5 Best EV Stocks To Buy in 2024

In this piece, we will take a look at the five best EV stocks to buy in 2024. For our detailed overview of the electric vehicle industry, check out 13 Best EV Stocks To Buy in 2024.

5. Li Auto Inc. (NASDAQ:LI)

Number of Hedge Fund Investors In Q4 2023: 31

Li Auto Inc. (NASDAQ:LI) is a Chinese electric vehicle company headquartered in Beijing, China. It’s also one of the strongest rated EV stocks on our list, since not only are the shares rated Strong Buy on average,  but the average share price target of $51.72 prices in a juicy upside as well.

During Q4 2023, 31 out of the 933 hedge funds tracked by Insider Monkey’s research had bought Li Auto Inc. (NASDAQ:LI)’s shares. Jim Simons’s Renaissance Technologies was the largest stakeholder, courtesy of its $331 million investment.

4. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Investors In Q4 2023: 32

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American electric vehicle company that makes electric trucks, SUVs, and vans. Its shares tanked by a painful 13% in aftermarket trading after its latest earnings report that saw Rivian Automotive, Inc. (NASDAQ:RIVN) announce a 10% headcount reduction and a 2024 production estimate of 57,000 vehicles that missed consensus estimates of 81,700.

As of December 2023, 32 out of the 933 hedge funds profiled by Insider Monkey were the firm’s shareholders. Rivian Automotive, Inc. (NASDAQ:RIVN)’s biggest hedge fund investor is D. E. Shaw’s D E Shaw as it owns $395 million worth of shares.

3. Ford Motor Company (NYSE:F)

Number of Hedge Fund Investors In Q4 2023: 40

Ford Motor Company (NYSE:F) is a diversified American car manufacturer that has also managed to gain a foothold in the electric vehicle market. Even as its larger rival Tesla raised EV prices in February 2024 to beef up margins, Ford Motor Company (NYSE:F) announced that it will cut prices by as much as $8,100 in a bid to remain competitive.

By the end of last year’s fourth quarter, 40 out of the 933 hedge funds tracked by Insider Monkey had bought Ford Motor Company (NYSE:F)’s shares. Ken Fisher’s Fisher Asset Management was the largest stakeholder due to its $721 million investment.

2. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Investors In Q4 2023: 82

Tesla, Inc. (NASDAQ:TSLA) is the most valuable car company and electric vehicle stock in the world. As its CEO Elon Musk fights to move it out of Delaware, the firm is also facing pressure in Sweden where unions are threatening a boycott due to disagreements about worker contracts.

Insider Monkey scoured through 933 hedge fund portfolios for 2023’s December quarter to find that 82 were the firm’s investors. Tesla, Inc. (NASDAQ:TSLA)’s biggest hedge fund investor is Philippe Laffont’s Coatue Management courtesy of its $1 billion stake.

1. General Motors Company (NYSE:GM)

Number of Hedge Fund Investors In Q4 2023: 83

General Motors Company (NYSE:GM) is one of the biggest car manufacturers in the world. Amidst a shocking rule upgrade by the U.S. government in January that made its Cadillac Lyriq EV ineligible for a tax credit, General Motors Company (NYSE:GM) announced in February 2024 that the vehicle was once again eligible for the $7,500 incentive.

83 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database were the firm’s shareholders during the period. General Motors Company (NYSE:GM)’s largest stakeholder among these was Natixis Global Asset Management’s Harris Associates as it owned $1.2 billion worth of shares.

Disclosure: None. You can also take a look at 15 Small-Cap Stocks with High Potential and 12 Best NYSE Penny Stocks To Buy.