2 Top EV Stocks to Buy in August

While vehicle electrification is a secular long-term growth story, electric vehicle (EV) stocks have whipsawed over the last couple of years. Widespread optimism toward the green energy transition made 2020 a pivotal year for EV stocks, with industry leader Tesla (TSLA) rising over 740% that year. 

However, price action was mixed at best in 2021. Tesla rose 50%, and Rivian (RIVN) and Lucid Motors (LCID) had robust listings - but startup EV names like Lordstown Motors (RIDEQ) and Nikola (NKLA), which listed in 2020, effectively crashed, and so did Chinese EV stocks. This was followed by more downside in 2022, when EV names fell across the board. That includes Tesla, often considered the bellwether of the EV industry, which dropped 65%.