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For investors looking to 10x their wealth, picking the right stocks and sticking with it long-term is the way to go. Of course, the question is how to find the right growth stocks, and which sectors are worth considering.
In this article, I’ve highlighted three stocks with ties to the EV and electrification sector, each with their own unique growth catalysts and profiles. Let’s dive into why these companies look like solid growth stocks to buy now.
Surge Battery Metals (NILIF)
From Mar. 3 to Mar. 6, Surge Battery Metals Inc. (OTCMKTS:NILIF) will be participating in the PDAC Convention in Toronto, where the company plans to generate increased attention around its business model, and look to collaborate and generate new connections via the event.
That’s good, because preliminary results from the company’s Nevada North lithium project have been promising. Initial results show a high-grade clay resource, totaling 4.7M tonnes of lithium carbonate equivalent (LCE) with 2,839 ppm lithium. CEO Greg Reimer hailed this find as a significant deposit. Surge Battery plans an extensive drill program in 2024 to expand resources at NNLP, aiming to cover more mineralization. Surface mapping and soil sampling will complement this effort. Coordination with the Bureau of Land Management is ongoing. Metallurgical tests with Kemetco are progressing, and we are expecting results soon.
This is certainly a high-risk, high-upside bet in the world of lithium mining. But for those betting on a longer-term bull market in this space, NILIF stock looks attractive as a current growth investment.
Baidu (BIDU)
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Known for being China’s own Google, Baidu (NASDAQ:BIDU) released an impressive Q4 2023 earnings report. Revenue increased 6%, driven mostly came from its advertising sector and AI applications. Adjusted net income was also excellent, which grew at a whopping 44% rate, outpacing analyst forecasts.
Baidu’s AI investments, including ERNIE Bot, contributed to revenue growth. CEO Robin Li highlighted progress in advancing ERNIE and monetization breakthroughs. Accordingly, for investors looking at Baidu as a search company alone, there’s a lot to like about this development given the hype around AI at the moment.
Q1 revenue expectations forecast $4.55 billion, implying 5.14% year-over-year growth. CFO Rong Luo aims for enhanced operational efficiencies and high-quality growth in 2024, with revenue forecasted at $20.34 billion, an 8.76% YOY increase. Balancing AI spending with growth will be crucial. BIDU stock dipped approximately 9% this year, making this growth stock appear attractive to those looking to buy the dip.
BYD Co. (BYDDF)
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Warren Buffett-backed BYD Co. (OTCMKTS:BYDDF) outpaced Tesla’s production for the second consecutive year, selling 3.02 million new energy vehicles in 2023. In Q4 2023, BYD sold 526,000 battery-only cars, surpassing Tesla’s 484,000 sales. BYD focuses on expanding internationally, especially in Europe, with plans for three more models and a new factory in Hungary, making it a prime choice for long-term EV investors.
BYD Co.’s Japanese arm plans yearly model releases until 2026 to establish itself in Japan’s emerging EV market. Surpassing Tesla, BYD aims to address customer demands for new models in Japan’s 2% EV market. Liu Xueliang, BYD’s Japan unit head, emphasized customer-centric innovation.
The company also plans to enter Korea with affordable vehicles, posing a threat to local automakers. Certification processes are underway through the Environment Ministry, suggesting a potential debut in the third quarter. Trademarks for six models, including the Seal sedan and Dolphin SUV, were registered last year. If these catalysts materialize, I think much more growth could be possible with BYDDF stock.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
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