15 Biggest EV Stocks in the World in 2024

3. Li Auto Inc. (NASDAQ:LI)

Market Capitalization: $21.66 Billion

Number of Hedge Fund Holders: 29

Li Auto Inc. (NASDAQ:LI) is a leading Chinese electric vehicle maker headquartered in Beijing, focusing on family-oriented SUVs with extended-range electric technology. Founded in 2015 by Li Xiang, the company manufactures its vehicles in Changzhou.

Li Auto Inc. (NASDAQ:LI) recently unveiled a 7-seater EV, which is one of the biggest electric vehicles in the world. The name of this vehicle is MEGA and it is targeted towards large families in China.

In Q1 2024, Li Auto Inc. (NASDAQ:LI) delivered over 80,400 vehicles, marking a 52.9% increase compared to the same period last year. According to the China Automotive Technology and Research Center, the NEV market segment priced above RMB 200,000 experienced a 24.8% YoY growth in Q1. Li Auto Inc.’s (NASDAQ:LI) growth rate surpasses the markets, positioning the company as a leader among high-end NEV brands.

As a result of the increase in vehicle deliveries, Li Auto Inc.’s (NASDAQ:LI) total revenue for Q1 was recorded at RMB 25.6 billion, representing a 36.4% increase YoY. Despite the introduction of Li MEGA, the transition of the L series, and subsequent price adjustments, the company’s gross margin for the first quarter remained healthy at 20.6%.

Analysts have assigned Li Auto Inc. (NASDAQ:LI) stock a ‘Strong Buy’ rating, with a 12-month average price target of $38.3. This price target reflects an upside of over 80% from the current price levels.