2 EV stocks to watch right now
Electric vehicle inventories have increased in recent years as the global market for electric vehicles has grown. Sales of electric vehicles are expected to continue to grow in the coming years, and electric vehicle stocks may be well positioned to capitalize on the growth of this industry. As a result, we see large traditional auto companies like Ford Motor Company (NYSE: F), General Motors (NYSE:GM), and Toyota Motor Corporation (NYSE: TM) is investing billions in the R&D, manufacturing and production of electric vehicles.
There are a number of reasons for this. First, electric vehicles are becoming increasingly popular with consumers because they offer a more sustainable and environmentally friendly option than traditional gasoline or diesel vehicles. Second, the cost of electric vehicles is falling as technology improves and economies of scale are realized. This makes electric vehicles more affordable for consumers and should increase demand.
Finally, governments around the world are putting in place policies to support the adoption of electric vehicles, such as subsidies and tax incentives. These factors are all likely to lead to continued growth in the EV market, and EV stocks should therefore continue to perform well. That said, here are some of the top electric vehicle stocks worth looking at in the stock market today.
Electric vehicle (EV) stocks to watch
1. Rivian Automotive (RIVN shares)
Starting this, Rivian Automobile Inc. (RIVN) is an American automotive and technology company. Specifically, Rivian designs, develops and manufactures electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Most notably, Rivian’s first EV product, the Rivian R1T, is an EV pickup truck that is expected to launch in late 2022. Additionally, the company plans to launch an SUV, the Rivian R1S, in early 2023.
RVN Recent Stock Market News
Apart from that, in August, Rivian released its Q2 2022 financial results. In the report, the company reported a loss per share of $1.89 and revenue of $364.0 million for the quarter. That compares to consensus estimates for Q2 2022 of a loss of $1.67 per share and revenue of $338.9 million. In addition, Rivian announced a delivery number of approximately 4,470 vehicles for the second quarter. As a result, this represents a jump of less than 1,230 vehicles delivered during the first quarter of 2022.
Here’s what the company said about the second quarter in its statement to shareholders, “The second quarter of 2022 represented significant progress as we achieved key operational and business milestones. We continued to ramp up production on our R1 and RCV platform lines, producing 4,401 total vehicles in the quarter, up from 2,553 in Q1 2022. We also deployed EDV 700s with Amazon in more than a dozen cities in the United States.“
RIVN Stock Chart
On Tuesday afternoon, shares of RIVN are trading down 1.57% on the day at $33.32 per share. Given Rivian’s market positioning and performance this past quarter, do you think it’s a good EV stock to buy right now?
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2. Tesla (TSLA stock)
After that we have the monster EV Tesla, Inc. (TSLA). In short, Tesla is an American automotive and energy company. Specifically, Tesla focuses on electric vehicles, renewable energy storage and solar panel manufacturing. For a sense of scale, according to data from Experian, during the first half of 2022 Tesla continued to account for around 68% market share in the US electric vehicle market.
TSLA Recent Stock Market News
In August, Tesla announced the completion of a 3-for-1 stock split. In addition, Tesla also reported a beat for its second quarter 2022 financial results. revenue of $16.9 billion, representing a 42% increase over the same period in 2021. Additionally, the company recorded a 57% increase in adjusted earnings per share to 2.27 $. Additionally, Tesla reported second-quarter operating profit for Q2 2022 at $2.5 billion.
Here are some of the company’s comments in its presentation to shareholders, “In the second quarter, we achieved record production rates across the company. However, we have seen continued manufacturing challenges related to shutdowns, global supply chain disruptions, labor shortages and logistics and other complications, which have limited our ability to constantly operate our factories at full capacity.“
TSLA Stock Chart
Meanwhile, Tesla shares are still down about 30% year-to-date. On Tuesday afternoon, Tesla stock is trading down 1.37% at $279.19 per share. Now that you know that, do you think Tesla deserves a spot on your EV inventory watch list?
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