8 Best EV Stocks To Buy Right Now

5. Stellantis N.V. (NYSE:STLA)

Number of Hedge Funds Holders: 31

Stellantis N.V. (NYSE:STLA), formed in 2021 through the merger of Fiat Chrysler Automobiles and the PSA Group, is a prominent global automotive manufacturer. The company owns several well-known brands such as Chrysler, Jeep, Alfa Romeo, Maserati, and Peugeot.

Despite its extensive brand portfolio, which allows it to generate revenue under varying economic conditions, the company faces challenges. In Europe and the U.S., high inventory levels and operational issues in American plants due to union matters have affected its performance.

Nevertheless, the company is strategically focusing on electrification as part of its “Dare Forward 2030” strategy. By 2030, it aims for 100% BEV sales in Europe and 50% in the U.S., with over 75 BEV models planned globally. The company has developed four BEV-native platforms to accommodate different vehicle types, including the STLA Large platform, expected to support multiple vehicle launches with an impressive range capability.

Stellantis (NYSE:STLA) is also expanding its manufacturing capabilities, investing €103 million to improve electric drive module production in Hungary by late 2026. Additionally, the company plans to introduce 48 BEV models by 2024 and offer 30 hybrid models in Europe by the same year, with hybrid sales already increasing significantly.

Partnerships are also significant in the company’s electrification strategy, such as its collaboration with NHOA Energy to develop the Atlante fast-charging network in southern Europe. Moreover, recent investments in Michigan support its commitment to improving EV and hybrid production capabilities, which shows a strong multi-energy strategy that integrates electric, range-extended, and internal combustion engine models.

On October 4, the Wall Street Journal reported that Stellantis (NYSE:STLA) is taking major steps to reduce costs and strengthen its financial position. The company has introduced an internal strategy called the “doghouse,” which focuses on controlling external spending.

Stellantis plans to implement stricter oversight on purchase requests from outside suppliers. CFO Natalie Knight highlighted that improving spending discipline could result in substantial savings. While these guidelines are not entirely new, the approach specifically targets projects that need closer examination without affecting current purchase orders or invoices.