12 Best EV Stocks to Buy for The Long Term

4) Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 31

3-Year Sales Growth: 1,557.1%

Rivian Automotive, Inc. (NASDAQ:RIVN) is engaged in designing, developing, manufacturing, and selling EVs and accessories. UBS upped the company’s price target to $14 from $11, keeping a “Neutral” rating on the shares. The analyst believes that industry challenges remain well-documented, but it continues to expect positive North American production revisions at some point. Amidst the global mixed picture, a stronger US market can result in home bias on US auto stocks.

Elsewhere, Benchmark analyst Mickey Legg launched coverage with a “Buy” rating and $18 price target on Rivian Automotive, Inc. (NASDAQ:RIVN)’s shares. The analyst opines that the company remains well-placed to gain a significant share of a massive market opportunity over the upcoming decade. One critical growth catalyst is Amazon announcing a partnership with Rivian Automotive, Inc. (NASDAQ:RIVN) to bring 100,000 electric delivery vehicles (EDVs) on the road by 2030.

The agreement offers Rivian Automotive, Inc. (NASDAQ:RIVN) a stable revenue stream and supports validating its technology in the broader commercial vehicle space. Meridian Funds, managed by ArrowMark Partners, released its Q2 2024 investor letter.  Here is what the fund said:

“Rivian Automotive, Inc. (NASDAQ:RIVN) is a US-based electric vehicle manufacturer focused on the design, development, and production of electric adventure vehicles, pickup trucks, and commercial delivery vans. We own Rivian because we believe the company is a future leader in the growing electric vehicle market with a strong brand, compelling products, and a vertically integrated business model. During the quarter, Rivian’s stock price was driven by its progress on cost reduction initiatives and management’s stated confidence in achieving positive gross margins by the end of 2024. The recent announcement of a joint venture with Volkswagen, involving up to $5 billion in investment, also significantly boosted Rivian’s financing outlook and validated its technology. We trimmed our position in Rivian given the strong performance in the quarter.”