5 Electric Car Stocks to Buy for 2022

3. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 30

A multinational automobile manufacturer from Shanghai focused on designing and developing electric vehicles, NIO Inc. (NYSE:NIO) is one of the best electric car stocks to buy for 2022.

In Q3 2021, 30 hedge funds monitored by Insider Monkey were long NIO Inc. (NYSE:NIO), with total stakes valued at $1.13 billion. One of the leading NIO Inc. (NYSE:NIO) stakeholders from the third quarter is billionaire Ken Griffin’s Citadel Investment Group, increasing its stake in the company by 232%, holding over 4 million shares worth $143.1 million. 

On November 9, NIO Inc. (NYSE:NIO) posted its Q3 results, announcing a loss per share of $0.06, missing estimates by $0.01. Revenue over the period jumped 122.23% to $1.53 billion, exceeding revenue estimates by $62.90 million. 

Tiger Securities analyst Bo Pei initiated coverage of NIO Inc. (NYSE:NIO) with a Buy rating and $45 price target on December 8. According to the analyst, NIO Inc. (NYSE:NIO) is well positioned to “ride the global smart” electric vehicle adoption trend in the coming decade and “become a major player in the field”. NIO Inc. (NYSE:NIO) has “successfully established a first-class brand image with superior performance, elegant design, leading services, and a unique user community”, the analyst elaborated further.