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In 2023, the US sold over 1.6 million electric cars (EVs), a notable rise from the 1 million sold the year before, according to the International Energy Agency.
Investing in EV stocks may become more appealing than ever due to rising sales and alluring EV tax incentives.
Saqib Iqbal, a financial analyst at tradequotex.com, thinks you only need $100 to get started with these 2 EV stocks.
- The US sold 0.6 million more EVs in 2023, making EV stocks more appealing.
- Ford (NYSE: F) saw an 11% sales increase in May and could see its stock rise 35% to $16.
- Rivian (NASDAQ: RIVN) produces 60,000 vehicles annually and aims for profitability by late 2024.
“With Tesla and other EV companies touching the sky, it can be hard to invest. But you can invest in Ford Motor Company (NYSE: F) and Rivian Automotive (NASDAQ: RIVN). Consumer demand, innovation, and government support may soon make EVs more competitive than their gas-powered counterparts, which might lead to their eventual overtake as a result of accelerating adoption. Selling for less than $20, you can bag approximately 10 shares for $100 and these stocks can produce the same massive gains as Tesla.”
Ford Motor Company (NYSE: F)
Ford (F) is enjoying a great sales year in the United States; in May, deliveries increased by 11%. It was only surpassed by Tesla in terms of EV sales in the US last year. The Ford Model E electric car business is one of the three divisions into which the firm now divides its earnings.
Saqib thinks Ford’s financial performance will eventually improve as a result of its investments in electric cars, which will enhance its already strong pickup and SUV sector. Estimates of operating advantage and profitability in the EV segment support the company’s long-term outlook.
In addition, Ford will likely refine its forecasts for earnings, revenues, or other financial metrics, giving a more precise outlook for 2024. This can ignite the stock and push it up to $16, a 35% rise from the current value.
Rivian Automotive (NASDAQ: RIVN)
Rivian’s shares have fallen around 90% since its IPO announcement in November 2021. If you had invested $100, you would be left with $10 today. However, Wall Street does get things wrong.
The business has accomplished a lot in a short amount of time, including scaling up manufacturing significantly to the point where it currently produces close to 60,000 vehicles annually. The factory has undergone an upgrade, and the business anticipates generating a moderate gross profit in 2024’s fourth quarter.
Although Rivian is still losing money, as it increases the number of cars it equips with its proprietary Enduro drive unit and increases manufacturing volume; its gross margins ought to rise. If it can get beyond these teething problems, its stock price may increase significantly.
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