The year 2024 marked a significant milestone for environmentally friendly vehicles in the US. On January 16, 2025, CNBC reported that for the first time, sales of all-electric vehicles and hybrid models made up 20% of all new car and truck sales. Motor Intelligence reported that over 3.2 million electrified vehicles were sold last year. This included 1.9 million hybrid vehicles and 1.3 all-electric vehicles.
Traditional vehicles with gas or diesel engines continued to dominate the market, accounting for 79.8% of sales. However, this marked the first time their share fell below 80% in modern automotive history.
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In the US, the EV market is very competitive. Out of 68 mainstream electric models tracked by Kelley Blue Book, 24 models posted an increase in sales compared to the previous year while 27 models experienced a decrease in sales volume. Additionally, 17 new models were introduced to the market.
There is not enough clarity as to how sales of all-electric and hybrid electric vehicles will perform in 2025. This uncertainty is partly due to pending potential actions by the Trump administration. However, Cox Automotive expects that 2025 will set another record for EV sales, with EVs accounting for about 10% of new vehicle sales. Including hybrids, Cox Automotive expects one out of every four vehicles sold to be electrified in 2025.
With this background in mind, let’s take a look at the 15 best EV stocks to buy according to billionaires.
A lithium battery recharging a fleet of electric vehicles in a parking lot.
Methodology
To compile our list of the 15 best EV stocks to buy according to billionaires, we looked for the biggest EV companies. We reviewed our own rankings, financial media reports, ETFs, and various online resources to compile a list of the best EV stocks. Next, we focused on the top 10 EV stocks most favored by billionaires. Data for the number of billionaire investors for each stock was taken from Insider Monkey’s Q4 2024 database. Finally, the 15 best EV stocks to buy were ranked in ascending order based on the number of billionaires holding stakes in them as of Q4 2024.
Additionally, we mentioned the hedge fund sentiment surrounding each stock, which was taken from Insider Monkey’s Q4 2024 database of more than 1,000 elite hedge funds.
Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
15 Best EV Stocks To Buy According to Billionaires
15. NIO Inc. (NYSE:NIO)
Number of Billionaire Investors: 7
Number of Hedge Fund Holders: 20
NIO Inc. (NYSE:NIO) is a Chinese multinational automobile manufacturer that designs and develops electric vehicles. The company offers premium smart electric vehicles under the NIO brand and family-oriented smart electric vehicles through the ONVO brand. NIO Inc. (NYSE:NIO) ranks among the best EV stocks to buy according to billionaires. The company is focused on distinguishing itself through technological advancements and innovative products. This strategy helped NIO Inc. (NYSE:NIO) set a new record in Q4 2024 by delivering 72,689 vehicles, marking a 45.2% increase year-over-year.
At NIO Day in December 2024, the company launched the NIO ET9, its flagship electric car that showcases advanced technology in multiple areas, including design, comfort, and intelligent driving systems. NIO Inc. (NYSE:NIO) plans to start deliveries of the ET9 by the end of March 2025. Additionally, during the event, the company introduced FIREFLY as its new high-end electric car brand, which is expected to be officially launched in April 2025. NIO Inc. (NYSE:NIO) is making strategic moves to diversify its offerings to serve a broader customer base.
14. Plug Power Inc. (NASDAQ:PLUG)
Number of Billionaire Investors: 8
Number of Hedge Fund Holders: 24
Plug Power Inc. (NASDAQ:PLUG) is an American company that ranks among the best EV stocks to buy. The company specializes in developing hydrogen fuel cell systems that replace conventional batteries in electrical equipment and electric vehicles. Plug Power Inc. (NASDAQ:PLUG) produces electrolyzers and fuel cells to serve various applications like material handling, power generation, and e-mobility. Hydrogen fuel cells enhance charging efficiency and runtime to enable hydrogen-powered engines to extend their range and carry more payload compared to other electric vehicle power solutions.
On March 5, TD Cowen analyst Jeff Osborne maintained a positive outlook on Plug Power Inc. (NASDAQ:PLUG) and reiterated a “Buy” rating with a price target of $4.00. Osborne highlighted the company’s Project Quantum Leap, a strategic initiative aimed at cutting annual costs by $150 to $200 million. This is part of Plug Power Inc.’s (NASDAQ:PLUG) broader plan to improve operations and financial performance. Osborne also noted that the company is expected to increase production at its facilities, with a new plant in Louisiana anticipated to come online in the second quarter of 2025 and another in Texas towards the end of 2026. However, Osborne noted that Plug Power Inc. (NASDAQ:PLUG) must create enough demand to match its growing supply capabilities. The company is strategically focusing on core areas like material handling, electrolyzers, and fuel production. Osborne is confident in Plug Power Inc.’s (NASDAQ:PLUG) targets and its ability to successfully execute its business plan over the coming years.
13. Blue Bird Corporation (NASDAQ:BLBD)
Number of Billionaire Investors: 8
Number of Hedge Fund Holders: 25
Blue Bird Corporation (NASDAQ:BLBD) is an American bus manufacturing company. The company is best known for manufacturing a range of electric and low-emission school buses. BLBD ranks among the best EV stocks to buy according to billionaires. Blue Bird Corporation (NASDAQ:BLBD) reported that in its fiscal 2025 first quarter, which ended on December 28, 2024, the company delivered more than 130 electric-powered buses. Additionally, Blue Bird Corporation (NASDAQ:BLBD) reported substantial growth in EV orders, driven by programs like the EPA’s Clean School Bus Program and state/local initiatives. As of February 2025, the company had about 1,000 EV buses either sold or in its firm order backlog, which supports its EV sales targets for 2025.
The company is strategically focused on expanding its leadership in electric and propane-powered vehicles. Blue Bird Corporation (NASDAQ:BLBD) showcased its latest zero- and ultra-low emission commercial vehicle solutions at Work Truck Week 2025. Blue Bird Corporation (NASDAQ:BLBD) presented its groundbreaking propane-powered Class 5-6 stripped chassis and its state-of-the-art electric step van at the show’s Ride & Drive. The company expects its electric-powered stripped chassis to be commercially available in the first quarter of 2026, with the propane version following in the second quarter of 2026.
12. Li Auto Inc. (NASDAQ:LI)
Number of Billionaire Investors: 8
Number of Hedge Fund Holders: 28
Li Auto Inc. (NASDAQ:LI) is a Chinese company that designs, develops, and manufactures premium smart EVs. The company is focused on in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. According to billionaires, Li Auto Inc. (NASDAQ:LI) ranks among the best EV stocks to buy.
The company is strategically expanding its product lineup to target a broader user base. On February 28, JPMorgan analyst Nick Lai upgraded the stock rating of Li Auto Inc. (NASDAQ:LI) from “Neutral” to “Overweight” and raised the price target from $22 to $40. The decision followed a 25% rise in the stock price after the company unveiled a photo of its new battery electric vehicle, the i8, on February 25. Lai believes that Li Auto Inc. (NASDAQ:LI) will officially introduce the i8 around the time of the annual Shanghai Auto Show, which starts on April 25. The company also aims to introduce more battery-electric models, like i6, i7, and i9, over the next year and a half. These new models are expected to help Li Auto Inc. (NASDAQ:LI) double its sales volume to around 1 million vehicles by 2027, with over 35% coming from these new battery-electric models. Additionally, Lai believes that Li Auto Inc. (NASDAQ:LI) is leading in the development of Level 2+ semi-autonomous driving technology among its Chinese peers.
11. EnerSys (NYSE:ENS)
Number of Billionaire Investors: 8
Number of Hedge Fund Holders: 30
EnerSys (NYSE:ENS) is one of the best EV stocks to buy according to billionaires. The company provides stored energy solutions for various markets and industrial applications. It offers batteries, chargers, monitoring and fleet management, energy systems, and related services. EnerSys (NYSE:ENS) produces batteries and energy storage solutions for various industries, including telecommunications, defense, and electric vehicles (EVs). The company’s batteries and chargers are used in industrial electric-powered vehicles.
Through its Motive Power business, EnerSys (NYSE:ENS) provides batteries and chargers for electric forklift trucks and other industrial electric vehicles. Additionally, through its New Ventures division, the company offers energy storage and management systems for various applications including utility backup power and dynamic fast charging for electric vehicles. In September 2024, EnerSys (NYSE:ENS) reported that it was chosen for a $199 million Department of Energy award negotiation to partially fund the company’s planned lithium-ion cell production facility in South Carolina. EnerSys (NYSE:ENS) expects to invest approximately $615 million over 4 years in this facility, which will produce five gigawatt-hours (GWh) of lithium-ion cells annually. The facility will produce lithium-ion cells for various products across EnerSys’ (NYSE:ENS) business areas, including fast charging systems, NexSys iON batteries for electric forklifts, Alpha XRT-Li power systems for communication networks, and future high-energy Li6T batteries for military vehicles.
10. Stellantis N.V. (NYSE:STLA)
Number of Billionaire Investors: 8
Number of Hedge Fund Holders: 32
Stellantis N.V. (NYSE:STLA) is a multinational automotive manufacturing company that ranks among the best EV stocks to buy. The company has a unique portfolio of iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall. Stellantis N.V. (NYSE:STLA) has operations in more than 30 countries and serves customers in over 130 markets around the world. The company offers a range of EVs, including battery electric vehicles (BEVs) and hydrogen fuel cell vehicles. As part of its Dare Forward 2030 strategic plan, Stellantis N.V. (NYSE:STLA) aims to offer more than 75 BEV models by 2030.
The company is currently focused on utilizing artificial intelligence (AI) by partnering with AI specialists to maintain competitive advantages and deliver smarter, more responsive vehicles. Stellantis N.V. (NYSE:STLA) has been working together with Mistral AI to integrate advanced AI tools across vehicle engineering, fleet data analysis, internal car sales, and manufacturing. In February 2025, the company announced an advanced in-car assistant, the latest initiative under this partnership. The advanced in-car assistant acts as a voice-activated user manual to provide real-time, conversational support for drivers through natural language interactions. By collaborating with AI specialists, Stellantis N.V. (NYSE:STLA) is quickly adopting the latest advancements in AI to help accelerate efficiency, adaptability, and customer-focused innovation.
9. Lucid Group, Inc. (NASDAQ:LCID)
Number of Billionaire Investors: 10
Number of Hedge Fund Holders: 24
Lucid Group Inc. (NASDAQ:LCID) is an American company that ranks among the best EV stocks to buy according to billionaires. The company designs, develops, and manufactures electric vehicles and also supplies advanced EV powertrain systems. Lucid Group Inc. (NASDAQ:LCID) currently offers its flagship model, the Lucid Air sedan, and the new Lucid Gravity SUV.
The company is currently focused on expanding its vehicle lineup and increasing production capacity. Lucid Group Inc. (NASDAQ:LCID) delivered 10,241 vehicles in 2024, up 71% compared to 2023. The company is expanding its production capabilities through its purpose-built EV factory in Arizona. Equipped with advanced production line equipment, the factory will initially produce 10,000 cars a year and over 300,000 annually with planned expansion.
In November 2024, Lucid Group Inc. (NASDAQ:LCID) began taking orders for its new Lucid Gravity SUV. In February 2025, the company made available the Lucid Gravity Grand Touring for Canadian customers. To support its business initiatives, Lucid Group Inc. (NASDAQ:LCID) completed a capital raise of approximately $1.75 billion in October 2024. This funding will provide financial stability and facilitate investments in production and technology.
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.
7. BorgWarner Inc. (NYSE:BWA)
Number of Billionaire Investors: 10
Number of Hedge Fund Holders: 43
BorgWarner Inc. (NYSE:BWA) is an American global company that designs and manufactures automotive and e-mobility systems. As a leader in clean and efficient technology, the company provides essential components for internal combustion, hybrid, and electric vehicles. The company is focused on expanding its presence in the EV market through innovative technology. BorgWarner Inc. (NYSE:BWA) has secured multiple contracts for its High Voltage Coolant Heater (HVCH) technology in major Asian markets. A leading automaker in China chose the company’s HVCH for a fully electric SUV, with production expected to start in Q2 2025. In Korea, BorgWarner’s (NYSE:BWA) HVCH technology will be used in an electric pickup truck. In Japan, HVCH will be utilized in a battery-electric vehicle that is set to begin production in 2028.
The company continues to secure multiple new business awards that support its future long-term profitable growth. In February 2025, BorgWarner Inc. (NYSE:BWA) continued to grow its new energy vehicle motor business by securing 4 new projects with 3 major Chinese brands. These projects include supplying 400V high-voltage hairpin (HVH) motors for a 200kW hybrid rear-drive platform, with production planned for August 2025, and motors for a 150kW pure electric platform scheduled for mass production in March 2026.
6. Albemarle Corporation (NYSE:ALB)
Number of Billionaire Investors: 11
Number of Hedge Fund Holders: 36
Albemarle Corporation (NYSE:ALB) is an American specialty chemicals manufacturing company that supplies lithium and bromine and serves customers in approximately 70 countries. The company is one of the world’s largest providers of lithium for electric vehicle batteries. According to billionaires, Albemarle Corporation (NYSE:ALB) is one of the best EV stocks to invest in.
The company is positioning itself to capitalize on the demand for lithium, which is crucial for the global energy transition that is progressing steadily. Albemarle Corporation (NYSE:ALB) noted that EV registrations increased in 2024 by 25% year-over-year. This growth was driven by China, where demand increased 37% year-over-year driven by balanced subsidies for battery EVs and plug-in hybrids. China now accounts for 65% of the global market demand. Albemarle Corporation (NYSE:ALB) also noted that global battery costs have dropped below $100 per kilowatt hour to support EV affordability and the long-term growth potential of the industry.
The corporation is making strategic moves to capitalize on these growth opportunities. Albemarle Corporation (NYSE:ALB) maintains a strong presence in the lithium supply chain and is currently focused on optimizing its lithium conversion network. By identifying opportunities and improving production efficiency to meet market demands, Albemarle Corporation (NYSE:ALB) is looking to position itself for long-term growth. The company reported that it achieved record production at its La Negra lithium carbonate plant in Chile and the Meishan lithium hydroxide plant in China in Q4 2024.
5. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Number of Billionaire Investors: 12
Number of Hedge Fund Holders: 30
SolarEdge Technologies, Inc. (NASDAQ:SEDG) is an Israeli smart energy technology company that ranks among the best EV stocks to buy according to billionaires. While the company is primarily known for its intelligent inverter solutions that improve the efficiency of solar photovoltaic (PV) systems, it also develops and sells products for the EV market. The company’s e-Mobility segment offers a wide range of solutions for the EV market, including e-Drive systems, charging and DC converter solutions, vehicle management, and energy storage and distribution. Overall, SolarEdge Technologies, Inc. (NASDAQ:SEDG) serves various energy market segments through its PV, storage, EV charging, batteries, and grid services solutions.
As the EV market grows, the company is looking to position itself for future growth as it believes that distributed renewable energy will be crucial for maximizing the potential of electric mobility. In April 2024, SolarEdge Technologies, Inc. (NASDAQ:SEDG) completed the acquisition of Wevo Energy Ltd., a software startup specializing in optimizing and managing electric vehicle (EV) charging systems. Wevo’s software is designed for locations with large quantities of EV chargers, such as apartment buildings, workplace parking lots, and public charging locations. Wevo’s expertise in EV charging optimization will help SolarEdge Technologies, Inc. (NASDAQ:SEDG) integrate on-site solar generation, battery storage, and large-scale EV charging. This acquisition is part of the company’s strategy to grow its offerings for commercial and industrial customers.
4. Ford Motor Company (NYSE:F)
Number of Billionaire Investors: 13
Number of Hedge Fund Holders: 45
Ford Motor Company (NYSE:F) is an American multinational automobile manufacturer that ranks among the best EV stocks to buy. The company offers its vehicles under the Ford and Lincoln brands. Through it Ford+ Plan, Ford Motor Company (NYSE:F) is focused on leading the EV revolution. The company offers a range of vehicles including fully electric, hybrid, and traditional combustion engine options. The Ford Model e segment is a division within the company that is dedicated to the development and production of EVs.
The company reported that its electrified vehicle sales, including hybrids, plug-in hybrids, and all-electric models, hit a record 285,291 units in 2024, up 38% year-over-year. In Q4 2024, Ford Motor Company (NYSE:F) reported that its electric vehicle sales set a new record with 30,176 EVs sold. Additionally, the company reported that all of its electric models, including the Mustang Mach-E, the F-150 Lightning, and the E-Transit, achieved record sales in 2024. The company is focused on the development of its next-generation vehicles, which is crucial for its future success. In 2024, Ford Motor Company’s (NYSE:F) Model e division continued to invest in future products. For the year, the segment reported a net $100 million increase in spending to launch new battery plants and next-gen EVs. This investment is part of Ford Motor Company’s (NYSE:F) broader strategy to develop affordable, high-volume electric vehicles to drive business growth.
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.
2. General Motors Company (NYSE:GM)
Number of Billionaire Investors: 15
Number of Hedge Fund Holders: 68
General Motors Company (NYSE:GM) is an American multinational automotive manufacturing company that is best known for its automobile brands which include Chevrolet, Buick, GMC, and Cadillac. As a company with global scale and capabilities, it offers a broad portfolio of electric vehicles and gasoline-powered vehicles. General Motors Company (NYSE:GM) ranks among the best EV stocks to invest in according to billionaires.
The company is strategically focused on advancing its EV portfolio while also integrating new technologies into its vehicles. In Q4 2024, General Motors Company (NYSE:GM) saw a 21% increase in overall sales compared to Q4 2023, with EV sales surging by an impressive 50%. For the full year 2024, EV sales were up by 125%. General Motors Company (NYSE:GM) doubled its share in the EV market over the year and reported consistent growth in EV sales throughout 2024. The company sold 42,000 EVs in Q4, which was up 10,000 compared to Q3 and nearly double the sales from Q2. Additionally, in February 2025, General Motors Company (NYSE:GM) announced the completion of its acquisition of Cruise Holdings. As a wholly-owned subsidiary of GM, Cruise Holdings will now work collaboratively on autonomous vehicle technology and advanced driver assistance systems for personal vehicles. General Motors Company (NYSE:GM) will integrate Cruise technology into the Super Cruise assisted driving system, a hands-free driver assistance system.
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Billionaire Investors: 21
Number of Hedge Fund Holders: 126
Tesla, Inc. (NASDAQ:TSLA) is an American multinational clean energy and EV company that ranks among the best EV stocks to buy according to billionaires. The company designs, manufactures, and sells electric vehicles, battery energy storage devices, solar panels, and related products and services.
A key focus for the company includes innovation in manufacturing and product development. In the fourth quarter of 2024, Tesla, Inc. (NASDAQ:TSLA) reported record vehicle deliveries and energy storage deployments. The company expects that its Model Y will remain the best-selling vehicle globally for 2024 after it topped the global sales charts in 2023. Tesla, Inc. (NASDAQ:TSLA) has introduced an improved and new Model Y, which is now available in all of the company’s markets. In 2024, the company made significant investments in infrastructure to expand manufacturing capabilities for new models. Tesla, Inc. (NASDAQ:TSLA) also plans to launch new vehicles, including more affordable models, in the first half of 2025. Additionally, the company’s purpose-built Robotaxi product, Cybercab, is set for volume production by 2026.
Overall, TSLA ranks first among the 15 best EV stocks to buy according to billionaires. While we acknowledge the potential of EV companies, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TSLA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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