In this piece, we will take a look at the five best EV stocks to buy for 2024. If you want to learn about the recent trends in the EV industry, then read 12 Best EV Stocks To Buy For 2024.
5. Li Auto Inc. (NASDAQ:LI)
Number of Hedge Fund Investors In Q3 2023: 28
Li Auto Inc. (NASDAQ:LI) is a sizeable Chinese electric vehicle firm that sells SUVs. Like other Chinese EV companies, the firm maintained its growth trajectory in November as its deliveries jumped by 172% annually.
By the end of Q3 2023, 28 out of the 910 hedge funds part of Insider Monkey’s database had bought Li Auto Inc. (NASDAQ:LI)’s shares. Jim Simons’ Renaissance Technologies owned the largest stake among these which was worth $324 million and came via 9 million shares.
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4. Rivian Automotive, Inc. (NASDAQ:RIVN)
Number of Hedge Fund Investors In Q3 2023: 35
Rivian Automotive, Inc. (NASDAQ:RIVN) is an American firm focusing on electric SUVs and trucks. The firm has held its ground in today’s turbulent environment by having beaten analyst EPS estimates in all four of its latest quarters. The stock is rated Buy on average and has an average share price target of $26.56.
During September 2023, 35 out of the 910 hedge funds profiled by Insider Monkey had invested in the company. Rivian Automotive, Inc. (NASDAQ:RIVN)’s biggest investor in our database is Daniel Sundheim’s D1 Capital Partners due to its $327 million stake.
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3. Ford Motor Company (NYSE:F)
Number of Hedge Fund Investors In Q3 2023: 43
Ford Motor Company (NYSE:F) is a legacy car company that has also developed a sizeable electric vehicle division. The firm is busy expanding its EV portfolio these days, and it secured a stake in an Indonesian nickel mining project in December to beef up its supply chain.
Insider Monkey dug through 910 hedge fund portfolios for their September quarter of 2023 shareholdings and found 43 Ford Motor Company (NYSE:F) shareholders. Out of these, the largest shareholder was Ken Fisher’s Fisher Asset Management as it owned $690 million worth of shares.
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2. General Motors Company (NYSE:GM)
Number of Hedge Fund Investors In Q3 2023: 66
General Motors Company (NYSE:GM) is the third legacy car manufacturer on our list. The firm’s hybrid vehicles created controversy in December when the National Highway Traffic Safety Administration (NHTSA) revealed that it is investigating GM’s Volt cars for sudden loss of power.
For their shareholdings during this year’s third quarters, 66 out of the 910 hedge funds profiled by Insider Monkey had held a stake in the company. General Motors Company (NYSE:GM)’s biggest investor among these is Natixis Global Asset Management’s Harris Associates due to its $1.1 billion investment.
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1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Investors In Q3 2023: 81
Tesla, Inc. (NASDAQ:TSLA) is the biggest electric vehicle manufacturer in the world. These days, investors are eyeing its China deliveries to see if it can set a new Q4 record.
During Q3 2023, 81 out of the 910 hedge funds part of Insider Monkey’s database had invested in Tesla, Inc. (NASDAQ:TSLA). Catherine D. Wood’s ARK Investment Management owned the largest stake which was worth $1 billion.
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Disclosure: None. You can also take a look at 20 Most Valuable Media Companies In The World and 20 States with the Highest Average Home Pricesl.
