3 Top EV Stocks To Buy Now For A Year-End Rally: NIO, Ford, And Plug Power

Another way to manage risk is to focus on companies with products on the market gaining traction with the ability to scale production rather than companies in product development mode. Two stocks with these characteristics are NIO (NIO - Get Rating) and Plug Power (PLUG - Get Rating)

I believe another interesting opportunity is Ford (F - Get Rating) which is making a big bet on an electric Mustang and electric F150 truck that are drawing rave reviews from critics. developing electric cars and pickup trucks that could outcompete many of the EV startups. 

NIO (NIO)

NIO is often called the “Tesla of China”. That’s because both companies share certain characteristics.

NIO is following a similar strategy to TSLA in terms of launching high-end, luxury cars, and then creating more affordable models. It’s also been similarly successful in generating loyalty among its customers. 

In September of this year, 131,000 EVs were sold in China, of which NIO had a 12% market share. NIO’s next major challenge is scaling production to meet the demand for its product. Bulls are betting the company will eventually be successful in doing so and drive down costs through increased efficiencies.

NIO’s daily chart shows that the stock has formed a double bottom around $40. Traders should remain bullish on the stock above these lows. A year-end rally amid a low volume environment dominated by retail traders favors the stock challenging its November highs.

Plug Power (PLUG)

PLUG is breaking out to new highs. The company has considerable upside potential if it can execute on its ambitious vision.

First, the company built a forklift business based on its hydrogen fuel cells that have won significant market share and won many customers like Amazon (AMZN)Walmart (WMT), and Home Depot (HD). Now, it’s looking to expand into new areas like commercial transportation, passenger transportation, backup power generation, and powering data centers. If it can successfully do so, then it’s likely to validate its $13 billion market cap.

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