5 Best Automotive Stocks to Invest in Now

3. Tesla, Inc. (NASDAQ: TSLA)

Number of Hedge Fund Holders: 68

Tesla, Inc. (NASDAQ: TSLA) is a San Carlo-based electric vehicle and clean energy firm owned by billionaire Elon Musk. It is the largest electric vehicle maker in the world by market capitalization. The firm has production facilities in the US, Europe, and China. Tesla also has stakes in the autonomous vehicles business. It was founded in 2003 and is placed third on our list of 10 best automotive stocks to invest in now. Some of the products of Tesla include electric cars, battery energy storage from home to grid scale, solar panels and solar roof tiles. 

Earlier this week, Tesla, Inc. (NASDAQ: TSLA) reported record profits of $438 million on revenues of $10.39 billion for the first quarter of the year despite facing supply problems and being involved in safety investigations following a fatal Tesla crash in Texas.  The firm said it sold more than 180,000 vehicles in the first quarter of 2021, more than double compared to the first three months of the previous year.

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in the firm with 28.9 million shares worth more than $20 billion.