Top 4 Electric Vehicles to Buy in 2022


The United States Senate approved a $430 billion measure on Aug. 7 to address climate change, reduce drug costs and raise certain corporate taxes.

Tax breaks for those who buy EVs would be made possible through the Inflation Reduction Act.

The United States government is encouraging the use of electric vehicles to combat climate change and protect the environment. The EPA estimates that 27% of U.S. greenhouse gas emissions come from vehicles with conventional gasoline engines.

Carbon dioxide emissions from battery powered vehicles are much lower.

However, due to a dramatic increase in the price of critical raw materials such as lithium, electric cars have not become as cost-effective as fuel-powered vehicles.

As the electric vehicle (EV) company benefits from the climate change law, we’ll go through the top four EV stocks that deliver the most benefit.

We’ll explore how these EV companies plan to capitalize on the above changes.

Canoo, Inc. (NASDAQ: GOEV)

Canoo Inc., trading under the ticker symbol “NASDAQ: GOEV”, is a pre-revenue electric vehicle (EV) company based in Torrance, California.

Canoo Inc. (NASDAQ: GOEV) reported Q2 2022 revenue of more than $1 billion during its conference call discussing the company’s financial performance. This was due to the order of 4,500 units placed by Walmart, Inc. (NYSE: WMT), which could be as high as 14,500 units. In addition, the United States military and Canoo Inc. (NASDAQ: GOEV) collaborated on an agreement to evaluate and showcase the former’s electric vehicle (EV). This may also result in a future large order.

Canoo Inc (NASDAQ: GOEV) plans to launch an affordable electric pickup truck between $35,000 and $50,000 by 2023 as part of the company’s strategic expansion. Pre-ordering the vehicle on the corporate website will cost $100, but will be fully refunded if you cancel your purchase before it ships. By increasing output, Canoo Inc. (NASDAQ:GOEV) additionally benefit from the Climate Change Bill tax credit, as most of its items will fall within the bill’s price threshold.

Canoo Inc. has 19 investors reporting a position at the end of Q1 2022. (NASDAQ: GOEV).

Canoo Inc. (NASDAQ: GOEV) and other well-known companies benefit from Climate Act 2022. These companies include Tesla (NASDAQ: TSLA), General Motors (NYSE: GM) and Rivian Automotive (NASDAQ: RIVN).

Fisker Inc. (NYSE: FSR)

The company that manufactures electric vehicles is Fisker Inc. is headquartered in Manhattan Beach, California (NYSE: FSR).

Fisker Inc. (NYSE: FSR) plans to enter into legally enforceable contracts with consumers who reserve the company’s all-electric SUV, the Fisker Ocean. As a result, Fisker Inc. (NYSE: FSR) deposits of $100 and $250 in final, non-cancellable purchases into their systems instead of getting the real money all at once. Without taking into account any discounts, the suggested retail price of a Fisker Ocean is $37,499. When credit is taken into account, the $30,000 price is a steal. The award distinguishes Fisker Inc. (NYSE: FSR) from its rivals.

Since production of the Fisker Ocean will not begin until November 2022 at a third-party Magna plant in Graz, Austria, the company will not be able to take advantage of all the incentives proposed by the law. A free trade agreement does not protect trade relations between the US and Austria.

In the first quarter of 2022, Citadel Investment Group purchased 45% of the shares of Fisker Inc. (NYSE: FSR).

ChargePoint Holdings, Inc. (NYSE: CHPT)

ChargePoint Holdings, Inc. (NYSE: CHPT) has developed electric vehicle charging stations headquartered in Campbell, California, in North America and Europe.

Increased sales of electric vehicles and increased government support after the bill’s implementation will be good for ChargePoint Holdings, Inc. (NYSE: CHPT). The rapid increase in the number of electric vehicles on the road is putting pressure on charging infrastructure providers.

Through a partnership with Starbucks Corporation (NASDAQ: SBUX) and Volvo Cars, ChargePoint Holdings, Inc. (NYSE: CHPT) is installing its charging stations at Starbucks locations along the 1,350-mile route from Denver to Seattle. The first Starbucks to offer charging stations is in Provo, Utah, where four have already been installed. In the future, more locations will be chosen to introduce charging stations. With the announcement in February that the United States government will provide $5 billion to states to subsidize the construction of EV chargers, ChargePoint Holdings, Inc. (NYSE: CHPT) also lifted earlier this year.

As of the first quarter of 2022, sixteen investment funds collectively owned $34.7 million in ChargePoint Holdings, Inc. (NYSE: CHPT) stocks.

Lucid Group, Inc. (NASDAQ: LCID)

Lucid Group, Inc. (NASDAQ: LCID) is a Newark, California (PIF) luxury electric vehicle company.

The company’s Lucid Air electric vehicle will not be able to take advantage of the tax benefit, as the base price is $107,400, which is much higher than the eligibility threshold. Lucid Group, Inc. (NASDAQ: LCID), on the other hand, can take advantage of the tax credit since the factory is located in Case Grande, Arizona. It is expected that Lucid Group, Inc. (NASDAQ: LCID) will offer a variation within the specified cost range.

Lucid Group, Inc. (NASDAQ: LCID) has already started ramping up production there. The company plans to increase production from 1,379 cars delivered in the first half of 2022 to between 6,000 and 7,000 vehicles by the end of the year.

The number of hedge funds with holdings of Lucid Group, Inc. (NASDAQ: LCID) grew from 14 in Q4 2021 to 16 in Q2 2022.