15 Best EV Stocks To Buy According to Billionaires

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3. ON Semiconductor Corporation (NASDAQ:ON)

Number of Billionaire Investors: 13

Number of Hedge Fund Holders: 52

ON Semiconductor Corporation (NASDAQ:ON), also known as onsemi, is an American semiconductor manufacturing company that ranks among the best EV stocks to buy. With more than 80,000 different parts, including advanced MOSFETs, Image Sensors, and Silicon Carbide technology (EliteSiC), the company has a strong focus on the EV and industrial end markets. The company manufactures chips that go into drive trains of EVs and other chips that help with driver-assistance systems. ON Semiconductor Corporation’s (NASDAQ:ON) silicon carbide chips help extend the range of EVs.

The company is investing in the high-growth megatrends of automotive, industrial, and AI data centers. In January 2025, ON Semiconductor Corporation (NASDAQ:ON) completed its acquisition of the Silicon Carbide Junction Field-Effect Transistor (SiC JFET) technology business from Qorvo for $115 million in cash. This acquisition includes the United Silicon Carbide subsidiary and strengthens onsemi’s extensive EliteSiC power portfolio. The SiC JFET technology will improve energy efficiency and power density in AI data centers, particularly in the AC-DC stage of power supply units. It will also improve efficiency and safety in EVs by replacing multiple components with a solid-state switch in battery disconnect units. In the industrial end-market, SiC JFET will help ON Semiconductor Corporation (NASDAQ:ON) support certain energy storage topologies and solid-state circuit breakers.

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