Electric vehicle checkpoint: Tesla’s top competitors
In a note on the “extremely competitive” electric vehicle industry, Bank of America analyst John Murphy says it is “indisputable that the advent of electric vehicles has arrived.”
Although the penetration of electric vehicles globally is slow over the next decade, it will still translate into significant volume growth in absolute terms from a low base.
This is an opportunity for car manufacturers focused on electric vehicles like Fisker (FSR) – Get a report, Lordstown Motors (DRIVE) – Get a reportand Canoo (GOEV) – Get a report, according to Murphy. And, of course, Tesla (TSLA) – Get a report is also part of this category.
For more in-depth coverage of the electric vehicle industry, including trade recommendations and investment strategies, follow the real money experts.
Here is a list of EV stocks to watch and how they performed last week as a percentage change at the close of trading on Wednesday, April 21:
Tesla | + 1.11% 5 days
You’re here (TSLA) – Get a report Shares fell on Monday after one of the electric vehicle maker’s cars, believed to be driverless and on autopilot, crashed, killing two passengers.
The Tesla Model S crashed into a tree, caught fire and resulted in the deaths of two passengers sitting in the front and one in the back, according to several reports citing local police. There were reports that the car was traveling at high speed when it did not take a turn properly and pulled off the road.
Tesla could not immediately be reached for comment, but hours earlier CEO Elon Musk posted a note on Twitter touting the car safety. “Tesla with the autopilot engaged with an accident risk 10 times lower than the average vehicle,” he wrote.
Jim Cramer, the founder of TheStreet, told his Mad Money viewers on Monday that younger and less experienced investors are betting big on their stimulus checks and are addicted to commission-free trading. For this group, it’s all about flashy stocks, like Tesla, even though the company is basically flat this year, so far. Cramer added that Tesla is the spokesperson and Monday’s decline worries him.
TheStreet Quant Ratings rates Tesla as Hold’em with a score of C.
Ford | -4.41% 5 days
Ford Motor Company (F) – Get a report warned last month that if the semiconductor shortage continues into the first half of the year, it could experience an impact of $ 1-2 billion on its adjusted bottom line.
Shares of the company were in the red last week, falling 2.24% to 12.44 each. It showed a drop of -5.45% on Tuesday.
Earlier this year, Ford said it would recall 3 million vehicles in the United States and Canada to replace faulty Takata airbags at a cost of $ 610 million.
Ford will host its 2021 annual meeting of shareholders on Thursday, May 13.
TheStreet Quant Ratings rates Ford as Hold’em with a score of C.
General Motors | -2.00% 5 days
Shares of US automaker General Motors (GM) – Get a report fell on Monday after U.S. regulators began investigating complaints that the airbags in thousands of GM vehicles may not inflate in a crash.
Shares of the company also slipped last week amid reports the automaker was idling another North American plant amid continued shortages of global semiconductor supplies. CNBC said General Motors would temporarily shut down its Spring Hill, Tennessee facility later this month, and reiterated the company’s estimate that chip shortages would cut its 2021 operating profit by $ 2 million. of dollars.
the The National Highway Traffic Safety Administration says the survey covers nearly 750,000 Cadillac, Chevrolet and GMC SUVs and pickup trucks from the 2020 and 2021 model years.
TheStreet Quant Ratings classifies GM as a purchase with a B score.
Nikola | -13.36% 5 days
Nikola (NKLA) – Get a report Shares fell on Monday after Wedbush analyst Dan Ives nearly halved his price target for the electric truck maker to $ 13 from $ 25, confirming a note. Nikola shares recently traded at $ 10.85, down 1.2%.
“Overall, we still believe the company’s ambitions for electric vehicles and hydrogen fuel cells are achievable in the semi-truck market,” he wrote in a comment.
The company’s shares have fallen 44% in the past six months. The drop came after Hindenburg Research published a report in September claiming that the company and its founder Trevor Milton had misled investors. Earlier this month, Nikola revealed that Milton had sold $ 48.6 million of his stock.
TheStreet Quant Ratings does not have a rating for Nikola.
NIO | -4.28% 5 days
NIO (NIO) – Get a report reported big gains in their first quarter shipments. The company said it delivered 20,060 vehicles in the first quarter, up 423% from a year ago. It delivered 7,257 vehicles in March, a new monthly record and up 373% year-over-year.
The Chinese electric vehicle maker was a volume leader on Monday with 92,190,700 shares traded.
TheStreet Quant Ratings rates NIO as a sale with a rating of E +.
Lordstown Motors | -11.87% 5 days
Lordstown Engines (DRIVE) – Get a report fell on Monday after electric truck maker Endurance’s van failed to complete a race in Baja, Mexico. Of the 270 participants, only 187 were able to finish.
Official results from the organizers of the San Felipe 250 Score show that Endurance Entry reached 39.8 miles from the 280-mile course. The Endurance has a range of 250 miles, according to the Lordstown website.
Shares of Lordstown, Ohio, at the last check, were down 9.7% to $ 9.05.
Bank of America analyst John Murphy considers Lordstown’s underlying technology less of a differentiator from its competitors, although its niche market targets trucks, vans and SUVs for customers in the fleet makes sense.
TheStreet Quant Ratings does not have a rating for Lordstown Motors.
XPeng | -1.54% 5 days
Xpeng (XPEV) – Get a report launched the Xpeng P5 smart sedan last week, which the Chinese electric vehicle maker claims is the world’s first mass-produced smart electric vehicle equipped with automotive-grade LiDAR technology.
The Xpeng P5 is the company’s third production model. LiDAR, or Light Sensing and Telemetry, is a system that helps provide visibility to autonomous vehicles.
TheStreet Quant Ratings does not have a rating for Xpeng.
Connect the power supply | -6.23% 5 days
A securities fraud class action lawsuit has been filed against Plug Power Inc. (PLUG) – Get a report on behalf of those who bought or acquired Plug securities between November 9, 2020 and March 1, 2021.
“Plug Power had some accounting issues and we need to get to the bottom of them,” Cramer said last week during the “Mad Money Lightning Round”.
TheStreet Quant Ratings rates Plug Power as a sale with a score of D.
QuantumScape | -18.95% 5 days
QuantumScape (QS) – Get a report rose last week after shares in the electric vehicle battery maker plunged on the scathing report of activist short seller Scorpion Capital who called the company a “pump and dump SPAC” scam.
In addition to the “pump and dump” allegation, the Scorpion Capital report lambasted the company for claiming “to have a ‘magic material’ that led to a revolutionary solid-state battery for electric vehicles.” QuantumScape said it was sticking to its data.
The company has been one of the most successful de-PSPC investments to date. Shares of the San Jose, Calif.-Based company rose 2.12% to $ 36.61 in the last check after falling in the previous session.
TheStreet Quant Ratings does not have a rating for QuantumScape.
Canoo | -6.93% 5 days
Canoo (GOEV) – Get a report shares were down 8.5% to $ 7.58 on the last check. Last week, the company lost more than a quarter of its value after the electric vehicle maker failed to report revenue for the December quarter and was downgraded to Roth Capital.
Canoo said he plans to de-emphasis his line of contract engineering services, which led Roth analysts to downgrade the stock to buy-neutral.
Bank of America analyst John Murphy launched Canoo with an underperformance rating and a price target of $ 6. He said the company’s business model is evolving more and more with several recently announced pivots and changes.
TheStreet Quant Ratings does not have a rating for Canoo.
Fisker | + 6.54% 5 days
Fisker actions (FSR) – Get a report rose on Tuesday after analysts at Bank of America launched an electric vehicle startup cover with a buy rating and a price target of $ 31.
Fisker shares at last check were 5.1% higher at $ 13.
Fisker recently said TheStreet founder Jim Cramer on “Crazy money “ that his company seeks not only to reinvent the car, but also how cars are bought. He said young people don’t want to take out huge auto loans or lock themselves into multi-year leases. Fisker will therefore offer flexible leases where buyers can return their vehicles at any time.
Cramer said everything had to go well for Fisker to be the next Tesla and he had to have flawless execution.
TheStreet Quant Ratings does not have a rating for Fisker.
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