12 Best EV Stocks To Buy For 2023

Published on March 9, 2023 at 9:02 am by Ramish Cheema in Hedge Funds, News

In this piece, we will take a look at the 12 best electric vehicle stocks to buy for 2023. For more stocks, head on over to 5 Best EV Stocks To Buy For 2023.

The electric vehicle industry has significantly grown in less than a decade since even in the early 2010s, there were few companies – whether established giants or startups – that could successfully mass produce electric cars. However, now, internal combustion car manufacturers such as Ford Motor Company (NYSE:F) are acutely aware that if they do not speed up their electric vehicle production, then pretty soon, they will end up losing market share to firms such as Tesla, Inc. (NASDAQ:TSLA) which are selling thousands of electric cars every month. In fact, even the stock market is fully aware of the massive potential of electric vehicles, as Tesla’s market capitalization, which sat at $570 billion at the close of market on March 9, 2023, is more than double the value of Ford and General Motors Company (NYSE:GM) combined. This is a stunning fact that represents the reality of today’s market, especially since General Motors and Ford are iconic American firms that are giants in their own right and have manufactured cars for decades.

Boom in the electric vehicle industry is also aided by government spending, particularly in the Western world and in China. The U.S. government passed the Inflation Reduction Act (IRA) last year which promised an eye popping $370 billion in subsidies for renewable energy and climate investments. Specifically for the electric vehicles segment, the IRA promises up to $7,500 in tax credits for electric vehicles that are manufactured in America, and it also boosts companies’ incentives to make more electric cars in the U.S. by requiring that 100% of all battery components must be made in North America by 2028 as well as mandating that 80% of all critical materials used in battery manufacturing must either be extracted in North America or in countries with free trade agreements with the U.S. Since the U.S. is one of the biggest car markets in the world, this opens the door to domestic firms and those with U.S. based operations to have a solid footing in the country.

However, Fisher Investments, one of the largest hedge funds in the world, was quick to caution that just because Congress passes laws favoring a certain industry does not mean that the relevant firms’ shares will perform well. Citing some previous examples, the hedge fund pointed out:

Even the presumption that there are surefire winners from the IRA seems overstated to us. It stems from the basic assumption that government support will bring big success for the relevant companies and industries, vaulting them past competitors (presuming future Congresses don’t redirect the money, which is scheduled to drip out over a decade). But we are old enough to remember the story of Solyndra, a Bay Area solar company backed by the Obama administration over a decade ago. It was supposedly the future, but it went belly up, leaving taxpayers on the hook. An electric vehicle battery plant that received federal funds in 2010 charted a similar course, going from fanfare to furloughs and floundering within two years. Not to point fingers at the Obama administration—pretty much every presidential administration in modern history has made similar foibles. But it is a good reminder that governments don’t always pick winners.

While governments might not pick out the winners, hedge funds bet substantive amounts of capital on potential stock market outperformers. Within the electric vehicle market, some of these are Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Tesla, Inc. (NASDAQ:TSLA).

david-von-diemar-ZBWn5DvO0hg-unsplash

Our Methodology

We used Insider Monkey’s database of 943 hedge funds covering their Q4 2022 investments to determine which electric vehicle companies – pureplay or otherwise – are their favorites. The top twelve are listed below.

Best EV Stocks To Buy For 2023

12. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Number of Hedge Fund Investors in Q4 2022: 12

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish electric car manufacturer headquartered in Gothenburg. The firm is owned by the Swedish auto giant Volvo.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) manufactures electric performance cars, with its first vehicle, the Polestar 1, being a hybrid vehicle. These days, the firm makes and sells the Polestar 2, which is a fully electric vehicle. 12 of the 943 hedge funds polled by Insider Monkey had owned Polestar Automotive Holding UK PLC (NASDAQ:PSNY)’s shares in Q4 2022.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) meets Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), and General Motors Company (NYSE:GM) as a favorite hedge fund EV stock.

11. Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE)

Number of Hedge Fund Investors in Q4 2022: 14

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) is an American company headquartered in Gardena, California. The firm has several electric vehicle designs as well as plans to build them.

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) announced in March 2023 that it will begin the highly anticipated production of its FF 91 electric vehicle by the end of this month if investor funds come through. By the end of 2022’s final quarter, 14 of the 943 hedge funds polled by Insider Monkey had bought the firm’s shares.

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE)’s largest hedge fund shareholder is Jim Simons’ Renaissance Technologies which owns 3.6 million shares that are worth $1 million.

10. The Shyft Group, Inc. (NASDAQ:SHYF)

Number of Hedge Fund Investors in Q4 2022: 16

The Shyft Group, Inc. (NASDAQ:SHYF) is an American firm headquartered in Novi, Michigan. It makes and sells commercial vehicles as well as chassis and truck bodies.

The Shyft Group, Inc. (NASDAQ:SHYF) is targeting the highly lucrative commercial last mile electric van delivery market, as it announced in March 2023 that its Class 3, 4 and 5 Blue Arc delivery vans have been certified by the Environmental Protection Agency (EPA). Insider Monkey dug through 943 hedge fund portfolios for their December quarter of 2022 investments and found out that 16 had held a stake in the firm.

The Shyft Group, Inc. (NASDAQ:SHYF)’s largest investor in our database is Richard Driehaus’ Driehaus Capital which owns 1 million shares that are worth $24 million.

9. Lucid Group, Inc. (NASDAQ:LCID)

Number of Hedge Fund Investors in Q4 2022: 17

Lucid Group, Inc. (NASDAQ:LCID) is an American electric vehicle manufacturer headquartered in Newark, California. The firm makes and sells luxury electric cars.

Lucid Group, Inc. (NASDAQ:LCID)’s Lucid Air electric vehicle has a driving range of 520 miles, which is the longest for any vehicle certified by the EPA. 2022 was a good year for the Air, as the firm delivered 4,369 cars compared to the 125 deliveries made in 2021. Insider Monkey’s fourth quarter of 2022 survey of 943 hedge funds revealed that 17 had bought the firm’s shares.

8. XPeng Inc. (NYSE:XPEV)

Number of Hedge Fund Investors in Q4 2022: 17

XPeng Inc. (NYSE:XPEV) is a Chinese electric vehicle manufacturer headquartered in Guangzhou. The firm makes and sells sport utility vehicles (SUVs), sports sedans, and family sedans.

XPeng Inc. (NYSE:XPEV) is slated to benefit from China’s anticipated economic recovery this year, particularly since its deliveries in February grew by 15% month over month. By the end of Q4 2022, 17 of the 943 hedge funds polled by Insider Monkey had invested in the firm.

Jim Simons’ Renaissance Technologies is XPeng Inc. (NYSE:XPEV)’s largest hedge fund investor. It owns 7.2 million shares that are worth $72 million.

7. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Investors in Q4 2022: 25

NIO Inc. (NYSE:NIO) is another Chinese electric car manufacturer. The firm makes and sells both SUVs and sedans. Additionally, it also offers vehicle inspection services and energy products to its customers.

NIO Inc. (NYSE:NIO) is currently facing the heat from a weak Chinese economy as the firm’s revenue estimates for the first quarter of $1.6 billion was almost a billion dollar shy of Wall Street estimates of $2.5 billion. For the same quarter, it expects to deliver as many as 33,000 vehicles. The firm’s latest earnings report also saw its shares downgraded by JPMorgan in March 2023, as the bank reduced its share price target to $10 from $14 and pointed out that the firm’s fourth quarter of 2022 saw its margins contract due to inflation, and that not only can the first quarter of 2023 be worse but that an expected recovery in the Q2 can potentially be weak.

Insider Monkey’s December quarter of 2022 survey covering 843 hedge funds revealed that 25 had bought NIO Inc. (NYSE:NIO)’s shares.

Out of these, Jim Simons’ Renaissance Technologies is NIO Inc. (NYSE:NIO)’s largest shareholder. It owns 10.8 million shares that are worth $105 million.

6. Li Auto Inc. (NASDAQ:LI)

Number of Hedge Fund Investors in Q4 2022: 25

Li Auto Inc. (NASDAQ:LI) is a Chinese electric vehicle manufacturer headquartered in Beijing. The firm’s only electric vehicle is the Li ONE – an SUV with six seats.

Li Auto Inc. (NASDAQ:LI) scored a win in Q4 2022 when Canada’s largest pension fund bought a $10 million stake in the company. Alongside the fund, 25 of the 943 hedge funds part of Insider Monkey’s Q4 2022 research had also held a stake in the firm.

Li Auto Inc. (NASDAQ:LI)’s largest investor in our database is Jim Simons’ Renaissance Technologies which owns 10 million shares that are worth $207 million.

Ford Motor Company (NYSE:F), Li Auto Inc. (NASDAQ:LI), General Motors Company (NYSE:GM), and Tesla, Inc. (NASDAQ:TSLA) are some top EV stocks that hedge funds are piling into.

Click to continue reading and see 5 Best EV Stocks To Buy For 2023.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on December 13, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a year later!

This is the #1 Gold Stock for your 2025 watch list

Published on December 16, 2024 at by Insider Monkey Staff

Brace yourself.

There’s no question that thanks to Washington’s disastrous policies – and out-of-control spending – the outlook for the U.S. economy now appears dire.

And with the U.S. national debt now rising by a staggering $1 trillion every 100 days…there are no easy solutions to help get the nation back on track.

While Jay Powell and the Biden-Harris White House sweat out a federal debt that has reached $35.5 trillion – and climbing – many investors have raced to the sidelines with their cash.

But the truly savvy investors laugh while Jay Powell frets, because they understand that this ridiculous spending has also triggered a nearly unprecedented bull market for gold.

Just look at this chart for the yellow metal.

After testing the $2,000/ounce mark in August 2020 and February 2022, gold traded down to near $1,600/ounce in October 2022.

Since then, gold prices have been on an absolute tear and currently sit above $2,600/ounce, a $1,000/oz increase in just two short years.

But the surge in gold prices that we’ve seen over the past few years could pale in comparison to what’s on the horizon. As shocking as it may sound, with no end in sight for the Fed’s money printing, we could see the price of gold increase by many multiples in the years ahead.

With soaring inflation, the dollar stands to lose more and more of its value, which means you’ll need a lot more dollars to buy gold.

According to legendary investor Peter Schiff, today’s seemingly-high gold price of $2,600/oz. “could soar to $26,000/oz. — or even $100,000/oz. There’s no limit because gold isn’t changing — it’s the value of the dollar that’s decreasing.”[i]

Meanwhile, as profitable as gold has been, select gold mining stocks have really kicked into high gear, handing investors even bigger profits.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up