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Top 5 US EV Stocks That Could Yield Great Profits in 2024

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Electric Vehicles are the imminent future and people are already embracing it. Environment is the main concern of every international summit these days. It’s certainly the biggest concern as the planet needs to be more habitable for a longer period. EVs help meet that purpose, they ensure zero carbon emissions without compromising on performance. These vehicles come with so many other features. They make driving smooth and are fit for many types of terrain too.

Their rising demand has made EV stocks highly desired among investors. There aren’t just big companies but also new players who have shown strong prospects of earning. So, many traders need guidance in picking the right stock. To help these folks, the experts always come up with their recommendations. This time, they have picked the most promising EV companies in the US.  

US EV Stocks That Investors Must Look Out For

These companies have emerged as frontrunners in the industry. They’re bringing innovation to the fore and selling a good number of cars too. 

Nio Inc. (NYSE: NIO) 

Nio Inc. is a leading Chinese premium EV maker and seller. Besides the manufacturing, it also plans to build a charging and battery swap infrastructure. This July, the company reported a sale of 20,462 vehicles. By delivering brilliant cars and excellent customer experience, it registered a spike of 103.6%. 

Li Auto Inc. (NASDAQ: LI)

Another Chinese manufacturer became the first company to sell an extended-range EV. Its first model was a large SUV that became a big hit among car buyers. As per the second quarter report, it sold 34,134 vehicles. It has become a prominent player in the luxury EV market. 

Rivian Automotive Inc. (NASDAQ: RIVN)

Established in November 2021, Rivian is a startup that registered impressive sales lately. The company manufactures R1T electric pickup trucks and doubled its production too. In the first half of 2023, the company registered the sale of 23,387 vehicles. It has emerged as one of the most viable startups and a competitor to big players.  

General Motors Co. (NYSE: GM)

General Motors has ambitious plans to supersede Tesla and become the top EV seller in the US. Moreover, it announced an investment of $35 Billion by 2025. In the second quarter of 2023, the company reported $2.6 Billion in sales. It also boasts of autonomous vehicle technology that makes its car more efficient.

Toyota Motors Co. (NYSE: TM)  

Toyota is one of the leading automakers that recently announced forays in the EV sector. By 2030, the company intends to manufacture 3.5 Million vehicles. Furthermore, it announced a groundbreaking solid-state battery technology to enhance driving ranges. Reportedly, it accelerates 900 miles on a single charge. 

Conclusion

By investing in these stocks, traders can ensure potential gains in the future. At the same time, they can bring short-term profits as well in the forthcoming months. Thus, investors must become keen to know about these companies. The aforementioned stocks can assure good profits and many other benefits. However, the investors should take a prudent approach and do their own research. Once they have picked the best options, they can certainly enjoy lucrative profits. 

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