December 2, 2020

Accelerates

Are These The Best Automotive Stocks To Watch Before December 2020?

Automotive stocks have been rather volatile in the stock market since the pandemic began. Many automotive companies had to halt all production due to guidelines in place earlier this year, sending a full blow to the industry. Even the industry leaders were not spared from the impacts brought by the coronavirus pandemic. Now that we have a few safe and effective coronavirus vaccines in the process of rolling out, things are starting to look up again for the industry. This has led investors looking for the top automotive stocks as cash-rich consumers are back with a vengeance in the post-pandemic world.

Some people think that the stock market today appears to be quite unusual. But its dynamic has been a boon for certain auto stocks. We saw Tesla (TSLA Stock Report) became the largest automaker by market capitalization amid the EV boom. This is huge for electric vehicle stock enthusiasts considering the company continues to report strong sales in the face of the pandemic. 

Electric Vehicles & Autonomous Driving Are The Future Of The Auto Industry

It’s highly likely that some of the most exciting opportunities for the next few years will involve manufacturers of electric vehicles. EV stocks continue to march higher as demonstrated by Chinese EVs like XPeng (XPEV Stock Report) and Nio Inc. (NIO Stock Report). Shares of EV manufacturers are already seeing high growth this year, which is exciting for investors. 

But it’s important to remember that the processes involved in developing and manufacturing electric vehicles aren’t all that different from those used by makers of traditional fossil fuel vehicles. And as technology improves over time, the costs will be lower. By then, electric vehicles could become a much more competitive market, much like the market for traditional vehicles today. It’s also important to note that traditional carmakers are also introducing EVs of their own. With all that being said, are these the top automotive stocks to buy in the stock market today?

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Best Automotive Stocks To Watch Now: General Motors

First, up the list, General Motors (GM Stock Report) is one of the best automotive stocks to watch in the stock market right now. The legendary automaker’s stock price reached a new 52-week high recently. This came after the potential partnership with Nikola (NKLA Stock Report) to build electric pickup trucks. But this is not an isolated development. It’s almost becoming a cliche now to say that GM is an old dog that can learn new tricks. The company is committing to 30 new EVs by 2025. By then, 40% of the company’s offerings in the U.S. will be electric. 

One of the first among them comes in the form of a Hummer. And this time, it’s all-electric. Available from late 2021, the vehicle has a 350-mile range, 1,000 horsepower, and up to 11,500-pound-feet of torque. And with a starting price of $80,000, it’s easily twice the cost of a gas-powered pickup.

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CENTREVILLE, Va., Nov. 19, 2020 /PRNewswire via COMTEX/ —
CENTREVILLE, Va., Nov. 19, 2020 /PRNewswire/ — Parsons Corporation (NYSE: PSN) announced today that the company has been selected to provide program management for the City and County of Denver’s Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) Connected Vehicle (CV) project. The company will oversee the data integration of Internet of Things devices at intersections and in city vehicles such as snowplows, improving situational awareness for drivers and operators of the Traffic Management Center (TMC).

“We share Denver’s view that the convergence of technology and innovation creates significant opportunity to improve daily life for its citizens,” said Tom Topolski, executive vice president, Connected Communities at Parsons. “Our experts have been deploying intelligent transportation solutions and smart city technologies for more than 30 years, and we look forward to working with Denver to ensure this deployment has the right technology to address traffic congestion and safety by connecting freight, fleet and pedestrians.”

The project includes technical project coordination, systems integration for the connected vehicle ecosystem, testing, deployment, cybersecurity and training for City and County of Denver personnel.

This work is part of a contract to provide numerous smart city solutions for the City and County of Denver’s Department of Transportation and Infrastructure, which aims to increase mobility and safety while reducing congestion and fighting climate change. The contract includes services ranging from systems engineering with agile development and intelligent systems to data systems and infrastructure, technical documentation and more.  

To learn more about Parsons’ Smart Cities expertise, visit Parsons.com/solutions/Connected-Communities/.

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Media Contact:                                                        
Bernadette Miller
+1 980.253.9781
[email protected]

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
[email protected]

 

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SOURCE Parsons Corporation

COMTEX_374690784/2454/2020-11-19T07:30:35

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