3 Top EV Stocks to Buy During the Market Correction
The Nasdaq Composite Index is off roughly 12% from its highs in November and is in correction territory. Long-time investors in the market know that a correction offers an opportunity to buy quality stocks at bargain prices. No one can predict for sure how long or deep the correction would be. However, you should do well if you invest in quality stocks you plan to hold for the long term.
Electric vehicle (EV) stocks have seen a sharper correction this year, thanks to their steep rise in the last couple of years. Rivian (NASDAQ: RIVN) stock has fallen 64% off its all-time high price and stocks of leading automakers like Ford (NYSE: F) and Volkswagen (OTC: VWAGY) have also corrected significantly. Let's discuss why each of these stocks looks attractive right now.
Having started vehicle deliveries in September of last year, Rivian has garnered extensive interest in its EVs. Currently, the company makes three models -- pickup truck R1T, SUV R1S, and a delivery van. Rivian's pickup truck has broadly received positive reviews so far. Automobile magazine MotorTrend selected R1T for its Truck of the Year award for 2022.
Source Fool.com