When it comes to artificial intelligence, there’s no guarantee of perfection. Unfortunately, even AI has its limitations. But what it can help provide is a good sense of direction. Look at electric vehicle battery stocks, for example.
When I asked Bard to name some of the top electric vehicle battery stocks that could triple, it gave me the name of five with catalysts. For example, one of the top battery stocks it provided was Lithium Americas (NYSE:LAC), which it described as:
“A company that owns lithium mines in North America. Lithium is a key component in EV batteries, and demand for lithium is expected to grow rapidly in the coming years. Lithium Americas has a number of projects in development, and it is well-positioned to benefit from the growth of the EV market.”
Some of the other top battery stocks Bard mentioned include:
On April 11th, I noted that QuantumScape (NYSE:QS) could be one of the most exciting battery stocks on the market. At the time, QS traded at just $7.30 a share. Today, it’s at $9.30 and running. The company is working on a solid-state battery, which can charge up to 80% capacity in about 15 minutes, and is even smaller and lighter than other batteries.
Even better, Toyota (NYSE:TM) just said it sees solid-state batteries as a power source for future EVs, which is a sizable catalyst for QS. In fact, as noted by Reuters, “Toyota will introduce high-performance, solid-state batteries, and other technologies to improve the driving range and cut costs of future electric vehicles (EVs).”
Plus, according to InvestorPlace contributor Luke Lango:
“Just last quarter, the company started shipping prototypes to automakers, and early indications are that they’re working. In other words, QuantumScape appears to have ‘cracked the code.’ It seems it’s made a solid state that will work in a car. Within a few years, QuantumScape should be commercializing those next-gen EV batteries – and printing billions of dollars in profits.”
Or, take a look at Panasonic (OTCMKTS:PCRFY). Since bottoming out in March, the battery stock exploded from about $8.75 to $12.50. Now at $11.98, the stock could more than double with patience. For one, according to Bard:
“Panasonic currently supplies batteries to Tesla, and it is also working with other automakers, such as Toyota and BMW. Panasonic is investing heavily in research and development, and it is constantly looking for ways to improve its battery technology.”
Helping, with Tesla needing more lithium-ion batteries, Panasonic is expanding production at its EV battery factory which it jointly operates with Tesla. In fact, the factory is expected to increase production by 10% by March 2026, according to Barron’s. Plus, Panasonic has said it will build another two factories to make battery cells for Tesla.
With BYD (OTCMKTS:BYDDF), Bard mentioned:
“BYD also produces its own EV batteries, and it is one of the leading battery suppliers in China. BYD is expanding its production capacity rapidly, and it is well-positioned to benefit from the growth of the EV market in China.”
BYD also just launched its new electric SUV, which will compete directly against Tesla’s Model Y. In fact, the BYD Denza brand received more than 20,000 pre-orders for its N7 all-electric SUV. It’s also reportedly set to begin making deliveries in just days. Plus, BYD just beat Tesla in China again. For June, the company sold 251,685 electrified vehicles, which means it sold more than 700,000 EVs in the second quarter. That’s about 100% growth year over year.
On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.