5 Best EV Stocks To Buy For The Long Term

In this article, we discuss the 5 best EV stocks to buy for the long term. To read the detailed analysis of the EV industry, go directly to the 11 Best EV Stocks To Buy For The Long Term.

5. Li Auto Inc. (NASDAQ:LI)

Average Analyst Price Target Upside: 77.77%

Number of Hedge Fund Holders: 31

Li Auto Inc. (NASDAQ:LI) is a Chinese EV manufacturer that currently manufactures and sells three electric SUVs and one minivan model, which include Li Auto L7, L8, L9, and Li Auto Mega. It is one of the best EV stocks to buy for the long term, as the stock has a consensus rating of Strong Buy as per the 10 Wall Street analysts that have covered it over the past three months.  The average price target of $53.83 implies a 77.77% upside from current levels as of March 28.

As of the fourth quarter of 2023, 31 hedge funds have stakes worth $1.148 billion in Li Auto Inc. (NASDAQ:LI). Two Sigma Advisors is the most dominant shareholder of the company as of December 31, 2023, with 6.1 million shares worth $228.843 million.

In 2023, Li Auto Inc.’s (NASDAQ:LI) total deliveries reached 376,030 units, marking an 182.2% increase from 2022. Furthermore, the company’s revenue increased by 173.5% year-over-year in FY23 to $17.44 billion, and its net profit showed an increase of 212.8% year-over-year to $3.87 billion.

4. ChargePoint Holdings, Inc. (NYSE:CHPT)

Average Analyst Price Target Upside: 88.42%

Number of Hedge Fund Holders: 17

ChargePoint Holdings, Inc. (NYSE:CHPT) is a California-based EV infrastructure company that owns and operates EV charging stations in 14 countries. On February 20, the company announced its alliance with AcBel Polytech Inc. (TWSE:6282), a prominent power supply manufacturer under Kinpo Group, to jointly develop EV charging solutions. AcBel Polytech Inc. (TWSE:6282) will co-design hardware components for ChargePoint Holdings, Inc.’s (NYSE:CHPT) range of EV charging solutions. The partnership is expected to fast-track product development processes and reduce costs for the company.

As of the fourth quarter of 2023, ChargePoint Holdings, Inc. (NYSE:CHPT) is part of 17 hedge funds’ portfolios at a combined value of $9.682 million.

Based on the coverage of 11 Wall Street analysts, ChargePoint Holdings, Inc. (NYSE:CHPT) has an average price target of $3.58, and it implies an upside of 88.42% from March 28 levels.

3. VinFast Auto Ltd. (NASDAQ:VFS)

Average Analyst Price Target Upside: 101.21%

Number of Hedge Fund Holders: 7

VinFast Auto Ltd. (NASDAQ:VFS) is a Vietnamese company that manufactures and sells electric vehicles, including e-scooters, and provides spare parts and aftermarket services. The company sells its products in Vietnam, USA, and Canada. It is also planning to expand its footprint to 50 markets by the end of 2024. For the current year, VinFast Auto Ltd. (NASDAQ:VFS) has set a target of delivering 100,000 electric vehicles.

On February 28, Chardan Research’s analyst Brian Dobson maintained a Buy rating on VinFast Auto Ltd.’s (NASDAQ:VFS) stock and raised its price target to $13 from $11. In the last three months, VinFast Auto Ltd. (NASDAQ:VFS) has received Buy ratings from 2 Wall Street analysts. As of March 28, the average price target of $10.00 represents a 101.21% upside to its stock price of $4.97.

According to Insider Monkey’s database that tracks 933 elite hedge funds, in the fourth quarter of 2023, 7 hedge funds held positions in VinFast Auto Ltd. (NASDAQ:VFS) worth $1.47 million.

2. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Average Analyst Price Target Upside: 139.61%

Number of Hedge Fund Holders: 11

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is a Swedish EV manufacturer that produces compact luxury cars and mid-size crossover luxury SUVs such as Polestar 2, 3, and 4. Recently, the company has been struggling amid the slowdown in EV growth, especially after AB Volvo (publ) (OTCPK:VOLVF) cut ties with the company in February. However, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) took a breath of fresh air after it announced that the company received $950 million in funding from 12 leading international banks on February 28.

As of the fourth quarter of 2023, 11 hedge funds hold stakes in Polestar Automotive Holding UK PLC (NASDAQ:PSNY) with positions worth $8.2 million.

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is the second-best EV stock to buy on our list, as 6 Wall Street analysts have covered the company stock with an average price target of $3.69. As of March 28, the average price target shows an upside of 139.61% from the current levels.

1. Blink Charging Co. (NASDAQ:BLNK)

Average Analyst Price Target Upside: 160.13%

Number of Hedge Fund Holders: 7

Blink Charging Co. (NASDAQ:BLNK) is one of the biggest EV charging companies in the US. The company deployed or sold 23,347 EV charging stations in 2023. In the fourth quarter of 2023, 7 hedge funds held positions in the company, the same as the preceding quarter. However, the total stake value increased to $4.119 million in Q4, compared to $3.8 million in the third quarter of 2023. As of December 31, 2023, Daniel S. Och’s Sculptor Capital is the most dominant shareholder in Blink Charging Co. (NASDAQ:BLNK) with 429,500 shares worth $1.456 million.

Blink Charging Co. (NASDAQ:BLNK) takes the top spot on our list of best EV stocks to buy for the long term as it has been covered by 6 Wall Street analysts over the last three months, and their average price target of $7.83 shows a 160.13% upside to its current price of $3.01 on March 28.

Should you invest $1,000 in Blink Charging Co. (NASDAQ:BLNK) right now?

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Disclosure: None. You can also look at the 25 Best Cities in US with Great Weather for Retirees and Jorge Paulo Lemann’s Hedge Fund 3G Is Betting On These Stocks.

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