12 of The Best Electric Car Company Stocks

2023 has been a bumpy year for electric car stocks so far. Auto production fell almost across the board, largely due to headwinds in China, according to a Bank of America analysis. This, coupled with ongoing pressure from the Covid-19 pandemic and chip supply chain shortages, has increased the risk profile for the sector significantly. However, investors looking for long-term plays can still find value in electric vehicle stocks and electric battery stocks. Here are 12 of the top electric car stocks including electric car company stocks in the US market , according to the number of holdings of US mutual funds.

1. Tesla Inc shares

It is difficult to have a list of the best electric car stocks and not mention Tesla (TSLA) shares . As the world’s largest electric vehicle maker, it remains a leader in technological innovation in the space, particularly around battery chemistry. But that progress is shrinking, as new competitors join the market, like many of the names on the rest of this list. Tesla recently announced a proposed stock split (from 3 shares to 1 share) which will be distributed as dividends . The split won’t be approved until a shareholder meeting in August, but if approved, it will make the company’s shares more accessible to retail investors.

Tesla is a holding company in 294 US ETFs . Tesla owns about 65.1 million shares in US mutual funds. The largest Tesla mutual fund holding is in the SPDR S&P 500 ETF Trust (SPY), which includes approximately 8.88 million shares. Investors may also be interested in Tesla’s investments in the Consumer Discretionary Select Sector SPDR Fund (XLY), with a portfolio weight of 20.71%. On average, Tesla has a 3.02% investment in US ETFs and is one of the best electric car stocks in the US market .

2. Albermarle Corp shares. (ALB)

Albermarle (ALB) is another company benefiting from rising demand for lithium. US-based Albemarle’s lithium product generates 40% of lithium revenue in the market, which is expanding globally to help meet growing demand. They recently announced a third chemical conversion plant in Chile, doubling the company’s lithium production capabilities. It has also made additional investments in Australia to increase production capacity. As of 2020, Albemarle was the largest supplier of lithium batteries for electric vehicles, according to Wikipedia.

3. Ford Motor Co. shares. (F)

Companies like Ford (F) make more attractive investments not only because they are a well-established company, but also because of their strong cash flows, distribution channels, and brand recognition. In addition to its plans to expand its electric vehicle offerings, Ford has also committed to investing in new factories to produce the batteries needed for electric cars. Demand for the new Ford Lightning, an all-electric truck, as well as the Mustang Mach-E has exceeded 10 percent, and expectations are that the company is committed to doubling its production capacity.

4. General Motors Co. shares. (GM)

If you want a name, electric car stock General Motors (GM) is a good choice. GM has committed to introducing 30 new electric vehicles by 2025. Given its production capabilities, brand heritage, distribution network, and capital available to invest in its production, it could be an important player in the electric vehicle market in the coming years.

General Motors is a holding company in 191 ETFs in the United States . GM owns about 101.8 million shares in US mutual funds. The largest GM ETF holding is in the SPDR S&P 500 ETF Trust (SPY), which has approximately 15.35 million shares. Investors may also be interested in General Motors’ investments in the Engine No. 1 Transform Climate ETF (NETZ), with a portfolio weight of 9.16%. On average, GM has 0.57% invested in US ETFs. It is one of the best electric car company stocks in the American market.

5. Nio Inc. shares ( NIO )/Electric Car

Nio is not only a leading company in the electric car market. The ES7 SUV model is a long-awaited version that is supposed to be launched on the market at the end of August. Nio has also become a global leader in battery swapping technology. The company operates more than 900 swap stations across China and plans to launch more across Europe as well. NEO stock is also benefiting from the reopening of the economy in China as COVID-19 restrictions are recently lifted.

6. Rivian (RIVN) shares

Rivian Automotive (RIVN) , an electric vehicle (EV) company based in California, has seen its stock decline gradually since its market debut in November 2021, with shares falling nearly 80% from their IPO level ( IPO) of $78. The automaker plans to increase its share in existing markets, increase the depth of its business model and breadth of its programs and services, and expand and diversify its portfolio of consumer and commercial vehicles. In particular, the company said its top priority this year will be to increase production at its regular Illinois production facility.

Rivian Automotive is a holding company in 79 US ETFs . The company owns about 6.7 million shares in US mutual funds. Rivian’s largest mutual fund holding is in the Vanguard Total Stock Market ETF (VTI), which includes approximately 1.14 million shares. Investors may also be interested in Nio’s investments in the SoFi Social 50 ETF (SFYF), with a portfolio weight of 6.35%. On average, Rivian has 0.37% invested in US ETFs.

7. Shares of Lucid Motors Lucid Group (LCID)

Electric vehicle (EV) manufacturer Lucid Motors (LCID) was founded in Silicon Valley, a global hub for technology and innovation, in 2007. The EV maker’s factory was built in Arizona and is North America’s first purpose-built EV facility. With an initial capacity to manufacture approximately 10,000 electric vehicles per year, the facility will have the capacity to produce more than 300,000 electric vehicles with planned expansions.

8. Shares of BHP Group Ltd. BHP Group Ltd. (BHP)

As a nickel miner, BHP Group (BHP) may not be the first name you think of when thinking of electric car stocks. But nickel is an essential component in the chemistry of batteries used in electric vehicles. Nickel supply is struggling to keep up with demand. This should be a boon for nickel mining companies like BHP Group. Tesla and other electric vehicle makers have been tinkering with battery chemistry to reduce cost. Last year, Tesla signed a deal with BHP Group to source nickel from sustainable sources from Australia.

BHP Group Ltd is a holding company in 18 US ETFs . BHP Group Ltd owns about 1.6 million shares in US mutual funds. BHP Group’s largest mutual fund holding belongs to the First Trust Indxx Global Natural Resources Income ETF (FTRI), which has approximately 249.48 thousand shares. Investors may also be interested in BHP Group’s investment in the Simplify Volt RoboCar Disrupt and Tech ETF (VCAR), with a portfolio weight of 11.18%. On average, BHP has 2.78% invested in US ETFs.