Electric Cars: Examining the EV Stock Boom
Electric vehicles have garnered an increased amount of popularity and demand of late, particularly due to the energy supply crunch stemming from the Russian invasion of Ukraine, given that Russia is one of the biggest producers of oil in the world.
On track to reforming the automobile industry for the better, electric cars are becoming increasingly valuable offering a wide array of benefits to users and the environment at large.
Benefits of turning to EV
According to a BBC report, electric cars represent the biggest revolution in the automotive industry since 1913. Prominent carmakers like General Motors, Jaguar and Ford are gearing their operations towards manufacturing electric cars as people make the major shift to adapting to EVs in lieu of petrol and diesel cars.
But even as the trend grows popular as it cements itself in the realm of the automotive industry, it is important to understand the several benefits of switching to EVs:
- Perhaps, one of the biggest upsides to driving an electric car is the lower negative impact it has on the environment. They do not give out any exhaust gases nor are they noisy like petrol and diesel vehicles, leading to less air and noise pollution rates.
- Electric vehicles also make use of renewable sources of energy like solar energy, which makes them more eco-friendly.
- EVs are also economical as they have lower running costs when compared to petrol or diesel cars.
- Additionally, electric cars have greater resale value, making it a favorable choice for those looking for good second-hand options.
Lucrative EV stocks
As the ongoing shift to electric cars continues to gain momentum, investors have turned their attention towards EV stocks. In view of this, it is important to consider investing in good value EV stocks to further diversify your investment portfolio. At Seven Capitals, we offer an extensive array of global stocks, attractive leverage, and competitive spreads with 0% overnight fees.
Some of the current popular EV stocks are as follows:
- General Motors
General Motors is one of the most widespread automotive manufacturers in the world which specializes in developing cars, trucks, crossover vehicles, and various other automobile components, while also offering myriad other related services. Currently, the conglomerate aims to expand its EV initiatives as it looks at self-driving cars as a new major project.
General Motors also recently announced its tie-up with POSCO Chemical in collaboration with the government of Canada and Quebec. The $400 million venture seeks to produce cathode active material to be used in batteries that will run popular EVs such as Cadillac LYRIQ, Chevrolet Silverado, and GMC HUMMER. Additionally, General Motors also revealed its $2.1 billion purchase of SoftBank Vision Fund 1’s stake in Cruise LLC which is a startup firm specializing in self-driving initiatives.
Lucid is another prominent automaker that manufactures electric vehicles, battery systems, and EV powertrains. The company also unveiled Lucid Air, which is a fully-electric car model complete with its sleek design — the product of the company’s modern technological innovation. As a result, Lucid’s stocks have soared by almost 20% recently, making it an attractive stock to buy.
ChargePoint is the world’s largest system of EV charging portals across North America and Europe, offering cloud-based facilities that aid its extensive clientele in finding, booking, verifying, and conducting EV charging sessions seamlessly. The company’s stocks turned optimistic last month, rising by over 45% in March. Additionally, Lucid also unveiled a collaboration with Toyota Motor North America to facilitate EV charging services both at home and in public, which makes it yet another profitable EV stock to purchase.