EV Stocks for October 2022

Whether you’re an environmentalist, a growth opportunist or a meme stock aficionado, electric vehicle stocks may seem like an enticing addition to your investment portfolio.

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Gas prices have surged to all-time highs over the last year — and so has interest in electric vehicles (EVs).

According to the International Energy Agency, global EV sales doubled in 2021 to a record of 6.6 million vehicles, and have continued their strong growth in 2022.

Given these sales numbers, EV stocks have started to attract a lot of investor interest. The largest one, Tesla, now has a larger market capitalization than General Motors, Ford and Stellantis (formerly Fiat-Chrysler) combined. And the subsidies introduced by the Inflation Reduction Act could boost sales even more going forward.

What are EV stocks?

Electric vehicle stocks, or EV stocks, include electric vehicle manufacturers, electric battery producers, and companies that make charging stations and electric motors.

If you're looking for electric vehicle stocks, there are several to choose from. However, keep in mind that investing in individual stocks is typically riskier than investing in a well-diversified index fund or exchange-traded fund. And while often stock pickers will look for a strong track record of performance, many EV stocks don't have one, making the EV market speculative.

» Learn more about index funds vs. ETFs

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EV stocks

If you're looking to add EV stock to your portfolio, a few companies are making the news.

Tesla Inc. (TSLA)

Likely the most popular EV stock, TSLA makes frequent appearances in mutual funds' top 10 holdings. The automaker increased its car delivery by nearly 70% year over year, with over 310,000 cars delivered from January to March.

Fisker Inc. (FSR)

Fisker is accepting pre-orders for its all-electric, zero-emissions Fisker Ocean, which is slated to arrive in October 2022.

Canoo Inc. (GOEV)

Canoo's eclectic business model features a concept that would allow customers to update the interior and body of their vehicles. By anchoring production around a skateboard-style platform, the company looks to give customers the capability to transform a vehicle from, say, a car to a truck. Canoo's strategy is to ramp up production between 2022 and 2025 gradually.

Lucid Motors (LCID)

This manufacturer has recently secured $3.4 billion for its production facility in Saudi Arabia. Lucid says its Lucid Air model gets 520 miles per charge, and it was the 2022 MotorTrend Car of the Year.

Rivian Automotive (RIVN)

Rivian fills a gap with its pickup model, the R1T. Rivian has agreed to make 100,000 vans for Amazon by 2030.

Stock data may be delayed and is intended solely for informational purposes, not for trading purposes.

Traditional automakers making EVs

Electric vehicles aren't only being produced by new car companies. Legacy car manufacturers such as General Motors, Ford, Toyota and Ferrari all have plans to start producing electric vehicles. Some of these companies are even included in electric vehicle-themed ETFs.

EV stock ETFs

If you'd rather not pick individual electric vehicle stocks to include in your portfolio, EV exchange-traded funds, or ETFs, could be helpful. These ETFs hold a basket of stocks related to electric vehicles, including EV technology such as charging stations and vehicle batteries. One of these funds is the Global X Autonomous & Electric Vehicles ETF (DRIV). DRIV seeks to mirror the performance of the Solactive Autonomous & Electric Vehicles Index, which lists companies in the electric vehicle space.

One drawback of ETF investing is that you don't get complete control over what you invest in. For instance, while funds such as DRIV do invest in EVs and EV technology, DRIV's top holdings — Alphabet Inc. (GOOGL), Apple Inc. (AAPL), Qualcomm Inc. (QCOM), Intel Corp. (INTC) and Nvidia Corp. (NVDA) — may come as a surprise.

How to buy EV stocks

If you're looking to add EV stocks to your portfolio, you'll need a brokerage account to purchase them. Setting up an account is relatively easy and takes about 15 minutes. Once you fund an account, you can research EV stocks and invest directly from your brokerage account.

If you're looking for more environmentally friendly investment options, you can also explore green stocks.

Neither the author nor editor held positions in the aforementioned investments at the time of publication.

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