3 Electric Vehicle Stocks to Keep on Your Radar

June 17, 2024

29 1 minute read

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Electric Vehicle Stocks, EV stocks, electric car stocks, electric truck stocks

TSLA, RIVN, and GM are stocks to watch in the electric vehicle space

The U.S. Environmental Protection Agency (EPA) released new pollution standards this year that will require 56% of all new vehicles sold in the U.S. to be electric by 2032, and at least 13% to be plug-in hybrid or partially electric. Since Tesla Inc (NASDAQ:TSLA) released its Roadster in 2008, the electric vehicle (EV) industry has grown dramatically. But there are three sector names to watch:

We would be remiss if we did not start with TSLA, up 5.3% to trade at $187.47 amid a a legal battle to recognize a shareholder vote approving CEO Elon Musk’s $56 billion pay package. The security has grappled with a ceiling at $190 since late April, while the 120-day trendline above is getting tested today. Tesla stock is down 24.4% this year.

Rivian Automotive Inc (NASDAQ:RIVN) stock is modestly above breakeven today to trade at $10.88, could snap a four-day losing streak. after getting rejected at its 100-day trendline last week. Despite tacking on 32% since their April 16 record low of $8.26, China-based EV stock still carries a heavy 53.5% year-to-date deficit and was rejected by its 100-day trendline last week.

General Motors Co (NYSE:GM) hasn’t always been synonymous with EVs, but the car manufacturer has been making strides to enter the sector. The company is in the news today after union members voted to ratify a labor agreement which includes a 30% wage increase over three years for several workers. GM is 1.3% higher to trade at $47.37 at last check, and sports a 24.8% year-over-year lead after scoring a June 12, two-year high of $49.34. The shares have come a long way since their Nov. 10 four-year bottom of $26.30.

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June 17, 2024

29 1 minute read