs to the market at a much lower price than what Tesla can offer. Fisker does this by outsourcing all build components except design and software. If Fisker becomes a successful EV automaker, it could be the company that helps push the price of EVs downward. When searching for one of the best on-the-rise electric vehicle stocks for your money, Fisker could be a good choice.
Canoo (GOEV)
If you’ve got some risk in your blood, Canoo could be the company for you. This company started 2022 at $8 per share but that price dropped to $1.38, which meant the company was all but dead. Canoo Chairman and CEO Tony Aquila quickly began to put his own money into his company with three different purchases which helped bring the company out of the gutter. Canoo also has some new agreements with companies like Walmart to bring several EVs to market for their delivery services. Now is the time to buy into Canoo when you’re looking for an EV company with a strong upside.
Wallbox N.V (WBX)
Public charging stations are important, but just important are home charging units. Most of the charging EV owners perform is at home where the batteries can be charged to 100%. Wallbox is a Spanish company that builds these home chargers. Some units are made to also work as home generators, taking power from the EV to the home during a power outage. The stock has been moving since 2020 and should increase this year, making this one of the best electric vehicle stocks to invest in.
Li Auto (LI)
Li Auto is another Chinese EV company, but this one experienced a deep drop in stock price last year. While not as precipitous as Canoo, LI Auto stock has leveled off and should begin to increase again this year. The leveling and expected increase have to do with the number of vehicles being delivered by Li Auto. The increase in delivers shows strong potential for this company to experience rising stock prices. Now is the time to get involved in this Chinese EV company if you want to ride a wave upward.
Lordstown Motors (RIDE)
Lordstown Motors produces both electric pickup trucks and electric delivery vans to offer some great EVs for working professionals. Lordstown didn’t have enough revenue for commercial production of its new Endurance truck, but the company has made a shift to contract manufacturing, which might be more profitable. Although production will be down this year, there’s a strong upside to commercial EV production, which could make this the right one of the electric vehicle stocks for you to invest your money for the long-term.
Of these ten electric vehicle stocks, which ones make the most sense for you to enjoy a strong investment and see excellent returns over the next several months?
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