8 Fastest Growing Auto Stocks to Invest in Now

6. XPeng Inc. (NYSE:XPEV)

Year-Over-Year Sales Growth: 66.09%

3-Year Sales Growth: 35.25%

Number of Hedge Fund Holders: 17

XPeng Inc. (NYSE:XPEV) is a Chinese automotive manufacturing company that designs, manufactures, and sells smart electric vehicles. Its main products include G3 SUVs and P7 sports sedans. The company focuses on developing advanced technologies such as autonomous driving systems and intelligent operating systems for cars. Additionally, it also offers various services like supercharging, maintenance, ride-hailing, and vehicle leasing to its customers.

On February 13, Ming-Hsun Lee from Bank of America Securities maintained a Buy rating on the stock with a price target of $18.6. During the fiscal third quarter of 2024, XPeng Inc. (NYSE:XPEV) delivered 46,533 vehicles, marking a 54% increase quarter-over-quarter and a 16% increase year-over-year. This surpassed their previous guidance and contributed to strong revenue growth. Moreover, the company also achieved a record gross margin of 15.3%, driven by technology-driven cost reductions and improved product mix.

Looking ahead, XPeng Inc. (NYSE:XPEV) aims to become a global AI-defined car company, integrating AI into vehicle development to enhance user experience and drive innovation. The launch of its P7+ model, which features AI-driven intelligent driving features, has been highly successful. It is one of the fastest-growing auto stocks to invest in now.