Jim Cramer recommended four solar stocks, including electric vehicle giant Tesla (TSLA) – Get Report.
Solar companies have gained more power to power your portfolio, Cramer said on a recent episode of his Mad Money show.
Musk says his company has a backlog of 80,000 orders, worth more than $500 million, for its Powerwall home solar system. But Musk also said Tesla can only produce 30,000 to 35,000 Powerwalls this quarter. The company says it cannot ramp up production to meet demand due to the global chip shortage.
Tesla CEO Elon Musk has been involved in a civil suit with some Tesla shareholders over the SolarCity bailout in 2016.
On to real money, contributor Ed Ponsi says: the boom in EVs has only just begun and investors can capitalize on it through lithium, an important part of EV batteries. As demand for lithium is expected to outpace supply, Ponsi says Albemarle Corp. (WHITE) – Get Report. Find out why he thinks this business will bring big profits.
Tesla unveiled a subscription option for its full self-driving package. The electric car maker unveiled a $199-per-month subscription for full self-driving, rather than a $10,000 upfront payment, which had been the only option so far to make it possible. Some Tesla drivers may have to pay an additional $1,500 to install a new chip to use the feature. According to reports, the hardware with the newer version of the chip has been standard in Tesla models since mid-2019.
The subscription option addresses longstanding complaints about FSD’s pre-purchase option because the feature was tied to the vehicle rather than the owner. A number of Tesla owners took to Twitter and Reddit to express irritation or outright anger at the possibility, with some saying Tesla would have to pay the upgrade fee, while others called for a class action lawsuit.
Tesla’s support page states that hardware upgrades are not included in the FSD plan.
Separately, Chinese rival EV maker Xpeng (XPEV) – Get Report priced its new P5 sedan as low as 160,000 yuan ($24,694) days after Tesla launched a cheaper version of its Model Y sports car.
The P5 – Xpeng’s third production model and second sedan after the P7 – was launched earlier this year.
Tesla debuted a stripped-down version of its Model Y SUV in China earlier this month amid increased competition in what is currently the most lucrative and important market for electric carmakers.
Meanwhile, Nissan began production of its third-generation Nissan Frontier midsize pickup truck at its $3.5 billion assembly plant in Canton, Mississippi. It is the first major redesign of the popular mid-sized truck in 16 years.
Corey Goldman of TheStreet spoke with Nissan Vice President Mike Colleran to learn more about the newly designed pickup and what kind of demand Nissan expects, as well as how Nissan is dealing with the ongoing semiconductor shortage and wider move toward electrification. – ie compete with Tesla.
Here’s a list of electric vehicle stocks to keep an eye on:
Tesla shares are up 6.4% in the past month.
Dogecoin is one of the popular cryptocurrencies that constantly dominate the headlines. Usually Musk has something to do with it. This time it’s different. Axe, a popular deodorant company, is bringing dogecoin back into the limelight when it dropped Ax Dogecan on Tuesday. The company says Ax Dogecans are not for sale.
TheStreet Quant Ratings rates Tesla as a Hold with a rating score of C.
Ford (f) – Get Report announced it is recalling nearly 775,000 Explorers, along with a number of Ford F-350 Super Duty pickups and Lincoln Aviators. The company said in a statement that it is issuing a safety recall for the 2013-2017 model year Ford Explorers, of which approximately 60,000 are from North America.
Ford shares rebounded with the broader market on Tuesday, adding 4.74% to close at $13.91.
TheStreet Quant Ratings rates Ford as a Hold with a rating score of B-.
Lordstown Motors (TO DRIVE) – Get Report said in a filing from the Securities and Exchange Commission it is the subject of an investigation by the agency. “We have received two subpoenas from the SEC for the production of documents and information, including regarding the DiamondPeak/Legacy Lordstown merger and vehicle pre-orders,” the company said in the filing. The electric car manufacturer was notified by the US Attorney’s Office for the Southern District of New York.
TheStreet Quant Ratings does not have a rating for Lordstown Motors.
Li Auto (AT THE) – Get Report, the Chinese electric vehicle manufacturer, reported second-quarter deliveries more than doubled, exceeding its estimates. The Beijing company delivered 17,575 vehicles in the quarter, an increase of 166% year-on-year and almost 40% from the first quarter. The company had expected to deliver 14,500 to 15,500 vehicles in the second period.
TheStreet Quant Ratings has no rating for Li Auto.
EVgo (EVGO) – Get Report surged last week after it said General Motors (GM) – Get Report had named the electric vehicle charging network a preferred provider for the automaker’s Ultium Charge 360 fleet service. Last year, GM unveiled its more than $20 billion plan to ramp up production of electric and autonomous vehicles. In June, GM increased its planned investments in EVs and autonomous vehicles from 2020 to 2025 to $35 billion.
EVgo shares are up 13% in the past week, closing at $12.89 on Tuesday.
TheStreet Quant Ratings rates GM as a buy with a rating score of B.
NIO (NIO) – Get Report, the Chinese electric vehicle company, said it plans to add 3,700 battery exchange stations by the end of 2025, bringing it to 4,000. A swap station is where EV drivers go to quickly replace their batteries with new ones, rather than waiting for a charge. According to British charging company Pod Point, it takes about eight hours to charge a typical electric car from empty to full. The company is making charging stations a priority, co-founder and president Qin Lihong told reporters last week.
Real Money’s Carolyn Boroden notes bullish technicals for the company. “I have a simple symmetry setup to consider in NIO,” she wrote.
TheStreet Quant Ratings rates NIO as a Sell with a rating score of E+.
Chinese electric vehicle company Xpeng was added to the Hang Seng Composite Index this week. Hang Seng Indexes Company Limited has announced that XPeng complies with the Fast Entry Rule of several indices.
TheStreet Quant Ratings has no rating for Xpeng.
RBC analyst Joseph Spak reported from hydrogen fuel cell technology company Plug Power (PLUG) – Get Report with an outperform rating and a one-year price target of $42. Spak wrote that “Plug Power’s appreciation is rich, but the long runway for growth justifies the bounty.” He also noted that Plug Power has a significant amount of growth potential, given the Hydrogen Council’s estimates that the hydrogen economy could deliver more than $2.5 trillion in annual sales to the immediate industries associated with hydrogen technology by 2050.
TheStreet Quant Ratings rates Plug Power as a sale with a review score of D.