In this article, we will be discussing the biggest EV stocks in the world in 2024. Before we move on to our list, let’s take a look at the market outlook for electric vehicles. You can also check out the 13 Most Undervalued EV Stocks To Buy According To Analysts here.
According to the Global EV Outlook 2024 by the International Energy Agency, electric car sales surged in 2023, reaching nearly 14 million globally. This represents a 35% jump from 2022 and brings the total number of electric cars on the road to 40 million. Weekly registrations in 2023 surpassed the entire annual total from just ten years ago. Electric cars now account for 18% of all car sales globally, a significant climb from 2% in 2018. This rapid growth indicates a maturing electric car market with strong momentum. Interestingly, battery electric cars make up the majority (70%) of electric vehicles on the road today.
Approximately 95% of these sales were concentrated in China, Europe, and the United States, which dominate new electric car registrations. In these regions, electric cars represent a significant share of their local markets, with over 30% in China and over 20% in Europe. As these three key markets account for two-thirds of total car sales globally, their swift adoption of electric vehicles has a significant influence on worldwide trends.
As a result, many of the major EV manufacturers are based in these countries. However, emerging players are also making their mark in other regions. For instance, Vietnamese electric vehicle (EV) maker VinFast Auto made its debut on NASDAQ in August 2023. The company was valued at approximately $23 billion through a SPAC deal with Black Spade. VinFast Auto is a subsidiary of Vietnamese conglomerate Vingroup and has already entered the North American market, importing about 2,100 EVs from Vietnam to the US and 800 to Canada.
In addition to US, China, and Europe, emerging markets like Southeast Asia and Brazil are also seeing rising EV sales, supported by various incentives and investments. In terms of the future outlook for electric vehicles, the long-term goals of top automakers in the world are quite ambitious. If achieved, they could put over 20 million electric cars on the road by 2030. This will lead to electric vehicles making up between 42% and 58% of car sales by 2030, exceeding even the most optimistic forecasts. The electric vehicle market size is predicted to reach over $950 billion by 2030 with a compound annual growth rate (CAGR) of 13.7% between 2023 and 2030.
Key drivers for growth in the Global EV market include decreasing EV battery prices and supportive government policies. The fastest-growing market segments are fuel-cell electric vehicles (FCEVs) and mid-priced EVs. Additionally, the Asia-Pacific region is expected to lead market growth. However, challenges such as high initial investments for charging infrastructure could impede growth.
A brand new electric vehicle charging at a charging station with a city skyline in the background.
Our Methodology
To compile our list of the 15 biggest EV stocks in the world in 2024, we shortlisted companies on the basis of their market capitalization. We have only included companies that are pure play in the EV sector or have substantial exposure to the sector. The biggest EV stocks in the world in 2024 have been ranked in ascending order of their market capitalization figures in USD. We also scanned our database of 919 hedge funds (as of Q1 2024) to share the number of hedge fund investors, where applicable.
“Why are we interested in the stocks that hedge funds pile into? 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 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).”
15 Biggest EV Stocks in the World in 2024
15. LiveWire Group, Inc. (NYSE:LVWR)
Market Capitalization: $1.37 Billion
Number of Hedge Fund Holders: 9
LiveWire Group, Inc. (NYSE:LVWR) is a manufacturer of electric motorcycles based in the United States. It was established in July 2021 as a division dedicated to electric vehicles under the Harley-Davidson brand. The company recently unveiled a new S2 Mulholland model featuring eco-friendly parts and a fresh design that ditches the traditional gas tank.
According to the latest earnings report from LiveWire Group, Inc. (NYSE:LVWR), sales increased by 86% year-over-year, with 117 bikes sold in Q1 2024. Despite this growth, the company remains unprofitable, reporting a consolidated operating loss of $30.4 million. This loss aligns with expectations due to investments in new models and efforts to reduce EV costs.
From the start of 2022 through the first quarter of 2024, LiveWire Group, Inc. (NYSE:LVWR) has repurchased $773 million worth of shares and distributed over $200 million in dividends. This amounts to nearly $1 billion in capital returned to shareholders and represents a buyback of 14% of the outstanding shares. The company plans to continue this annualized rate of return throughout 2024.
Analysts predict future growth in the stock price with a $7.46 target by 2025. This reflects an upside potential of over 14% from the current price of $6.50.
As of Q1 2024, LiveWire Group, Inc. (NYSE:LVWR) was held by 9 hedge funds.
14. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)
Market Capitalization: $1.63 Billion
Number of Hedge Fund Holders: 12
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish EV maker. The company was founded in 1996.
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) has begun manufacturing the Polestar 3 SUV in China and has completed test runs at their US factory. It is on track for a mid-2024 US launch. This is a key step in the company’s plan to offer 5 EVs by 2026.
In 2023, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) recorded the delivery of 54,600 cars, reflecting a 6% YoY increase, with 880 Polestar 4s sold in China. To support their goal of profitability and expansion by 2025, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) also secured a $1 billion loan.
Analysts predict a significant stock price increase with an average target of $3.94, which reflects an over 400% jump from the current price of $0.75.
As of the first quarter of 2024, 12 hedge funds held a stake in Polestar Automotive Holding UK PLC (NASDAQ:PSNY). The positive hedge fund sentiment makes Polestar Automotive Holding UK PLC (NASDAQ:PSNY) one of the best EV stocks to buy right now.
13. Olectra Greentech Ltd (NSE:OLECTRA)
Market Capitalization: $1.71 Billion
Number of Hedge Fund Holders: N/A
Olectra Greentech Ltd (NSE:OLECTRA) is India’s largest pure electric bus manufacturer. The company has its manufacturing facilities in Hyderabad, India.
Olectra Greentech Ltd (NSE:OLECTRA) is said to be expanding its product line in the e-mobility segment for electric trucks and electric tippers. The company recently secured a massive ₹10,000 crore electric bus contract from the Maharashtra government, adding to its growing order book.
Despite the company facing supply chain challenges, Olectra Greentech Ltd’s (NSE:OLECTRA) Q4 FY ’24 results showed a 6% revenue increase to INR 1,154.1 crores, with EBITDA growing by 20% to INR 185.5 crores. Meanwhile, profit after tax (PAT) was up by 18% YoY to INR 78.7 crores.
Reflecting this growth, Olectra Greentech Ltd’s (NSE:OLECTRA) stock price has surged over 33% YTD and over 158% in the past year. Analysts predict a bullish trend to continue, with an upside potential of 12% in the next month.
12. Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863)
Market Capitalization: $4.25 Billion
Number of Hedge Fund Holders: N/A
Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863), commonly known as Leapmotor, is a Chinese startup based in Hangzhou, China. The company focuses on the development of electric vehicles.
Leapmotor International, a joint venture with Stellantis holding a 51% stake and Leapmotor holding 49%, is committed to revolutionizing electric vehicles through advanced technology. The joint company aims to enter nine European markets by September 2024.
Zhejiang Leapmotor Technology Co., Ltd.’s (HKSE:9863) full-year 2023 results showed strong revenue growth of 35% to CNY 16.7 billion. However, the company remained unprofitable with a narrowed net loss of CNY 4.22 billion. Meanwhile, Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863) managed to raise its cash reserves by CNY 4.78 billion YoY, or 69%.
The outlook for Zhejiang Leapmotor Technology Co., Ltd. (HKSE:9863) stock appears positive. Analysts remain bullish with a “Buy” rating and an average price target of $36.25, reflecting an upside potential of over 27%. The optimistic outlook is likely due to the company’s impressive sales growth.
11. Yadea Group Holdings Ltd. (HKSE:1585)
Market Capitalization: $4.81 Billion
Number of Hedge Fund Holders: N/A
Yadea Group Holdings Ltd. (HKSE:1585), a leading electric two-wheeler company with over 80 million users, is expanding aggressively. The company recently initiated the construction of a new factory in Karawang, Indonesia.
Covering around 270,000 square meters, this new manufacturing facility is expected to produce 3 million units annually. The total investment for the project planned between 2024 and 2028, is estimated at $150 million.
In 2023, Yadea Group Holdings Ltd.’s (HKSE:1585) revenue grew by 12% year-over-year to CN¥34.8 billion. Furthermore, the company’s net income rose by 22% to CN¥2.64 billion, exceeding analysts’ EPS estimates. The company’s strong financials make it one of the biggest EV stocks in the world in 2024.
Given the strong financials, it doesn’t come as a surprise that analysts have assigned a “Strong Buy” rating to the stock. They have also given Yadea Group Holdings Ltd. (HKSE:1585) stock, a 12-month average price target of HKD 17.080, with a high forecast of HKD 20.14. The average price target reflects a potential upside of over 30% from the current price levels.
10. ZEEKR Intelligent Technology Holding Limited (NYSE:ZK)
Market Capitalization: $6.23 Billion
Number of Hedge Fund Holders: N/A
ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) is a Chinese electric vehicle brand owned by Geely Automobile Holdings. The company focuses on the design, production, and sale of premium electric cars.
ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) achieved a 5-star safety rating from Euro NCAP, even under stricter 2024 standards, for its 001 and X models.
ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) had its IPO in May 2024 with a price of $21. It is set to report its first-quarter 2024 earnings before the US markets open on June 11th, 2024. In May 2024, ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) reported that it delivered 18,616 vehicles, reflecting a YoY increase of 115%.
Analysts are bullish on ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) with a “Buy” rating and a $35 price target. This reflects an upside potential of over 37%. This positive outlook is driven by expected strong annual revenue growth of 27% and an improvement in margins from 13.3% to 16.1% by 2026.
9. Lucid Group, Inc. (NASDAQ:LCID)
Market Capitalization: $6.55 Billion
Number of Hedge Fund Holders: 17
Lucid Group, Inc. (NASDAQ:LCID) is an American manufacturer of luxury electric vehicles. The company’s new factory in Saudi Arabia, with a projected annual capacity of 155,000 vehicles, marks its first international venture.
Lucid Group, Inc. (NASDAQ:LCID) delivered 1,967 vehicles in Q1 2024, which reflects an increase of 39.9% compared to Q1 2023. Meanwhile, the Q1 2024 revenue of Lucid Motors was recorded at $172.7 million, and the company ended the quarter with almost $5.03 billion of total liquidity.
Lucid Group, Inc. (NASDAQ:LCID) stock has a consensus rating of “Neutral,” based on 14 analysts’ recommendations. The 12-month average price target of the stock stands at $3.02, reflecting an upside of around 6%.
As of the end of the first quarter of 2024, 17 hedge funds out of the 919 funds tracked by Insider Monkey held a stake in Lucid Group, Inc. (NASDAQ:LCID). The most significant stake in Lucid Group, Inc. (NASDAQ:LCID) is held by Israel Englander’s Millennium Management. The hedge fund owns over 11 million shares in the company, worth more than $33.3 million.
8. Lotus Technology Inc. (NASDAQ:LOT)
Market Capitalization: $6.63 Billion
Number of Hedge Fund Holders: 11
Lotus Technology Inc. (NASDAQ:LOT) is a luxury EV player in China, the UK, and the EU. It offers high-end battery-electric SUVs and sedans while prioritizing research and development (R&D) in cutting-edge automotive technologies like electric powertrains and digitalization. Lotus Technology Inc. (NASDAQ:LOT) recently revealed luxury customized editions of classic sports cars and BEV lifestyle models.
Lotus Technology Inc. (NASDAQ:LOT) recorded strong revenue growth in Q1 2024. Revenue grew by 811% YoY to $173 million while the gross profit margin was recorded at 18%. The company delivered 2,194 vehicles during the quarter, with the majority (75%) coming from outside China.
Based on the company’s volume projections, the projected sales revenue this year is expected to exceed $2 billion, a significant increase from approximately $680 million in 2023.
Despite the projected growth, analysts are not too bullish on the stock and recommend a cautious approach. On Monday, April 22, 2024, Deutsche Bank reported the latest price target for Lotus Technology (NASDAQ:LOT), setting it at $7. This price target reflects a potential downside of over 20%.
7. Xpeng Inc. (NYSE:XPEV)
Market Capitalization: $8.03 Billion
Number of Hedge Fund Holders: 16
Xpeng Inc. (NYSE:XPEV), a major player in the Chinese electric vehicle market, is headquartered in Guangzhou, Guangdong, China. The company has expanded its global presence with offices in Mountain View, California, USA, and Munich, Germany.
Xpeng Inc.’s (NYSE:XPEV) G9 electric SUV, recently launched in Europe, has a top sustainability rating of five stars from Green NCAP, showing its dedication to long-term eco-friendly transportation.
In Q1 2024, the company’s vehicle sales revenue reached $5.54 billion, reflecting a significant 57.8% year-over-year increase, but a 54.7% decline compared to the previous quarter. Also, the company’s net loss narrowed to $1.37 billion in Q1 2024, down from $2.34 billion a year earlier.
Analysts are bullish on Xpeng Inc. (NYSE:XPEV) with a consensus “Buy” rating and a $48.58 average target price. This reflects an upside potential of over 50%.
At the end of Q1 2024, 16 hedge funds reported owning a stake in Xpeng Inc. (NYSE:XPEV).
6. Rivian Automotive, Inc. (NASDAQ:RIVN)
Market Capitalization: $10.86 Billion
Number of Hedge Fund Holders: 26
Established in 2009, Rivian Automotive, Inc. (NASDAQ:RIVN) builds electric vehicles and develops platforms for future EVs. The company plans to open a fast-charging Rivian Adventure Network (RAN) to all EVs by Q2 2024. There are currently 400 chargers in 67 US locations.
Rivian Automotive, Inc.’s (NASDAQ:RIVN) Q1 2024 revenue of $1.2 billion surpassed estimates. The company delivered 13,588 vehicles during the first quarter, which reflected a 123.79% increase year-over-year. Its R1S was the top-selling EV over $70,000 in the US.
Despite some near-term challenges, analysts are generally positive about Rivian Automotive, Inc.’s (NASDAQ:RIVN) long-term potential. The average 12-month price target assigned to the stock is $15.12. This reflects an upside potential of around 35% from its current price.
Here’s what Baron Funds said about Rivian Automotive, Inc. (NASDAQ:RIVN) in its Q1 2024 investor letter:
“Shares of Rivian Automotive, Inc. (NASDAQ:RIVN), a U.S.-based EV manufacturer, declined 53.3% in the first quarter. Despite substantial improvements in production and delivery volumes in 2023, as well as an improvement in unit economics, Rivian’s business remains constrained by its limited scale, which creates pressure on gross margins, and contributes to the company’s elevated cash burn. Additionally, Rivian expects to temporarily shut down its production facilities for upgrades, impeding anticipated production growth in 2024. Compounding these challenges is the potential for demand headwinds due to the continued complex macro environment, and the relatively small automotive segments that Rivian’s initial products target. Nevertheless, the recent unveiling of Rivian’s mass-market products, the R2 and R3, garnered enthusiastic responses, evidenced by over 68,000 pre-orders within the first 20 hours post-launch. In a strategic move, management opted to produce the R2 in Rivian’s existing facility, deferring the construction of a new factory. This decision should help reduce mid-term capital expenditure obligations while ensuring higher utilization of current facilities as the R2 ramps production in 2025. We remain shareholders.”
5. NIO Inc. (NYSE:NIO)
Market Capitalization: $11.24 Billion
Number of Hedge Fund Holders: 19
NIO Inc. (NYSE:NIO), a leading Chinese automaker based in Shanghai, focuses on the design and development of electric vehicles. The company recently announced a trade-in subsidy for owners of gasoline vehicles who were interested in its EVs.
NIO Inc.’s (NYSE:NIO) April deliveries surged 135% YoY to 15,620 vehicles, marking an increase of 32% from March. Meanwhile, the Q4 2023 revenue reached 17.1 billion RMB, reflecting a 6.5% YoY increase. Overall, NIO Inc. (NYSE:NIO) reported a net loss of 5.4 billion RMB in Q4. However, the loss has narrowed by 7.2% YoY, indicating some improvement in profitability.
Analysts remain moderately bullish on NIO Inc. (NYSE:NIO) with a “Moderate Buy” rating and an average price target of $6.66 (based on 18 analysts’ estimates). The stock price jumped 20% in May after strong April deliveries.
At the end of Q1 2024, NIO Inc. (NYSE:NIO) was held by 19 hedge funds. Millennium Management was the leading hedge fund investor, with a stake worth over $66 million. The hedge fund increased its stake in NIO Inc. (NYSE:NIO) by over 20% during the first quarter.
