10 Best EV Stocks to Buy Under $50

2. ON Semiconductor Corporation (NASDAQ:ON)

Share Price: $40.94

Number of Hedge Fund Holders: 52

ON Semiconductor Corporation (NASDAQ:ON), or simply onsemi, is an American semiconductor manufacturing company that specializes in producing a wide range of components, including advanced MOSFETs, Image Sensors, and Silicon Carbide technology (EliteSiC). With a strong focus on the EV and industrial end markets, the company manufactures chips that are used in drive trains of EVs and other chips that support driver-assistance systems. ON Semiconductor Corporation’s (NASDAQ:ON) silicon carbide chips help increase the range of electric vehicles.

The company is making strategic investments to grow its business in high-growth areas like automotive, industrial, and AI data centers. In January 2025, ON Semiconductor Corporation (NASDAQ:ON) acquired the Silicon Carbide Junction Field-Effect Transistor (SiC JFET) technology business from Qorvo. This acquisition, for $115 million in cash, includes the United Silicon Carbide subsidiary and strengthens onsemi’s extensive EliteSiC power portfolio. The SiC JFET technology will help enhance energy efficiency and power density in AI data centers, particularly in the AC-DC stage of power supply units. The technology will help ON Semiconductor Corporation (NASDAQ:ON) improve efficiency and safety in EVs by replacing multiple components with a solid-state switch in battery disconnect units. The SiC JFET technology will also help the company support certain energy storage topologies and solid-state circuit breakers in the industrial end market.