3 Electric Vehicle Stocks to Keep on Your Radar

TSLA and RIVN are fighting key trendlines, while GM has been on a tear in 2024

Digital Content Manager
Jun 17, 2024 at 3:10 PM
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The U.S. Environmental Protection Agency (EPA) released new pollution standards this year that will require 56% of all new vehicles sold in the U.S. to be electric by 2032, and at least 13% to be plug-in hybrid or partially electric. Since Tesla Inc (NASDAQ:TSLA) released its Roadster in 2008, the electric vehicle (EV) industry has grown dramatically. But there are three sector names to watch:

We would be remiss if we did not start with TSLA, up 5.3% to trade at $187.47 amid a a legal battle to recognize a shareholder vote approving CEO Elon Musk's $56 billion pay package. The security has grappled with a ceiling at $190 since late April, while the 120-day trendline above is getting tested today. Tesla stock is down 24.4% this year.

Rivian Automotive Inc (NASDAQ:RIVN) stock is modestly above breakeven today to trade at $10.88, could snap a four-day losing streak. after getting rejected at its 100-day trendline last week.  Despite tacking on 32% since their April 16 record low of $8.26, China-based EV stock still carries a heavy 53.5% year-to-date deficit and was rejected by its 100-day trendline last week. 

General Motors Co (NYSE:GM) hasn't always been synonymous with EVs, but the car manufacturer has been making strides to enter the sector. The company is in the news today after union members voted to ratify a labor agreement which includes a 30% wage increase over three years for several workers. GM is 1.3% higher to trade at $47.37 at last check, and sports a 24.8% year-over-year lead after scoring a June 12, two-year high of $49.34. The shares have come a long way since their Nov. 10 four-year bottom of $26.30. 

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