There are plenty of energy stocks out there right now that continue to climb higher. What’s more, there are also strong electric vehicle (EV) stocks jumping as well. But what if you want access to both right now?
It can certainly happen. While there are solar stocks, wind stocks, and other stocks that power the world, what’s going to power EVs? The answer is batteries. Today, we’re going to look at the two best energy stocks that I would pick up to get in on the EV boom.
Lithium Americas
Lithium Americas (TSX: LAC) stock is a perfect choice because of its lithium mines located in Latin America and North America. It continues to expand this business and is likely to continue doing so due to the massive need for lithium power.
What’s more, the company has decided to split itself in two in order to put major focus on its Thacker Pass Project in Nevada. It’s bound to mine so much lithium that it’s simply going to need an entire team of its own.
Yet right now, shares are down, because investors will have to wait until January to find out about further mining projects. Honestly, though, long-term investors shouldn’t worry about such micro issues. Instead, focus on the larger picture: this is one of the energy stocks powering a huge part of our future.
In fact, Lithium Americas stock has already recovered from these drops. It’s now where it was in January 2022, though it’s down 24% from April highs. So, I would lock this company in, as it continues to rebound with other energy stocks.
Lion Electric
There’s more than just personal EVs to consider in the near future. Investors should consider medium and heavy trucks as well. There’s going to be a major need for shipping in the future. Yet there’s a bit less focus on trucks and how they’ll be powered as well.
That’s why Lion Electric (TSX: LEV) is such a great option. Not only is it focusing on the use of EV trucks but also on school buses, with the company producing its first one this month. Furthermore, business is booming, with the company beating our earnings estimates by an incredible amount, with estimates at -$0.10 earnings per share but instead reaching $0.26 per share.
Yet Lion Electric is still down among energy stocks by a whopping 58%. It seems investors still categorize this as a growth stock they’re still not sure about. Even so, analysts upgraded the stock to a buy, and it could double in share price in the next year alone.
But again, this is a long-term hold among energy stocks for those seeking access to EV growth. So, if you pick it up now, you’re likely to see it soar out of this downturn.
Bottom line
There are a lot of strong energy stocks out there, but if you want access to EV growth, you’re going to have to look elsewhere. And honestly, there are great options that provide huge deals these days — ones that will last a lifetime, rather than the oil and gas boom we’re experiencing now, which is eventually bound for a fall.
