12 Cheap EV Stocks to Buy According to Hedge Funds

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2. ON Semiconductor Corporation (NASDAQ:ON)

Forward P/E: 16.81

Number of Hedge Fund Holders: 52

ON Semiconductor Corporation (NASDAQ:ON), or simply onsemi, is an American semiconductor manufacturing company that ranks among cheap EV stocks to invest in. The company offers over 80,000 parts, including advanced MOSFETs, Image Sensors, and Silicon Carbide technology (EliteSiC). With a focus on the EV and industrial end markets, ON Semiconductor Corporation (NASDAQ:ON) manufactures chips that are used in drive trains of EVs and other chips that help with driver-assistance systems. The company’s silicon carbide chips improve the range of EVs.

Currently, ON Semiconductor Corporation (NASDAQ:ON) is heavily focused on high-growth trends in automotive, industrial, and AI data centers. In January 2025, the company acquired Qorvo’s Silicon Carbide Junction Field-Effect Transistor (SiC JFET) technology business for $115 million in cash. This transaction includes the United Silicon Carbide subsidiary and strengthens ON Semiconductor Corporation’s (NASDAQ:ON) EliteSiC portfolio. The SiC JFET technology is expected to enhance energy efficiency and power density in AI data centers, particularly in the AC-DC stage of power supply units. The technology can also help replace multiple components with a solid-state switch in battery disconnect units to improve efficiency and safety in EVs. In the industrial end-market, the SiC JFET technology will enable ON Semiconductor Corporation (NASDAQ:ON) to support certain energy storage topologies and solid-state circuit breakers.

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