7 Best EV Stocks Under $50

4. Li Auto Inc. (NASDAQ:LI)

Number of Hedge Fund Holders: 29

Share Price as of August 7: $19.23

Li Auto Inc. (NASDAQ:LI) is a Chinese company that is engaged in designing, producing, and selling high-end smart electric vehicles. The company focuses on the mid to premium segments of the automotive market. It offers a range of models including multi-purpose vehicles (MPVs) and sport utility vehicles (SUVs).

Since launching its initial model, the Li ONE, Li Auto (NASDAQ:LI) has broadened its range with additional models such as the Li L9, Li L8, Li L7, and Li L6, which are designed with family-friendly features and advanced smart technology.

Li Auto (NASDAQ:LI) began delivering its vehicles in 2019 and saw rapid growth in the following years. Although the company faced challenges in 2022 due to supply chain issues, macroeconomic pressures, and increased competition in the Chinese EV market, it rebounded strongly in 2023. This resurgence highlights Li Auto’s (NASDAQ:LI) resilience and adaptability.

In July, Li Auto (NASDAQ:LI) set a new record by delivering 51,000 vehicles, marking a nearly 50% increase from the previous year. This impressive performance pushed the company’s total deliveries for 2024 to approximately 240,000 units, and the growth continued with a 6.75% increase from June. As of the end of July, the company had delivered a cumulative total of around 873,000 vehicles.

A significant highlight is the success of Li Auto’s (NASDAQ:LI) new L6 model. With over 20,000 units sold as of July, this model has quickly become popular in the RMB200,000 to RMB300,000 price range. The strong market reception for the L6 reflects the company’s effective market research and its ability to address consumer needs with its latest offerings. This success bodes well for the company’s future, showcasing its capability to innovate and capture market share.

In the first quarter, 29 hedge funds had stakes in Li Auto (NASDAQ:LI), with total positions worth $796.400 million. As of March 31, Israel Englander’s Millennium Management is the most dominant shareholder in the company. The firm increased its position by 383% to 4.07 million shares worth $123.197 million.