7 EV Stocks That Will Drain Your Portfolio’s Battery

InvestorPlace04-25

Meet Louis Navellier Nio (NIO): Nio used to be a hot EV stock, but those days are long gone. Lucid Group (LCID): Lucid has already given up all of the gains it made following the Ayar ...

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href=https://investorplace.com/market360/2024/04/7-ev-stocks-that-will-drain-your-portfolios-battery/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Meet Louis Navellier\t\t\n\n\n\n\n\nNio (NIO): Nio used to be a hot EV stock, but those days are long gone.\nLucid Group (LCID): Lucid has already given up all of the gains it made following the Ayar ...</p>\n\n<a href=\"https://investorplace.com/market360/2024/04/7-ev-stocks-that-will-drain-your-portfolios-battery/\">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":"LU0097036916.USD","symbol_name":"贝莱德美国增长A2 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International (MGA): There’s a real chance Fisker will end up in bankruptcy, which is a problem for Magna.\nKeep reading for more EV stocks to sell before they drain your portfolio!\n\n\n\n\n\n \n\nSource: Intarapong / Shutterstock.com\n\n\n\nJust a couple of years after electric vehicles looked to be the future of the automotive industry, the stock market’s taken a vicious turn. Now if you’re still investing in auto stocks, you need to think more about EV stocks to sell than those you should be adding to your portfolio.\nRising interest rates in the last year put a huge damper on EV sales. EVs are more expensive than vehicles with gasoline engines, and when interest rates went up, the cost of financing an EV was suddenly out of reach for many.\nIn addition, the U.S. Department of Energy helped gasoline-powered vehicle manufacturers last month by releasing final rules that will give legacy automakers more time to meet updated fuel-economy standards and receive more mileage credits for building EVs.\nThat means that those legacy automakers can make gasoline-powered cars through 2030 while still meeting federal fuel economy requirements.\nI’m not convinced that EVs are dead and buried. It wouldn’t be surprising if clean energy powers the majority of vehicles in 15 to 20 years. But that doesn’t make EVs a smart investment today, particularly if you are closer to retirement and aren’t willing to take a flyer on an EV stock with a long runway to profitability.\nThe Portfolio Grader evaluates stocks based on a variety of factors, including earnings performance, growth and analyst sentiment. These are some EV stocks to sell for the sake of your portfolio’s health.\nNio (NIO)\nSource: Freer / Shutterstock.comNio (NYSE:NIO) at one point was an extremely promising Chinese EV stock. The company had the advantage of healthy subsidies from the Beijing government, as well as an innovative battery swapping system. Instead of spending time charging a battery, Nio owners simply pull into a facility and swap their empty batteries for full ones. The process takes minutes.\nNo wonder Nio was a hot stock in its day. But that day has passed and if you’re still holding Nio stock, you regret the decision.\nNio’s issues aren’t easy to solve. Sales growth has slowed, the company is burning cash at an alarmingly high rate, and there’s real potential for continued shareholder dilution that would make Nio shares even less valuable.\nDeliveries in the first quarter of 2024 are down 3% from a year ago and 10% from the previous quarter.\nNIO stock is in penny stock territory, down 55% since Jan. 1. It gets a “D” rating in the Portfolio Grader.\nLucid Group (LCID)\nSource: Jonathan Weiss / Shutterstock.comLucid Group (NASDAQ:LCID) and Nio actually have some things in common. Both EV companies were seen to be Tesla (NASDAQ:TSLA) killers, companies that had the best potential to take the wind out of Elon Musk’s sails.\nAs it turns out, both Nio and Lucid are crashing and burning. Tesla isn’t doing so well itself, either, but at least it looks like it will survive the EV downturn. I can’t say the same about Lucid and LCID stock.\nAfter all, it’s hard to be a Tesla killer when you deliver only 6,001 vehicles in all of 2023, like Lucid did. And in doing so, the company lost a whopping $654 million in the fourth quarter.\nAnd while Lucid got a minor bump in stock price when the Ayar Third Investment Company, which is an affiliate of Saudi Arabia’s Public Investment Fund, agreed to buy $1 billion in Lucid Group preferred shares the stock is on a long downward spiral.\nLucid has already given up all of its gains following the Ayar investment. The stock is down 42% in 2024 and gets an “F” rating in the Portfolio Grader.\nMagna International (MGA)\nSource: JHVEPhoto / Shutterstock.comMagna International (NYSE:MGA) is a Canadian automotive supplier. It can manufacture complete vehicles, or it can complete bodywork, electrical systems, powertrain modules and interior or exterior work.\nOne of its clients is Fisker (OTCMKTS:FSR), an EV startup that also was thought at one time to be a potential Tesla killer, but instead has faltered so badly that it’s trading in over-the-counter markets now.\nThere’s a real chance that Fisker will end up in bankruptcy, and that’s one of the headwinds facing Magna International these days. Evercore ISI downgraded MGA stock due to the threat.\nMGA stock is down 16% in 2024 and gets a “D” rating in the Portfolio Grader.\nQuantumScape (QS)\nSource: rafapress / Shutterstock.comQuantumScape (NYSE:QS) makes solid state lithium metal batteries for use in electric vehicles. By using solid-state lithium metal technology, the company says its batteries can be charged faster and are safer to use.\nThe company trying to make waves by shipping prototypes of its new Alpha-2 battery cells to automotive manufacturers in hopes of generating sales. But the effort hasn’t successfully moved the stock.\nQuantumScape doesn’t make money yet. It posted a first-quarter loss of $120.6 million, while analysts were expecting a loss of only $96.3 million. \nIt forecast for capital expenditure this year between $70 million and $120 million, and has just over $1 billion in cash and cash equivalents, giving it enough money to operate into late 2026.\nOne day, maybe, QuantumScape will be an attractive investment. But I’m not willing to put money into a company that still doesn’t have a product to sell and it in an industry that is staggering right now.\nQS stock is down 21% in 2024 and gets a “D” rating in the Portfolio Grader.\nMullen Automotive (MULN)\nSource: Robert Way / Shutterstock.comI don’t know if Mullen Automotive (NASDAQ:MULN) is the worst EV stock you can buy. Fisker sets a pretty low bar. But it’s definitely in the conversation.\nThis is a company that, in a desperate attempt to stay listed on a major index, executed three reverse stock splits last year just to keep the stock price above $1 per share. The third split was a 1-for-100 split in December.\nEven with all that financial manipulation, Mullen stock is in penny stock territory. It’s dropped 99.8% in the last year and more than 70% so far in 2024.\nNow, there are some positive signs as of late. Investors rallied around Mullen when the company announced a cost-cutting plan earlier this month that will reduce operating and investing cash flow by $170 million. \nThe company is also shifting gears to produce commercial EVs rather than aiming for the saturated consumer segment.\nIt also completed the first phase of its battery line integration at its California plant, with an eye on the commercialization of EV battery packs.\nWhile this is a needed turnaround for Mullen stock, I’m not willing to give it the benefit of the doubt … yet. MULN gets an “F” rating in the Portfolio Grader.\nPolestar Automotive (PSNY)\nSource: Robert Way / Shutterstock.comPolestar Automotive (NASDAQ:PSNY) is a Swedish EV company. Polestar sells autos in 27 different markets spanning North America, Asia and Europe.\nScale remains an issue, however. Polestar only delivered 7,200 vehicles in the first quarter of 2024, down from 12,000 in the first quarter of 2023. \nIt doesn’t help that rental car company Hertz (NASDAQ:HTZ) announced it was pausing its agreement to buy 65,000 EVs from Polestar over the next five years.\nThe problem for Hertz is that the resale market for EVs has fallen, making the purchase of an expensive electric vehicle less appealing.\nPolestar calls 2024 a transition year and says it has its sights set on better performance in 2025. But that doesn’t mean investors should stick around through the losses.\nPSNY stock is down 45% in 2024 and gets a “D” rating in the Portfolio Grader.\nChargePoint Holdings (CHPT)\nSource: Michael Vi / Shutterstock.comChargePoint Holdings (NYSE:CHPT) manufacturers, owns and operates a network of charging stations that are designed to power EVs. \nIt looked like a solid investment choice a few years ago for anyone who was looking to invest in the infrastructure of EVs rather than buying the stock of a vehicle manufacturer.\nBut it’s proven harder for ChargePoint to become the obvious solution for EV charging. Tesla owns more than 40,000 charging stations of its own. It’s getting billions of dollars in annual profits from partnering with other automotive manufacturers.\nThat contributes to leaving ChargePoint out in the cold. Fourth-quarter revenue was $115.8 million, down from $152.8 million a year ago. Revenue from charging systems was $74 million, down from $122.3 million a year ago.\nCHPT stock is down 45% in 2024 and gets an “F” rating in the Portfolio Grader.\nOn the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.\nConsumer Discretionary, Automotive, 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\n Louis Navellier\nEditor, Market 360\n\n\nMeet Louis Navellier\nLouis Navellier is one of Wall Street’s renowned growth investors. Providing investment advice to tens of thousands of investors for more than three decades, he has earned a reputation as a savvy stock picker and unrivaled portfolio manager.\n\n\n\t\t\t\tLearn more about Louis\t\t\t\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/market360/2024/04/7-ev-stocks-that-will-drain-your-portfolios-battery/.\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":1,"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/2430240391"}