4 Downtrodden EV Stocks: Buy the Dip Looking for stocks that deserve a hard look right now? Take a look at these four EV stocks.

The stock market theme of 2022 might be corrections and more corrections. Electric vehicle (EV) stocks are no stranger to the troubles plaguing the market. The S&P 500 has nosedived about 12% since February after riding out highs at the beginning of the year. Unfortunately, the corrections killed more than six months of gains in the stock market.

However, as any savvy stock investor knows, now's the time to scoop up some deals.

Let's find out whether you should turn to these beaten-up EV stocks to add to your portfolio.

Why Buy EV Stocks on a Downturn?

In a complex market environment amid heavy uncertainty with regard to economic growth, rampant inflation and a troubled labor market, and a negative Russia-Ukraine situation, you might wonder how EV stocks fit into the picture at all.

However, consumers' concerns about the environment, increased global emissions regulations, and a desire for autonomous vehicles should mean that buying EV stocks during a downturn might make sense for your portfolio.

On a smaller note, Biden's American Jobs Plan should boost electric vehicle charging stations in underserved areas. The American Jobs Plan makes a commitment to build a national public charging network of 500,000 charging ports by 2030. This may encourage the pipeline of purchasing EV stocks.

Best EV Stocks to Buy in a Watered-Down Market

Let's take a look at a few EV stocks you might want to add to your portfolio.

NIO Inc. (NYSE: NIO)

NIO Inc., headquartered in Shanghai, China, designs, manufactures, and sells electric vehicles in China. The company also manufactures e-powertrain, battery packs, and components. The company puts an emphasis on racing management, technology development, and sales and after-sales management activities. The company also offers battery-charging needs and other services.

Quarterly total revenues reached $1,553.6 million and full-year total revenues reached $5,670.6 million. Full-year deliveries of the ES8, the ES6, and the EC6 amounted to 91,429 vehicles. In Q4 2021, deliveries of vehicles were 25,034, including 5,683 ES8s, 12,180 ES6s, and 7,171 EC6s, an increase of 44.3% from Q4 2020 and an increase of 2.4% from Q4 2021.

Deliveries of vehicles amounted to 91,429 in 2021, representing an increase of 109.1% from 2020 and $1,446.1 million) in the fourth quarter of 2021, representing an increase of 49.3% from Q4 2020 and an increase of 6.7% from Q3 of 2021.

Net loss was $336.4 million in Q4 2021, an increase of 54.4% from Q4 2020 and an increase of 156.6% from Q3 2021.

Ford Motor Company (NYSE: F)

You might already realize that Ford Motor Company has pivoted hard toward EVs, in addition to designing, manufacturing, marketing, and servicing its brand trucks, cars, sport utility vehicles (SUVs), and Lincoln luxury vehicles. Under Ford's automotive, mobility, and Ford credit segments, the company sells Ford and Lincoln vehicles, services parts, designs and builds mobility services, and develops self-driving system services.

The company also develops vehicle-related financing and leasing activities through automotive dealers and retail installment sale contracts for new and used vehicles as well as direct financing leases for new vehicles to retail and commercial customers. The company, located in Dearborn, Michigan, also offers wholesale loans to dealers to finance working capital and enhance dealership facilities.

Ford's Q4 results include revenue of $37.7 billion, net income of $12.3 billion, and adjusted EBIT of $2 billion. For full-year 2021, net income was $17.9 billion, and adjusted EBIT was $10 billion. The full-year 2022 adjusted EBIT should go from $11.5 billion to $12.5 billion, up 15% to 25%.

In China, Ford recorded a Q4 operating loss but should improve profitability in 2022. Its highlights have included the launch of VIIZR, a tool built on the Salesforce platform, carbon-neutral charging at home, the formation of Canopy, a joint venture with ADT for the security of vehicles of all makes. Finally, Ford Pro Intelligence, a cloud-based platform powers digital services to support commercial customer fleets.

Lucid Group Inc. (NASDAQ: LCID)

Lucid Group Inc., headquartered in Newark, California, is a technology and automotive company. The company develops electric vehicle (EV) technologies and designs, engineers and builds electric vehicles, EV powertrains, and battery systems.

Customer reservations exceed 25,000 and potential sales of $2.4 billion. Customer deliveries of the 2022 MotorTrend Car of the Year, the Lucid Air, starting with the Dream Edition, which has been sold out.

Production exceeds 400 vehicles as of February 28, 2022, with 125 customer deliveries as of year-end 2021 and over 300 deliveries to date. The production outlook for Lucid Air should range between 12,000 to 14,000 vehicles in 2022. The company also had a 2.85 million square foot expansion of Casa Grande, Arizona, a manufacturing facility on track, and announced plans for a new manufacturing facility in the Kingdom of Saudi Arabia.

XPeng Inc. (NYSE: XPEV)

XPeng Inc., headquartered in Guangzhou, China, designs, develops, manufactures, and markets smart electric vehicles in China. Its SUVs come under the G3 name and four-door sports sedan under the P7 name. The company also offers sales contracts, maintenance, supercharging, vehicle leasing, and ride-hailing services.

XPeng's Q4 and fiscal year 2021 unaudited financial results included deliveries of 41,751 vehicles, a 222% increase year-over-year. Q4 total revenues reached a 200.1% increase year-over-year and the quarterly gross margin reached 12%, an increase of 4.6 percentage points from last year. The company reported full-year deliveries of 98,155 vehicles, a 263% increase year-over-year. Full-year gross margin reached 12.5%, an increase of 7.9 percentage points from the previous year.

Buy EV Stocks Even Though They're Down in the Markets

Ready to take a critical look at EV stocks right now? These four companies contain a lot of promise for the future, but don't skip taking a deep look at each company's financials and other characteristics to make sure they make sense for your personal portfolio.