Don’t Miss the Boom: 3 EV Stocks Set to Explode Higher

Stocks to buy

One of the few ways to beat rising oil prices is to buy an electric vehicle.

With the future looking electric, governments are trying their best to achieve their energy goals by 2030. While it may seem ambitious to many, high demand for EVs continues across the world. Investing in EV stocks right now means tapping into a market that has the potential to exponentially grow.

While stocks are premium priced, they also offer ample upside potential and could double your money. Let’s take a look at these EV stocks to buy now. 

Tesla (TSLA)

Source: Sheila Fitzgerald /

Tesla (NASDAQ:TSLA) remains an EV industry leader and one of six companies valued at $1 trillion or more.

Expanding its global presence, Tesla delivered over 466,000 cars in the second quarter. The stock price has gone from $160 in April to $244 today. While the stock is up 125% year to date (YTD), it’s still trading lower than the 52-week high of $299. 

Due to a change in consumer spending, Tesla resorted to price cuts which then impacted profit margins. Q2 profit margin went from 16% to 13%, although the company reported a revenue growth of 47%. Even the EPS went from 65 cents to 78 cents. Already, TSLA innovating ways to reduce production costs and quicken the car production process. 

Its Cybertruck is entering production, and the company is set to have its robo taxis ready soon. Also, the EV maker has ancillary businesses like autonomous driving, solar panels, and energy storage that contribute to revenue. 

Q3 numbers coming out Oct 2 will have an impact on the stock. Ahead of that, RBC analysts have already raised expectations on delivery estimates, expecting TSLA to report 462,000 deliveries and beat consensus. 

Li Auto (LI)

Source: Robert Way /

Chinese EV maker Li Auto (NASDAQ:LI) has been a market darling.

Besides impressive car delivery numbers, Li Auto has reported stellar financials. It delivered 34,914 EVs in August, representing a 663% year-over-year (YOY) rise. And if it delivers only 30,952 cars in September, it will still hit the lower end of Q3 projection of 100,000 to 103,000 cars. 

Q2 hit a revenue of $3.86 billion, a 229.7% YOY rise, ending the quarter with an impressive cash balance of $10.17 billion. That amount gives enough liquidity to continue R&D investing. Looking forward, Li Auto’s L7 SUV is already one of the biggest hits in the Chinese market, and the company has plans to triple the lineup by 2025.

At a current $34, stock is up 65% YTD and has the money-doubling potential. The price has been experiencing an upward track since October 2022. LI’s product continues to meet consumer demands, placing it in the fast lane. 

BYD Company (BYDDF)

Source: J. Lekavicius /

Warren Buffet’s most beloved EV maker, BYD Company (OTCMKTS:BYDDF) has solid growth prospects and remains at the forefront of the EV race. BYDDF stock is up 20% YTD and trading at $30 right now.

Appearing cheap at the current level, it can certainly double in the coming months. BYDDDF set a sales record by delivering 274,386 vehicles in August, signaling a 57% YOY rise.

With global presence, it is steadily increasing production and deliveries. Its new Thailand manufacturing production unit is expected to start in 2024. The company has set a sales target of at least 3 million vehicles this year. It has entered Japan, France, and Australia and is aiming for global domination.

It recently signed a deal to acquire U.S. firm Jabil Inc.’s mobility business which can help it with electric components since Jabil produces printed circuit boards used in EVs. Also, Jabil is the second-largest EV battery maker in the world with significant revenue through its battery production. Bernstein and Goldman Sachs give it a “buy” rating. 

Finally, BYD Company reported an impressive 204.7% jump in profits in the first half and saw a 144.7% profit increase from April through June. When it comes to EVs, BYDDF stock is a no-brainer investment. 

On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Vandita Jadeja is a CPA and a freelance financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis.

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