The best stocks to buy this week? 3 electric vehicle charging actions to watch today | New
Now is the time to buy those best EV charging stocks?
Although the wider stock market is taking a hiatus from its recent news streak, electric vehicle (EV) charging stocks continue to shine. After all, most would say the general shift to fully electric automobiles is inevitable. This would be the case as nations around the world seek to reduce their carbon emissions in response to growing environmental problems. For example, the United States is now looking to invest billions in EV infrastructure nationwide, this would include EV charging stations. Ideally, this will support the general adoption of EVs among consumers and increase the addressable markets for EV charging services. Given the current growth potential of the electric vehicle industry, electric vehicle charging stocks may be worth watching now.
For starters, we could look at the likes of Charging points (NYSE: CHPT). Over the past year, CHPT stock is forecasting gains of over 130% despite recent market volatility. At the same time, ChargePoint is actively working to expand its charging portfolio in domestic and international markets. This is evident given its recent fleet management solutions and its ongoing deal with Mercedes. Meanwhile, companies such as Volta charge continue to find new ways to monetize EV charging infrastructure as well. Namely, the company’s unique charging stations with large digital screens are now used by Bloomberg to present content. While Volta has yet to be made public via its SPAC merger with Tortoise Acquisition II Corporation (NYSE: SNPR), investors may want to keep an eye on it.
Overall, EV companies and EV investors remain more active than ever. After reading all of this, you might be interested in the industry yourself. If so, here are three names to know on the stock exchange today.
Best Electric Vehicle Charging Stocks To Buy [Or Sell] This week
To begin with, let’s take a look at the Blink charging company. In short, it’s a promising name in the electric vehicle charging industry today. Just to give you a sense of scale, the company currently operates and maintains more than 30,000 charging ports in 13 countries. Plus, most of Blink’s charging stations are linked through its global network, allowing users to seamlessly charge anywhere in the world. With the hype around the build-up of EV charging stocks, I could see investors now eyeing BLNK stocks. Clearly, the company’s shares are already sitting on gains of over 380% over the past year.
On the contrary, Blink does not seem to be resting on its laurels yet. We can see this as the company continues to forge strategic partnerships even now. As of yesterday, the Traffic and Parking Control Company (TAPCO) is now working with Blink. Basically, TAPCO is an official distributor of Blink Electric Vehicle Charging Stations in the United States. With the current deal, TAPCO now sells the full line of Blink’s offerings, including its IQ 200-M portable electric vehicle charger among various other models. In particular, this decision would be in synergy with Blink’s business strategy, given TAPCO’s experience in the traffic and parking solutions sector. In addition, the company is also working with KU Leuven, one of the leading research universities in Europe, to install more than 500 stations across Belgium. The four-year sales contract is valued at approximately $ 1.8 million.
Overall, Blink continues to make the most of trends in the electric vehicle market and appears to be keeping pace with the competition. Arguably, the company’s current lead in this nascent industry could put it in a good long-term position. Considering all of this, would you consider BLNK stock to be one of the best electric vehicle charging stock buys right now?
Another name to know now in the electric vehicle charging industry would be Tesla Inc., the EV giant. With its current lead in the EV market, most would now view TSLA stock as a must-have EV stock. However, the company’s work in the electric vehicle charging business should not be overlooked either. After all, as a pioneer in space, he would have experience in electric vehicle charging technology. For this reason, the TSLA stock could also benefit from the overall trends in the electric vehicle charging stock.
Similar to other names of electric vehicles in the industry, TSLA stock has skyrocketed in 2020 amid the pandemic. In fact, even after its recent declines, the company’s shares still envision gains of over 650% from its pandemic low. With signs of another wave of coronavirus coming in, some would say TSLA stock among other EV stocks could see a comeback. Market conditions aside, Tesla also appears to be working hard on the EV charging front. Last week, CEO Elon Musk revealed that the company is looking to upgrade its best fast chargers to facilitate charging up to 300 kW. This would represent a 20% increase on top of its current peak grid load speed. In addition, the company continues to expand the network globally as well. At the end of last month, Tesla reportedly opened a solar charging station in Lhasa, Tibet.
If all that wasn’t enough, the company recently unveiled a new subscription package for its autonomous electric vehicle solutions. Now, instead of paying $ 10,000 upfront for the functionality of his automobile, customers can test Tesla’s autonomous driving technology for $ 199 per month. Given all of this exciting news around the company, would you consider adding TSLA stocks to your portfolio now?
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Then we have one of the major EV players in the Chinese market, Nio inc. Of course, most wouldn’t immediately associate Nio with electric vehicle charging, but the company is making strides in the space nonetheless. Before going into specifics, new investors may need a quick overview of what Nio does. In short, the company is a maker of intelligent electric vehicles that also have autonomous driving capabilities. Like most of its EV-making counterparts, the NIO share still envisions massive gains of over 230% over the past year despite recent sales.
Now, in terms of EV charging solutions, Nio offers a unique approach. For the uninitiated, the company now plans to implement 4,000 battery exchange stations worldwide by 2025. With its battery exchange services, Nio offers electric vehicle owners a quick alternative and easy at conventional charging stations. This would be the case because the company offers pre-charged batteries, allowing consumers to avoid the charge wait time overall. According to Chairman Qin Lihong, Nio aims to set up 700 of these stations by the end of the year.
Overall, electric vehicle trends in China persist regardless of the pandemic conditions. According to analysts at Deutsche Bank (NYSE: DB), sales of electric vehicles in the region are already expected to double this year. With Nio running at full speed now, we could envision some exciting times for the company. Would you say the same for NIO stock?