Contrarian’s Delight: 3 Stocks to Scoop Up Amid the EV Demand Slump

InvestorPlace04-05

Here are three EV stocks to buy amid the sector’s demand slump. Rivian (RIVN): RIVN made a huge but little noticed deal with a commercial vehicle distributor. Evgo (EVGO): EVgo is likely to benefit ...

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href=https://investorplace.com/2024/04/contrarians-delight-3-stocks-to-scoop-up-amid-the-ev-demand-slump/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Here are three EV stocks to buy amid the sector’s demand slump.\nRivian (RIVN): RIVN made a huge but little noticed deal with a commercial vehicle distributor. \nEvgo (EVGO): EVgo is likely to benefit ...</p>\n\n<a href=\"https://investorplace.com/2024/04/contrarians-delight-3-stocks-to-scoop-up-amid-the-ev-demand-slump/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4532","symbol_name":"文艺复兴科技持仓","start_time":0,"source_url":"https://investorplace.com/2024/04/contrarians-delight-3-stocks-to-scoop-up-amid-the-ev-demand-slump/","article_id":"2425553337","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2425553337","pubTimestamp":1712313180,"sourceInfo":{"source_id":"investorplace_stock_picks","name":"InvestorPlace stock picks"},"weMediaInfo":null,"summary":"EV sales continue to grow in the U.S., even though the sector's growth has decelerated.  Here are three stocks to buy amid the EV demand slump.","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4532":"文艺复兴科技持仓","BK4204":"教育服务","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS 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the sector’s demand slump.\nRivian (RIVN): RIVN made a huge but little noticed deal with a commercial vehicle distributor. \nEvgo (EVGO): EVgo is likely to benefit from the strong popularity of some EV brands. \nXpeng (XPEV): XPEV is growing impressively, while users appear to appreciate its ADAS offering. \n\n\n\n\n\n \n\n\nEV demand in the U.S. is being weighed down by high interest rates and consumers’ increased preference for hybrid vehicles. Still, the number of EV sales continues to climb  year-over-year and, according to Barron’s, EVs’ share of the overall U.S. auto market even increased slightly in Q1 to 7%. Moreover, the recent increases in oil prices, along with the U.S. Federal Reserve’s upcoming rate cuts, should cause the demand for EVs to increase going forward. So for the U.S. EV market, it’s very much a case of down but not out. Making now a great time to find stocks to buy amid the EV demand slump.\nFurther, the situation appears to be much better in China, as the China Passenger Car Association recently predicted that the combined sales of EVs and plug-in hybrids in March soared 33% year-over-year. For investors who want to exploit the continued growth of EV sales, here are three stocks to buy amid the EV demand slump.\nRivian (RIVN)\nSource: Tada Images / Shutterstock.comU.S. EV startup Rivian (NASDAQ:RIVN) is partnering with one of the leading players in the commercial vehicle space. Specifically, Rivian’s chassis and batteries are being used by a huge commercial vehicle producer and marketer, JB Poindexter & Co, to develop a new electric delivery van. The EV is slated to be sold to Canada’s postal delivery system which will use the vehicle deliver mail.\nJB Poindexter has long-standing relationships with both Fedex (NYSE:FDX) and UPS (NYSE:UPS). This means Rivian’s collaboration with JB Poindexter could very well lead to needle-moving revenue from one or both of the huge package-delivery firms. And there’s an excellent chance that JB Poindexter will sell the new electric delivery van to multiple other government-owned delivery firms, further boosting Rivian’s top and bottom lines.  \nEVgo (EVGO)\nSource: Sundry Photography / Shutterstock.comDespite the sharp deceleration in the growth of EV sales in the U.S., some automakers are actually growing quite rapidly. That bodes very well for EVgo (NASDAQ:EVGO), one of the leading providers of public EV chargers in America.\nLast quarter, for example, Hyundai’s U.S. EV sales soared nearly 130% versus the same period a year earlier to 5,345. Meanwhile, Ford’s (NYSE:F) U.S. EV sales jumped 86% year-over-year to slightly over 20,000. And BMW (OTCMKTS:BMWYY) provided U.S. customers with over 10,700 EVs last quarter, representing a very strong YOY  increase of 63%.\nThe fact that some EV brands are growing rapidly bodes well for the entire EV market, since the owners of those brands will likely radically increase production and sales of those automobiles going forward. And, of course, more EVs on the roads will translate to increased demand for EVgo’s chargers over the longer term.\nXpeng (XPEV)\nSource: THINK A / Shutterstock.comChinese EV maker Xpeng (NASDAQ:XPEV) is successfully exploiting the relatively strong Chinese EV sector. Its deliveries climbed 20% last quarter versus the same period a year earlier to over 21,800.\nThe firm has a very impressive Advanced Driver Assistance (ADA) system. Encouragingly, it recently reported that the the monthly active user penetration rate of its ADA system had risen to 82% in urban driving scenarios. The fact that XPEV’s customers are frequently using its ADA indicates that the system is quite useful and user friendly. \nWhat’s more, I believe that the automaker’s collaboration with Volkswagen (OTCMKTS:VLKAF) will boost Xpeng’s credibility and sales in both Europe and China. Mainly due to Volkswagen’s strong brand name in both regions. The firms are slated to jointly launch two new EVs in 2026. \nOn the date of publication, Larry Ramer held long positions in RIVN, EVGO, and XPEV. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\nLarry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been SMCI, INTC, and MGM. You can reach him on Stocktwits at @larryramer.Automotive, Consumer Discretionary, Electric Vehicles\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/04/contrarians-delight-3-stocks-to-scoop-up-amid-the-ev-demand-slump/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2425553337"}