The 3 Best EV Stocks to Buy in December

Stocks to buy

In a strong sign that the U.S. electric-vehicle market is not dead yet and is thriving, Ford (NYSE:F) sold a record number of its F-150 Lightning electric SUVs in November. Specifically, the sales of the EV soared 113% year-over-year in November to 4,393 vehicles, the company reported. Also noteworthy is that the automaker’s total EV sales jumped 43% year-over-year last month to a robust total of 8,958 EVs.

The latter mark represented another record for Ford. Moreover, research firm Atlas Public Policy recently predicted that EVs’ share of new U.S. passenger vehicle sales would reach 9% in 2023, up from 7.3% last year. Finally, Atlas expects annual U.S. EV sales to exceed 1 million for the first time this year, coming in at 1.3 million to 1.4 million.

So, with these developments in mind, here are three top stocks to buy for investors who want to exploit the thriving U.S. EV market.

Rivian (RIVN)

Source: The Bold Bureau /

After Tesla (NASDAQ:TSLA) revealed the specs on its Cybertruck, Elektrek, a news website that focuses on the electrification of transportation, wrote that “Tesla’s botched Cybertruck event is good news for Rivian, other EV truck makers.”

Elektrek noted that the Cybertruck will be sold for roughly double the amount that it was originally supposed to cost, while its payload, towing capacity, and range will all be around 30% below the levels that were previously promised. (Cybertruck buyers can increase their range to close to the promised 500 miles, but to do so, they will have to add batteries to their trucks’ beds).

That is great news for Rivian (NASDAQ:RIVN), whose R1T truck was the second-highest-selling electric truck in the U.S. in the first 11 months of 2023, coming in only slightly behind Ford’s F150 Lightning.

In September, there was speculation that pre-orders for the Cybetruck had reached the 2 million level. Now, amid widespread disappointment about the EV specs, tens of thousands of those reservation holders will likely buy Rivian’s R1T instead of the Cybetruck.

Xpeng (XPEV)

Source: Koshiro K / Shutterstock

The sales growth of Chinese EV startup Xpeng (NASDAQ:XPEV) continues to be impressive. Last month, its deliveries soared 245% versus November 2022 to 20,041, while its EV sales have increased month-over-month “for the past 10 consecutive months.”

Moreover, its G6 EV has become China’s most popular SUV, costing 200,000-250,000 Chinese yuan (USD 28,000 to 35,000).

Also importantly, the company has launched a 7-seat multi-purpose vehicle at a capacity level that is fairly unique in China and other markets. Moreover, the X9 MPV has 17 anti-drag features, a large 21.4-inch (entertainment) display in the second row of passenger seats, and “active rear-wheel steering.” A reviewer says the EV is “a good looker” and has up to 496 horsepower.

Finally, as I’ve pointed out in past columns, Xpev has some of the most impressive ADAS capabilities in the world.



EV charging operator EVgo (NASDAQ:EVGO) recently unveiled an ambitious plan to build out a huge, national network of fast EV chargers in partnership with General Motors (NYSE: GM) and Pilot Travel Centers, owned by Warren Buffett. Pilot operates travel centers featuring gas pumps and food and beverage stores.

This initiative will significantly accelerate EVgo’s impressive growth by the middle of 2024.

By the end of this year, the partnership expects to be operating fast chargers at 25+ locations, while that total is expected to soar to 200+ locations by the end of next year. Ultimately, “the network will include up to 2,000 high-power fast charging stalls at up to 500 Pilot and Flying J travel centers across the U.S., connecting urban and rural communities,” EVgo reported.

The venture will include special benefits for the owners of GM EVs, “including the ability to reserve a charger and discounts on charging.” As a result, I believe that a high percentage of the large and growing number of GM EV owners will utilize EVgo’s chargers at these locations.

As I noted in a past column, EVgo reported stellar third-quarter results on Nov., 8, featuring a year-over-year revenue gain of 234%.

On the date of publication, Larry Ramer held long positions in RIVN, XPEV, and EVGO. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

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