8 Best EV Stocks to Buy According to Short Sellers

5. ZEEKR Intelligent Technology Holding Limited (NYSE:ZK)

Short Interest as % of Shares Outstanding: 0.29%

Number of Hedge Fund Holders: 11

ZEEKR Intelligent Technology Holding Limited (NYSE:ZK) is a new but significant player in the electric vehicle sector, launched by the Chinese Geely Automobile Holdings in March 2021. The company focuses on premium electric vehicles, and its first vehicle, the Zeekr 001, was launched in April 2021.

After a successful launch in China and an IPO on the New York Stock Exchange in May 2024, ZEEKR (NYSE:ZK) is expanding internationally. The company is entering European markets and planning further expansion into regions like Australia, South Korea, and Brazil. It has also partnered with technology leaders such as Waymo and Mobileye to incorporate autonomous driving features into its vehicles.

On August 30, ZEEKR (NYSE:ZK) officially launched its mid-to-large SUV, the ZEEKR 7X, bringing its portfolio to 7 EV models. As of August 2024, the company has delivered 121,540 year-to-date, up 81% year-over-year. In August 2024, the company delivered over 18,000 vehicles, up 46% from the same month in 2023.

On August 22, TipRanks reported that Citi analyst Jeff Chung has reaffirmed a Buy rating on ZEEKR’s (NYSE:ZK) stock and mentioned several positive factors for the company. The analyst pointed out the company’s stable sales target of 230,000 units for FY24 as a sign of confidence despite export challenges, especially in Europe. He expects improved gross profit margins in the latter half of the year due to a better sales mix, lower battery costs, and greater efficiency.

Chung also mentioned the company’s new models are expected to drive significant growth. Additionally, the company’s goal of achieving a 15% vehicle gross profit margin for FY24 is supported by strong demand for the Zeekr 009 and the benefits of its Sustainable Experience Architecture platform.

As of the second quarter, 11 hedge funds had stakes worth $59.16 million in ZEEKR (NYSE:ZK). It ranks at 5 on our list of best EV stocks to buy according to short sellers.