5 Electric Car Stocks to Buy for 2022

2. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 60

Elon Musk’s Tesla, Inc. (NASDAQ:TSLA) is one of the most famous companies in the EV space, specializing in electric vehicles, clean energy, battery storage, and solar products. Tesla, Inc. (NASDAQ:TSLA) reported solid earnings for the third quarter on October 20, posting an EPS of $1.86, beating estimates by $0.25. The revenue increased 56.85% year-over-year, reaching $13.76 billion, outperforming estimates by $54.61 million. 

On December 8, New Street analyst Pierre Ferragu raised the price target on Tesla, Inc. (NASDAQ:TSLA) to $1,580 from $1,298 and kept a Buy rating on the shares. The analyst expects 280,000 to 285,000 Tesla, Inc. (NASDAQ:TSLA) vehicles to be delivered in Q4, which would reflect an increase of 40,000 units from Q3 and exceed the consensus forecast of 266,000 units. 

One of the leading Tesla, Inc. (NASDAQ:TSLA) from the third quarter is Cathie Wood’s ARK Investment Management, with 3.95 million shares worth over $3 billion. Tesla, Inc. (NASDAQ:TSLA) is an immensely popular EV stock among hedge funds, with 60 funds being bullish on Tesla, Inc. (NASDAQ:TSLA) in Q3 2021, holding total stakes valued at $10.64 billion. 

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2021 investor letter:

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock contributed as Tesla continued to present strong deliveries growth and a meaningful improvement in profitability despite a complex supply-chain environment. Demand remains robust, new localized manufacturing capacity is expected to support more efficient growth, and the autonomous program is accelerating. We expect Tesla’s growing vehicle offering, battery technology, and energy businesses to drive meaningful growth opportunities.”