3 Top EV Stocks to Buy in November

Group 1: Electric Vehicle Market Overview - Many electric vehicle (EV) stocks experienced significant growth in 2021 but faced declines in 2022 and 2023 due to cooling growth and rising interest rates, compounded by a soft Chinese economy and an EV pricing war [1][2] - With interest rates expected to decline, some undervalued EV stocks are emerging as potential growth opportunities [2] Group 2: Nio - Nio, a Chinese EV manufacturer, has seen its annual deliveries increase from 20,565 in 2019 to 160,038 in 2023, representing an almost eightfold growth, with a CAGR of 63% in revenue [4] - Despite recent challenges, Nio's deliveries grew 36% year over year in the first nine months of 2024, and analysts project a revenue CAGR of 28% from 2023 to 2026 [5][6] - Nio's stock is considered undervalued at less than 1 times next year's sales, indicating potential for a higher valuation as it navigates current challenges [6] Group 3: Li Auto - Li Auto, a leading producer of plug-in hybrid electric vehicles (PHEVs), increased its annual deliveries from 32,624 in 2020 to 376,030 in 2023, with a revenue CAGR of 136% [7] - The company became profitable for the first time in 2023 while expanding its supercharging station network to 894 stations with 4,286 charging stalls [8] - Analysts expect Li's revenue to grow at a CAGR of 25% and net income at a CAGR of 15% from 2023 to 2026, with the stock trading at 17 times forward earnings [10] Group 4: Joby Aviation - Joby Aviation focuses on developing electric vertical takeoff and landing (eVTOL) aircraft, with its S4 model designed for urban air taxi services [11] - The company holds a $131 million contract with the U.S. Department of Defense to deliver eVTOL aircraft, with plans for further deliveries in the coming years [12] - Although currently speculative with expected revenue of$395,000 this year and a net loss of $467 million, analysts project revenue growth to$104 million by 2026 [13][14]