11 Best EV Stocks To Buy For The Long Term

3. ZEEKR Intelligent Technology Holding Limited (NYSE:ZK)

Average Analyst Price Target Upside as of September 11: 96.18%

Number of Hedge Fund Holders: 11

ZEEKR Intelligent Technology Holding Limited (NYSE:ZK), a budding name in the EV sector, is constantly working on establishing itself as a player in the industry. Founded in March 2021 by the Geely Group, the company is focused on designing, producing, and marketing advanced battery electric vehicles and related technologies. It is among our best EV stocks to buy for the long term.

The company’s recent IPO on the New York Stock Exchange in May 2024, which raised approximately $441 million, marked the largest IPO of a Chinese company in the U.S. since 2021, which is an indication of strong investor confidence in its future prospects.

The company’s product lineup is both diverse and innovative. The ZEEKR 001, a full-size shooting brake introduced in April 2021, was followed by the ZEEKR 001 FR, ZEEKR 009, and ZEEKR X models, each catering to different segments of the market. Since its initial launch, the ZEEKR 001 has gained substantial traction, with deliveries surpassing 200,000 vehicles in June alone. A key factor in its appeal is the integration of CATL’s Qilin long-range batteries, which allows the ZEEKR 001 to achieve a range of over 1,000 kilometers on a single charge.

The company’s growth trajectory is supported by its expanding international footprint. In June, the company announced partnerships with PT Premium Auto Prima in Indonesia and Sentinel Automotive Sdn. Bhd. in Malaysia, marking its official entry into these markets. Currently operating in over 25 major markets, it plans to broaden its reach to more than 50 international markets this year, covering regions such as Europe, Asia, Oceania, and Latin America.

In the second quarter, ZEEKR (NYSE:ZK) more than doubled its vehicle deliveries year-over-year, reaching a total of 54,811 vehicles. The surge in deliveries translated into a substantial increase in revenue, which grew by 58% to over 20 billion yuan (1 Yuan = US$0.14 as of September 11).

Additionally, the company’s second quarter was marked by new product launches, further strengthening its market position. The company updated its foundational ZEEKR 001 in August and introduced two new models, the Zeekr 009 minivan and the Zeekr 7X SUV. It adds more variety to its offerings and caters to a broader range of consumer needs.

In the second quarter, 11 hedge funds had stakes in ZEEKR (NYSE:ZK), with total positions worth $59.158 million.

ZEEKR (NYSE:ZK) has received Buy ratings from 7 analysts. As of September 11, the average price target of $33.19 implies an upside of 96.18% from the present levels.