Stocks To Trade
Feb. 15, 202412 min read

11 Electric Car Stocks to Watch in 2024

Tim BohenAvatar
Written by Tim Bohen

Electric Car Stocks: Key Takeaways

  • Why Tesla could be primed for a big move…
  • The key catalyst both EV drivers and traders will love…
  • Why Workhorse is more than just a meme stock…

Intensifying pressure on automakers means the race to full eco-friendly fleets is on. Automakers are investing tens of billions of dollars into electric vehicle (EV) and battery production. It’s about time EV plays fired up again!

11 Electric Car Stocks to Watch

Note that some of these EV plays are long-time contenders while others may be a little speculative. There’s something for pretty much every trader on this list.

Electric Car Stock #1: Tesla, Inc. (NASDAQ: TSLA)

It only feels right to start off with Tesla … It’s the largest automaker by market cap. And it leads the charge in electric vehicles (pun intended)

Tesla dominates the U.S. EV market, selling 55% of U.S. EVs in 2023. That’s down from 65% in 2022.

Its reach worldwide is much smaller, but it’s growing despite increased competition.

TSLA has been consolidating for months, which puts it in a good spot to run when the right catalyst comes along.

With Musk in charge, the WRONG catalyst could come into play, too, though … But for some traders, that’s the fun of the game.


Electric Car Stock #2: NIO Inc. (NYSE: NIO)

NIO is far behind Tesla in sales, but its numbers are still impressive for a company left for dead not too long ago.

NIO recently secured European approval for mass production and license plate registration, which allows it to enter a key EV market…

NIO has been trending downward lately but is still in a decent spot to gap up.


Electric Car Stock #3: Blink Charging Co. (NASDAQ: BLNK)

Like Tesla, Blink Charging recognized early on that electric vehicles would eventually dominate roads around the globe — so it built an extensive network of EV charging stations worldwide.

The company has 15,000 residential charging stations and 9,000 commercial units in the U.S. 

It’s also developed a portable charger, which will likely help reduce ‘range anxiety,’ one of the bigger downsides for people debating whether to buy an electric car…

Blink acquired Blue Corner N.V. in 2021, giving the company over 7,000 new charging ports in Europe. The company has tens of thousands of ports worldwide and will continue to deploy more as EV demand grows.

BLNK is at the bottom of its trading range for the year and charging upward…


Electric Car Stock #4: Fisker Inc. (NYSE: FSR)

Fisker has yet to release a vehicle, which has become common among hyped electric car stocks. But its Ocean SUV has 9,000 prepaid preorders, and that gives it credibility.

If you like sympathy plays, this could be your stock. 

FSR is one of those electric car stocks that’s likely to move with the tide, meaning whenever Tesla, NIO, or another big EV company announces positive news, FSR could be along for the ride.

The good news for day traders is that Fisker has proven since its 2020 IPO that it can bounce up and down…


Electric Car Stock #5: Arcimoto, Inc. (NASDAQ: FUV)

Arcimoto sells the three-wheeled Fun Utility Vehicle — a tiny, colorful, and highway-legal in-town commuter.

It also sells the Rapid Responder, which promises improved response times for first responses. Both kind of look like three-wheeled golf carts.

It’s unfair to say Arcimoto is competing with the other companies on this list. But it does sell electric vehicles, so it’s an important stock in this sector.

FUV is a speculative play, but it’s worth watching. It’s working toward a hard line of resistance…


Electric Car Stock #6: Workhorse Group Inc. (NASDAQ: WKHS)

Some consider Workhorse a meme stock, but it’s worth watching for other reasons…

Workhorse designs and builds typical EVs like cargo vans and pickup trucks. But it also makes something much cooler: aircraft.

In 2018, Workhorse’s electric helicopter became the first manned hybrid-electric VTOL aircraft to ever fly.

The company also develops cloud-based, real-time telematics performance monitoring systems to help optimize its vehicles’ energy and route efficiency.

WKHS has had a steep fall-off since the beginning of the year — like many of its competitors. But it’s gained traction in recent months and is one good bit of news away from seeing a jump…


Electric Car Stock #7: General Motors Company (NYSE: GM)

GM’s goal of going all electric by 2035 just about guarantees that it will quickly and aggressively dive into the EV space…

The company has committed to spending $35 billion on electric vehicle and autonomous vehicle development through 2025. By that time, it plans to have 30 EVs on the market.

Popular vehicles like the Hummer and Cadillac already have EV versions. More popular models will surely join them … Can I get an EV Corvette, GM?

Powering these vehicles is GM’s Ultium batteries. GM says massive improvements to energy density and cost will be implemented within a few years.

GM has cooled off in the summer months but is still in prime position to gear up for a run…

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Chinese Electric Car Stocks

How about some love for the Chinese electric car stocks? It’s a huge EV market…

Chinese Electric Car Stock #1: Li Auto Inc. (NASDAQ: LI)

Based in Beijing, Li Auto has no shortage of high-end competition … It’s competing directly with Tesla and NIO.

Its electric hybrid Li ONE has performed well, and the company recently released a new version.

Li still trails NIO in the battle for China’s homegrown EV market, but it’s outpacing some key rivals.

It has struggled with profitability to this point but seems to be heading in the right direction.


Chinese Electric Car Stock #2: XPeng Inc. (NYSE: XPEV)

Like key Chinese rivals NIO and Li Auto, XPeng has seen a dramatic rise in sales.

The company also has a charging station network throughout China, much like Tesla has worldwide.

If XPEV can break through the resistance it’s soon to meet, it could charge much higher.


Chinese Electric Car Stock #3: Kandi Technologies Group Inc. (NASDAQ: KNDI)

Kandi is one of the more fun electric car stocks to watch. 

The company makes all-terrain and off-road EVs but also mini-EVs, go-karts, and motorcycles. It has more of a niche EV market, which gives it a unique flavor.

KNDI has trended down after some strong peaks in 2020, but expansion outside of China should give it a boost when that time comes.


Chinese Electric Car Stock #4: ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)

ElectraMeccanica is a bit of a different China play…

The company produces a three-wheeled vehicle with 100 miles of range and a top speed of 80 miles per hour. At $20,000 a pop, this could be a fun toy for anyone rocking some discretionary income.

It could also serve city dwellers who are sick of using Uber … And maybe want to show off a bit.

ElectraMeccanica manufactures in China to supply Europe and Asia and will soon build a plant in the U.S. 

SOLO is a penny stock, which makes it riskier. But if you’ve got the stomach and strategy for it, it can be a fun addition to your watchlist…

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2 Battery Manufacturer Stocks

You can’t have electric cars without batteries. Let’s check out 2 stocks to watch here…

Manufacturer Stock #1: Albemarle Corporation (NYSE: ALB)

What’s a key component of electric batteries? Lithium. And that’s what makes a company like Albemarle a player among EV and electric car stocks.

Albemarle is a specialty chemicals company that obtains lithium, among other things. Any automaker that rolls out EVs will likely want to buy what ALB sells.

ALB is in yearly highs territory… 


Manufacturer Stock #2: Sociedad Química y Minera de Chile (NYSE: SQM)

A competitor to Albemarle, SQM is a strong lithium play as well.

Increased lithium demand and prices mean stocks in this segment should have positive upside moving forward. SQM has seen strong growth in net income, despite political concerns in Chile affecting investor confidence.


Get the List of Stocks I’m Watching Delivered to Your Inbox

This list of electric car stocks to watch is just a taste of what I offer every week. So if you like hot stock lists, need help finding trading ideas, or do want to see what I’m researching…

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Well, there’s my list of 11 electric car stocks to watch in 2024!

I’ve done a lot of the hard work for you and picked what I think will be the biggest movers in this unbelievably hot sector.

There’s so much promise for this sector, and there’s no telling how long it could keep going.

Remember, stocks on watchlists are just ideas. You still have to do your due diligence and wait for your setups to form. Make sure you create a trading plan before entering any trade. If you don’t have time to make a plan … don’t trade the stock!

Also, make sure to track your trades. Even losses could be great lessons if you do things strategically.

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What are your favorite electric car stocks that didn’t make my list? Let me know … Leave a comment below!