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In the electric vehicle stock jungle, where roaring gains are the norm, there dwell hidden gems primed for a stock market eruption.
These covert contenders are forging ahead with bold advancements, scaling up production, fine-tuning their tech, and fortifying their financial foothold in the fierce automotive landscape.
The backdrop is a dazzling one – the EV market poised to crest a colossal $906.7 billion by 2028, a tantalizing testament to its potential. This surging tide showcases lucrative prospects awaiting astute investors willing to dive into the fray.
Magna International (MGA)
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The Canadian auto parts juggernaut, Magna International (NYSE:MGA), has been busier than a bee in a field of clover. Teaming up with Telia Sweden and Ericsson in the NorthStar innovation program, the company is revving up its vehicle-to-vehicle (V2V) and vehicle-to-everything (V2X) communication game via a bespoke 5G network.
A shimmering feather in its cap is Magna’s unveiling of the groundbreaking 800V eDrive system – a nimble, svelte setup flaunting a unique capability to swing 90 degrees around the drive axis for seamless integration.
Financially, Magna is scaling peaks, with a jaw-dropping 9.26% year-over-year (YOY) revenue leap to $10.45 billion. Diluted earnings-per-share (EPS) soaring to 94 cents from 33 cents yesteryear, alongside $133 million in dividends disbursed, paints a picture of robust financial health. Analysts at TipRanks echo optimism, pegging a moderate buy rating with a 13.22% northbound potential, making it an enticing choice for discerning investors.
General Motors (GM)
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The colossus of the automotive realm, General Motors (NYSE:GM), appears to be staging a mighty resurgence. Weathering a $1 billion tempest from a United Auto Workers strike, GM’s stock has soared by a hearty 10% year-to-date (YTD), signaling a resolute rebound.
In a shrewd move, GM has enlisted Kurt Kelty, former battery whiz from Tesla (NASDAQ:TSLA), to invigorate its EV arm. Kelty is eyeing GM’s resources to breathe fresh life into its electric dreams. Concurrently, GM plans to reintroduce plug-in hybrid variants as a bridge until the national charging infrastructure blooms, backed by Tesla’s Supercharger network expansion.
Stalwart on the financial front, GM flaunts a stunning revenue of $43 billion, surpassing estimates by a hefty $3.51 billion, and an EPS of $1.59 that trumps forecasts by a generous 43 cents. GM’s Super Cruise kingdom stretches across 750,000 miles of hands-free bliss, the largest expanse in North America, underscoring its leaps and bounds. Analysts at TipRanks hail GM with a moderate buy rating and a buoyant 26.8% upside potential, echoing faith in GM’s fortune.
Rivian Automotive (RIVN)
Rivian Automotive’s Strategic Moves and Financial Success
Driving Sustainability through Innovative Partnerships
Rivian Automotive (NASDAQ: RIVN) is taking the electric vehicle industry on a sustainable journey through its recent collaboration with AT&T (NYSE: T). This partnership aims to reduce CO2 emissions while enhancing vehicle connectivity, illustrating RIVN’s commitment to pushing the boundaries of EV achievements.
Redefining Customer Experiences and Community Integration
Adding to its repertoire of innovative moves, RIVN is set to transform a historic theater in Laguna Beach into a flagship retail space. This strategic decision underscores Rivian Automotive’s dedication to providing unique customer experiences and integrating into local communities seamlessly.
Expanding Portfolio and Strengthening Production
Not content with past accomplishments, Rivian is expanding its commercial EV lineup by planning the release of multiple models. Concurrently, the company is ramping up its production capacity, showcasing a commitment to growth and meeting increasing demands in the EV market.
Financial Performance and Analyst Projections
Rivian’s financial standing remains robust, reflecting its success in the market. In Q4, the company generated revenues of $1.32 billion, demonstrating an impressive 99% year-over-year increase and surpassing expectations by $60 million. With 17,541 vehicles manufactured and 13,972 successfully delivered, Rivian’s operational performance is solid.
Analysts at TipRanks have accorded RIVN a moderate buy rating, projecting a remarkable 95.6% upside potential. This optimistic outlook positions Rivian’s stock as a noteworthy investment opportunity for discerning investors looking to capitalize on the EV market’s growth trajectory.
