Top 4 Electric Vehicle Stocks for Maximum Upside

By Jeremy Grey, Weekly Stock Watch

The global shift toward electric vehicles may prove to be the most impactful megatrend of our lifetime.

Since 2015, the global EV market has grown by more than 50% per year – and electric vehicle demand was up 62% in the first half of 2022 alone.

The International Energy Association recently forecast that there will be 145 million EVs on global highways by the end of this decade – a staggering increase from the 16.5 million on the road at the end of 2021.

This unprecedented demand for new EVs has triggered a significant profit opportunity – both with EV manufacturers and with companies that can supply the much-needed lithium for the batteries to power all of these new EVs.

To that end, here are four EV-related stocks that appear well positioned to help investors profit from this unstoppable megatrend.

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Top EV Stock #1 – Rivian Automotive, Inc. (Nasdaq: RIVN)

Rivian Automotive, Inc. (Nasdaq: RIVN) designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles.

It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc. The company sells its products directly to customers in the consumer and commercial markets.

The company is looking to challenge larger companies such as Tesla, Ford and General Motors with its adventure-styled electric vehicles.

In addition, Rivian is currently prioritizing production of electric vans for Amazon. Amazon already has around 1,000 Rivian commercial vans delivering packages in major cities in the U.S. It has ordered 100,000 of Rivian’s electric vans. Amazon said on Feb. 2, 2022, that it had a roughly 18% stake in Rivian.

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Top EV Stock #2 – Albermarle Corporation (NYSE: ALB)

Albemarle Corporation (NYSE: ALB) is a global specialty chemicals company with leading positions in lithium, bromine and catalysts.

The company operates through three segments – Lithium, Bromine, and Catalysts. The Lithium segment provides lithium compounds for use in lithium batteries for consumer electronics and electric vehicles.

Albemarle Corp. is on an impressive run of soild growth. For 2023, the company expects revenue growth in the range of 40% to 55%. Growth is likely to remain healthy through 2027.

Albemarle stands head and shoulders above others in the battery metals space because the company has been in business for decades, building up a tremendous track record of profitability and stability. In addition, the company has increased its dividend for more than 25 consecutive years.

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Top EV Stock #3 – XPeng Inc. (NYSE: XPEV)

XPeng Inc. (NYSE: XPEV) designs, develops, manufactures, and markets smart electric vehicles (EV) in the People’s Republic of China. It offers SUVs under the G3, G3i, and G9 names; four-door sports sedans under the P7 and P7i names; and family sedans under the P5 name.

The company also provides sales contracts, maintenance, super charging, technical support, auto financing, insurance technology support, ride-hailing, automotive loan referral, and other services, as well as vehicle leasing and insurance agency services.

In addition, it offers advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems, including powertrain and the electrical and electronic architecture.

XPeng deliveries hit 13,690 in August, up 24% from July’s 11,008 and the seventh straight month of sequential gains. That was the highest since June 2022 and up 43% vs. a year earlier.

G6 deliveries hit 7,068, up nearly 80% from July, when customers began receiving the Model Y rival.

Recently, XPeng made news recently by buying DiDi Global’s electric car division for around $744 million dollars.

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Top EV Stock #4 – ChargePoint Holdings, Inc. (NYSE: CHPT)

ChargePoint Holdings, Inc. (NYSE: CHPT), together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers.

ChargePoint operates over 33,000 charging stations globally and stands to benefit as more drivers transition to electric vehicles.

In Q2 2023, the company reported $150.5 million in revenue, up 39% year-over-year, and expects $605-630 million for the year. Growing subscription revenue, driven by expanding charging stations, is a positive indicator for future growth.

In September 2023, Swiss bank UBS inititated coverage of ChargePoint Holdings, Inc. stock with a “Buy” rating. UBS placed a $9 price target on the shares, which represented a premium of nearly 75% above the stock’s $5.13 share price at the time.

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