5 Best Auto Stocks To Buy Now

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1. Tesla Inc (NASDAQ:TSLA)

Probably unsurprisingly, but Tesla Inc (NASDAQ:TSLA) is the most popular auto stock among the funds tracked by Insider Monkey as 67 funds held in aggregate $8.18 billion worth of its stock at the end of the third quarter, versus 63 investors with $5.56 billion worth of shares at the end of the previous quarter. Among the top shareholders of Tesla in our database are Philippe Laffont’s Coatue Management, which upped its stake by 903% to 3.11 million shares worth $1.33 billion and Alex Sacerdote’s Whale Rock Capital Management, which raised its position by 178% to 1.70 million shares worth $731.28 million.

The stock of the largest EV maker in the world has surged by nearly 600% so far this year as the company has been growing aggressively, launching production of Model 3 in China and announcing the highly expected Model Y and Cybertruck. Recently, the Model Y received the approval to start selling in China. The vehicle will be produced at Tesla Inc (NASDAQ:TSLA)’s facility in Shanghai. Tesla started production at the Shanghai factory last December and in October alone it sold more than 13,000 vehicles in the country. The company also has started exporting Chinese-built Model 3 vehicles to Europe and has built additional capacity in Shanghai for the Model Y production.

Please also see 10 best cheap stocks to buy now according to Ray Dalio and 11 best lithium and battery stocks to buy now.

Disclosure: None.

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