15 Best EV Stocks To Buy According to Billionaires

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

Number of Billionaire Investors: 10

Number of Hedge Fund Holders: 40

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American company that develops and builds electric vehicles as well as software and services that address the entire lifecycle of the vehicle. The company produces the R1T electric pickup truck and the R1S electric SUV.  The company’s vehicles are built on a versatile “skateboard” platform that can support future vehicles or be adopted by other companies. Rivian Automotive, Inc. (NASDAQ:RIVN) is aiming to launch its cheaper R2 SUV in 2026 and plans to make further additions to its lineup with the higher-end R3 and R3X SUVs in 2026 and 2027.

On February 21, Needham analyst Chris Pierce increased the firm’s price target on Rivian Automotive, Inc. (NASDAQ:RIVN) to $17 from $14 and kept a “Buy” rating. This decision came after the company’s better than expected Q4 2024 results. Pierce continues to believe that Rivian Automotive, Inc. (NASDAQ:RIVN) will be a long-term winner in the shift from internal combustion engines to EVs. The analyst pointed to the satisfaction and enthusiasm of Rivian owners, as well as the upcoming launch of the more affordable R2 vehicle. The launch of the R2 vehicle will increase the company’s total addressable market.

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