11 Best EV Stocks To Buy For The Long Term

2. VinFast Auto Ltd. (NASDAQ:VFS)

Average Analyst Price Target Upside as of September 11: 103.05%

Number of Hedge Fund Holders: 8

VinFast Auto Ltd. (NASDAQ:VFS) has been making remarkable strides since its inception in 2017. The Vietnamese manufacturer, which designs and produces EVs, e-scooters, and e-buses, is dedicated to making electric mobility accessible to a broad audience.

With a diverse range of vehicles including the VF 8, VF 9, VF 5, VF e34, VF 6, and VF 7, the company caters to various segments from A-SUV to E-SUV, which illustrates its capability to meet different consumer needs.

The company’s growth trajectory is evident from its delivery numbers. In the first half of 2024 alone, it delivered 21,747 vehicles, which shows a substantial 92% increase compared to the same period in the previous year. The surge in deliveries is part of a broader goal to hit approximately 80,000 EV deliveries by the end of 2024, a significant jump from the 34,855 vehicles delivered in 2023.

VinFast (NASDAQ:VFS) has received Buy ratings from 3 analysts. The average price target of $8.00 shows an upside of 103.05% to the stock’s current price, as of September 11. It ranks second on our list of the best EV stocks to buy for the long term.

The company is also making impressive headway in expanding its global footprint. In Indonesia, the company has established itself by signing agreements with five dealership partners. It also launched its first store in April. It had opened 15 additional dealer stores by late summer, which shows its rapid growth in the region.

Furthermore, the company is broadening its reach into other promising markets. In Thailand, the company has initiated a partnership with 15 initial dealers. In the Middle East, VinFast (NASDAQ:VFS) has secured a dealer sales agreement for Oman and formed an exclusive dealership partnership with Al Mana Holding W.L.L. for Qatar.

In Q2, 8 hedge funds had stakes in VinFast (NASDAQ:VFS), with positions worth $342,000.