Best EV Stocks 2024: 3 Names to Add to Your Must-Buy List
As 2024 approaches, the electric vehicle (EV) market is still electrifying investors’ portfolios with expanding growth and innovation. In this fast-changing sector, selecting the best EV stocks for next year is of great importance. As the world shifts toward electric vehicles, EV stocks for 2024 are companies that bet on a cleaner tomorrow.
While looking for standout names amongst the myriad options, three stand head and shoulders above the rest. With a unique combination of technology, market awareness and growth potential, these companies are leading the electric transition.
On the cusp of 2024, these EV stocks are standing apart because of their forward-thinking edge and sound business foundations in terms of staying power. Be ready to step into the world of EV investments, where opportunity and innovation are guiding us forward.
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Xpeng (XPEV)
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Xpeng (NYSE:XPEV), a leading player in the Chinese smart EV market, is gaining attention as a top EV stock for 2024.
The company is dedicated to developing, producing and selling advanced EVs. These vehicles are designed to satisfy a technologically savvy customer base.
Xpeng’s strategy includes developing advanced driver-assistance systems and high-tech in-car operating systems. That approach affirms its aim to remodel mobility through technology.
The company will launch the Xpeng X9, a seven-seater smart EV, on Jan. 1, 2024, showcasing its commitment to expanding its product range.
In a strategic shift, Alibaba Group (NYSE:BABA) reduced its stake in Xpeng, redirecting its focus towards core businesses. That decision opens new doors for Xpeng, potentially attracting fresh investments and partnerships.
The Xpeng G9 has also been recognized as SUV of the Year and Family Car of the Year for 2024 in Denmark. Those accolades highlight the model’s advanced features and family-friendly design. Furthermore, the company’s G6 model has emerged as a top seller in its segment in China, underscoring Xpeng’s market strength.
Moreover, the company’s collaboration with Volkswagen Group (OTCMKTS:VWAGY) is an important step in its international development and smart EV technology. The partnership should strengthen Xpeng’s global market position.
In sum, Xpeng’s strategic moves and product innovations are making it a stock to keep an eye on in the coming year. The firm’s strong emphasis on technological breakthroughs and exploring the international market are important factors behind its growth in this highly competitive electric vehicle industry.
Fisker (FSR)
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The American electric car start-up, Fisker (NYSE:FSR), is facing a tough year, and its stock has lost 77% so far this year.
Although the decline was substantial, the company saw total revenues swell to $71.8 million, a 512,757% increase from the previous year. But a larger net loss of $90.96 million foretells the difficulty.
Fisker, with its pledge to sustainability and luxury, formed a manufacturing alliance with Magna International (NYSE:MGA). Thanks to this alliance, Fisker has access to an established production network. Its unusual design and features mean the company’s new Ocean SUV is a hot topic.
With financial turmoil and class-action litigation, Fisker is strengthening customer service and reworking its sales targets. Now shooting for more than 10,000 EVs in 2023, the goal emphasizes liquidity and flexibility.
In 2023, anticipated operating costs are estimated to be between $565 million and $640 million. The company’s focus is on research, development and growth.
The Ocean SUV launch, future models, possible cooperation with major automakers and a production and marketing ramp-up will increase Fisker’s brand awareness, acting as a key growth catalyst.
Even in the face of obstacles, Fisker is expanding its executive team in North America, indicating efforts to get competitive in the EV market. With its combination of sustainability, luxury and strategic partnerships, Fisker is aiming to be a contemporary key player in the EV market in 2024.
REV Group (REVG)
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One unique edge REV Group (NYSE:REVG) has in the EV market is that it specializes in electric specialty vehicles. Among EV stocks, that means it is both an intriguing investment opportunity and a possible target for acquisition.
Unlike most EV players, which focus on passenger cars, REV Group has a broader portfolio. Its products include electric buses, ambulances and recreational vehicles. That diversification is a strategic move and may protect the company from any overall economic recession.
That is impressive for a company showing such nice quarterly earnings. REV’s net income jumped 241% to $29.7 million on revenue of $693.3 million. Its financial health is further reflected in the diluted EPS, which exceeds expectations by 56% at 53 cents.
Ahead, several catalysts will propel REV Group forward. The higher demand for electric versions of its specialty vehicles offers a great selling point. Furthermore, government plans to stimulate purchases of electric commercial vehicles could further enhance the company’s market share. Growth also presents exciting opportunities in strategic acquisitions aimed at expanding their product lines.
In short, REV Group’s distinctive market positioning and financial strength make it one of the top EV stocks for 2024. As an investor looking to gain a foothold in the ever-changing EV landscape, REV Group’s concentration on electric specialty vehicles sees it well placed going into 2024.
On the publication date, Faizan Farooque did not hold (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 InvestorPlace.com Publishing Guidelines.
Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.
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