HomeMarket News The Top Electric Vehicle Stocks in April 2024 The Top Electric Vehicle Stocks...

The Top Electric Vehicle Stocks in April 2024 The Top Electric Vehicle Stocks in April 2024

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Amidst the current pause in the electric vehicle (EV) industry’s rapid acceleration, it’s a moment that glimmers with potential. Despite the recent headwinds and industry slowdown in 2023 and the continuing whispers that the once-thriving EV market is losing its sparkle, the trajectory for EV sales still points upward.

The growth rate may not mirror the astronomical figures of the 2021-2022 boom, but major automakers are unwavering in their belief of a future steered by EVs. This persistence marks a moment ripe for investment in undervalued gems in the EV sector.

Toyota Motor (M)

Toyota Motor (NYSE:TM) may seem like an unconventional choice in the EV market given Chairman Akio Toyoda’s cautious β€œmulti-pathway” strategy rather than a full-on EV commitment. Initially met with skepticism, Toyoda’s diversified approach now aligns harmoniously with the current industry landscape.

This prudent roadmap has paid dividends, with TM stock climbing over 70% last year. The automaker sets its sights on selling 1.5 million electric vehicles annually by 2026. With a stronghold in hybrids and a keen interest in hydrogen fuel-cell technology, Toyota promises sustained growth for its investors. Its robust financial showing in 2023 echoes this commitment, posting an impressive 23% revenue growth and a staggering 55% increase in EBITDA.

Li Auto (LI)

Li Auto (NASDAQ:LI) shines as a standout in the Chinese EV market, despite a more than 19% dip in its stock price this year. The company’s stellar delivery performance and triple-digit revenue growth over the past year have not aligned with its stock valuation.

March’s delivery data unveiled a remarkable 39% year-over-year surge, with a total of 28,984 EVs hitting the roads. This strong performance extends to Q1, with deliveries soaring nearly 53% compared to the previous year. The cumulative delivery figures approach a noteworthy milestone of 700,000 units, applauded by Chairman and CEO Xiang Li as a symbol of the company’s dedication to excellence and user-centric value.

Ending the previous year with a substantial cash reserve of $14.6 billion and boasting a Q4 free cash flow of $2 billion, Li Auto touts remarkable financial fortitude. This war chest ensures ongoing investment in innovation and expansive retail endeavors.

BYD (BYDDY)

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