12 Cheap EV Stocks to Buy According to Hedge Funds

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7. EnerSys (NYSE:ENS)

Forward P/E: 9.37

Number of Hedge Fund Holders: 30

EnerSys (NYSE:ENS) is a global leader in stored energy solutions for various markets and industrial applications. The company offers a wide range of batteries, chargers, energy systems, and related products and services. Through its products and services, EnerSys (NYSE:ENS) serves various industries, including telecommunications, defense, and electric vehicles. The company’s batteries and chargers are used in industrial electric-powered vehicles. ENS ranks among the best cheap EV stocks to buy.

The company provides batteries and chargers for electric forklifts and other industrial vehicles through its Motive Power division while its New Ventures division focuses on energy storage and management systems for applications like utility backup power and fast charging for EVs. In September 2024, EnerSys (NYSE:ENS) announced it was selected for a $199 million Department of Energy award negotiation to partially fund the company’s new lithium-ion cell production facility in South Carolina. The company plans to invest $615 million over four years in this facility. The facility will produce five gigawatt-hours (GWh) of lithium-ion cells annually and EnerSys (NYSE:ENS) plans to use these cells for various products such as NexSys iON batteries for forklifts, Alpha XRT-Li systems for communication networks, fast charging systems, and future high-energy Li6T batteries for military vehicles.

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