15 Biggest EV Stocks in the World in 2024

4. VinFast Auto Ltd. (NASDAQ:VFS)

Market Capitalization: $11.43 Billion

Number of Hedge Fund Holders: 7

VinFast Auto Ltd. (NASDAQ:VFS) is a Vietnamese multinational car company founded by Vingroup, the leading private conglomerate in Vietnam, established by Pham Nhat Vuong.

VinFast Auto Ltd. (NASDAQ:VFS) unveiled new electric vehicles at CES 2024, including the VF 3 mini SUV and the VF 9 full-size SUV, alongside electric bikes. The company is entering the US market with its VF 8 SUV through agreements with five dealers.

VinFast Auto Ltd. (NASDAQ:VFS) reported strong Q1 2024 results, with revenue reaching $302.6 million. This reflected a YoY increase of 269.7%. Furthermore, the company’s operating loss decreased by 7.8% YoY and 15.4% from Q4 2023. With a market capitalization of over $11 billion, VinFast Auto Ltd. (NASDAQ:VFS) is one of the biggest EV stocks in the world in 2024.

VinFast Auto has an average price target of $6.50, derived from the 12-month forecasts of Wall Street analysts over the past three months. The highest target is $8, while the lowest is $5. This average price target indicates a potential upside of over 35% from the current price levels.

The stock was held by 7 hedge funds at the end of the first quarter of 2024.