Given the burgeoning global interest in electric vehicles (EVs) and the rapid increase in their presence on roads worldwide, the EV industry has become a focal point for market enthusiasts.
Recognizing this significant trend, Finbold sought the expertise of prominent professionals in the stock and financial markets to assess their perspective on the three most promising EV stocks to monitor closely by the end of 2023.
These experts also shed light on their top EV stocks that investors should consider adding to their watchlist or retaining within their portfolios, providing invaluable insights for astute investment decisions in this dynamic sector.
Picks for you
CEO of Venture Smarter, Jon Morgan
Jon Morgan carefully analyzed the electric vehicle market and identified his three top picks for EV stocks in 2023. Morgans’s picks are based on a thorough evaluation of various factors such as company performance, technological advancements, market trends, and overall growth potential.
Firstly the CEO highlighted Tesla (NASDAQ: TSLA), noting how it has established itself as a pioneer and leader in the EV industry. With its innovative products, strong brand presence, and extensive charging infrastructure, Tesla continues to dominate the market.
“The company’s ongoing commitment to research and development, including advancements in battery technology and autonomous driving, positions it well for sustained growth in 2023 and beyond.”
Secondly, he identified Nio (NYSE: NIO), often referred to as the “Tesla of China,” has been making significant strides in the EV market. The company focuses on premium electric vehicles and has gained a substantial market share in China.
“NIO’s strong product lineup, expanding network of battery-swapping stations, and emphasis on customer experience set it apart. As the Chinese EV market continues to expand rapidly, NIO is well-positioned to capitalize on this growth.”
Finally, Morgan notes General Motors (NYSE: GM) stating it has made a strong commitment to electric vehicles. The company’s electric vehicle platform, Ultium, offers a diverse range of models across different segments. With increased investment in EV production capacity and ambitious plans to introduce new electric models, General Motors aims to become a major player in the EV market.
Founder of EcomSidekick, Paul Martinez
Marinez stressed his three EV picks for 2023 are worth considering because of their innovative technology, the potential for growth, and their focus on sustainability. With the global push towards renewable energy and clean transportation, these companies are well-positioned to benefit from the shift towards EVs.
He notes Lucid Motors (NASDAQ: LCID) is a promising EV stock because of its impressive team of former Tesla, Audi, and Apple employees. The company’s flagship EV, the Lucid Air, has received rave reviews for its performance and luxury features.
“Li Auto is another strong contender because of its profitability and focus on “extended range” EVs. The company has had a strong 2022, and its innovative battery-swapping technology could help it stand out in a crowded EV market.”
Finally, BYD Co. (OTC: BYDDY) is a Chinese automaker that has already moved entirely into producing all-electric and plug-in hybrid vehicles. The company’s Seagull EV, an affordable mini-city car, could be a potential growth driver.
Chief Finance Officer (CFO) at CashBlog, James Rochester
James Rochester chose BYDI. The CFO highlighted the stock appears to be a clear victor within the robust Chinese EV market. The company led EV sales in China in November, the largest and fastest-growing market in the globe.
The company sold 113,915 all-electric vehicles last month. That represented a year-over-year increase of 147%. In November, BYD sold a total of 230,427 electric and hybrid-electric vehicles. Through the first nine months of 2022, the company has sold over one million automobiles, continuing a larger trend of accelerated expansion.
Even though BYD’s dominance in its domestic market is remarkable, the company has ambitious expansion plans. After entering the Norwegian market last year, the company plans to expand to more than 15 international markets. The company is planning retail expansion in Germany, Denmark, Sweden, and Israel. It is also expanding into Japan and Thailand, where it plans to construct a manufacturing facility, as well as Mexico.
“BYD’s ability to outsell Tesla in China has placed the company on a path of accelerated expansion that EV stock investors should not ignore.”
Financial expert and owner at ABC Finance, Gary Hemming
Hemming believes the top three EV stocks for 2023 are Tesla, NIO, and Fisker.
“Tesla is the leading EV manufacturer in the world and is well-positioned to continue its growth in the EV market in the coming years. NIO is a Chinese EV manufacturer that has seen rapid growth in the past few years and is expected to continue its growth in the coming years. Fisker is a new entrant in the EV market and has the potential to become a major player in the EV industry in the coming years.”
CEO of Moneyzine.com, Jonathan Merry
Sharing his insights, Merry says TSLA shares are highly volatile but the only obvious winner. With factors like extensive charging network, most demand, highest production, best (growing) margins, most innovative, working on autonomy (with the best chance of implementation, too), multiple revenue streams, and growing revenue streams, Tesla stocks are undoubtedly the top EV stocks in today’s market.
“There are almost no other companies in the space that match this list, and the ones that do are nowhere close to Tesla. Yes, it is priced high, but I believe it’s for good reason.”
He noted that Ford (NYSE: F) entered the EV space relatively late but is expanding rapidly and is already the number 2 EV manufacturer in the U.S. (only 30,000 sales last year, but that’s a good starting point).
“Probably not a ton of growth potential, but they do pay dividends and are likely not going anywhere. In my opinion, they are honestly undervalued right now by a fair bit. Not a ton, but I can see some upward price movement in the future if their sales increase in the EV market.”
Finally, Merry pointed out Nio is among the few electric vehicle stocks that could rise in 2023 despite the challenges.
“For all the growth and opportunities, Nio stock looks cheap right now, and that’s perhaps the biggest reason why you’d want to buy the EV stock now.”
Nio’s deliveries are hitting record highs, and the company’s full-year 2022 revenue could grow by at least 25%. Yet Nio stock is trading at a valuation it last saw in 2020, or a price-to-sales ratio of about 2.9.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
