5 Best EV Startups to Watch

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1. Rivian

Rivian is an EV maker and technology firm based in California. It is perhaps the most valuable startup in the EV space and has so far raised more than $8 billion in funding over nine rounds, with the latest round in January this year bringing in more than $2.7 billion. The lead investors in the company include T Rowe Price and Soros Fund Management, among others. The company is planning to go public at a valuation of over $70 billion. The firm already sells electric-powered SUVs and trucks, with deliveries expected to begin next month. 

Rivian is going to be a direct competitor to Tesla, Inc. (NASDAQ: TSLA), the largest EV firm in the world that has seen share price slump in the past few weeks amid increased competition in the EV market and supply chain problems that have impacted vehicle deliveries. On June 15, investment advisory Mizuho maintained a Buy rating on Tesla, Inc. (NASDAQ: TSLA) stock. 

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Tesla, Inc. (NASDAQ: TSLA)  with 24.4 million shares worth more than $16.3 billion.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ: TSLA) in its Q1 2021 investor letter:

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.” 

You can also take a peek at Billionaire Stan Druckenmiller’s Top 10 Stock Picks and Billionaire Julian Robertson On Interest Rates and His Top Stock Picks For 2021.

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