2 TSX EV stocks to buy on the dip and beyond: MG & MRE

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2 TSX EV stocks to buy on the dip and beyond: MG & MRE

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 2 TSX EV stocks to buy on the dip and beyond: MG & MRE
Image source: © Kinwun | Megapixl.com

Highlights

  • At 10 AM EST, the MG stock was up by two per cent and trading at C$ 75.61 per share.
  • Matinrea's (TSX:MRE) total sales were C$ 1,155 million in the first quarter of this year.
  • EVs are becoming popular as climate change has become a serious issue.

Electric vehicles (EVs) are, without a doubt, the way of the future. Indeed, as climate change has become a serious issue, the quest for electric vehicles and better energy sources has never been more critical.

Also Read: 5 top TSXV clean tech and life sciences stocks to buy in June

You can't deny that EVs are gaining huge popularity, whether or not you feel they are a solution to the problem. If you are here for the EV stocks, you might have probably identified the potential of the electric vehicle industry.

There are not too many options for EV stocks in Canada because most EV makers are in the United States. However, whatever limited EV stock options are available in the country, they seem to have the potential to provide higher returns to investors in future.

Let's look at two Canadian EV stocks in this article:

Magna International Inc. (TSX:MG)

It is a car components-based company in Canada and offers EV exposure apart from manufacturing critical parts for automakers. At 10 AM EST, the MG stock was up by two per cent and trading at C$ 75.61 per share.

Magna announced in May that it is partnering with BlackBerry to work on building an advanced driver assistance system. Meanwhile, it has also started the production of hybrid transverse transmission for BMW.

In Q1 2022, Magna's sales amounted to US$ 9.6 billion, and the net income attributable to the company was US$ 364 million. The MG stock pays frequent dividends, and in May, the company distributed a quarterly dividend of US$ 0.45 per unit.

Martinrea International Inc. (TSX:MRE)

Martinrea is an automobile manufacturer that specialises in lightweight structures and propulsion technologies. Through a partnership with NanoXPlore, it is exploring the EV space.

TSX EV stocks©2022 Kalkine Media® 

The collaboration was announced in April, and the two companies said they would work together to build graphene-enhanced EV batteries. Batteries are one of the most crucial EV components because they influence how far a car can travel.

Matinrea's total sales were C$ 1,155 million in the first quarter of this year, up by 15.8 per cent year-over-year (YoY). Also, the company declared a quarterly cash dividend of C$ 0.05 per unit.

Also Read: Can Cenovus (TSX: CVE) be next Suncor as it restarts West White Rose?

Please note, the above content constitutes a very preliminary observation or view based on digital trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

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