In this article, we discuss the 12 best EV stocks to buy now. If you want to see more stocks in this selection, check out the 5 Best EV Stocks to Buy Now.
Countries around the world are pushing policies to fight climate change and reduce greenhouse gas emissions. Under the Inflation Reduction Act, the US government has introduced a $4,000 tax credit for customers who buy used electric vehicles (EVs). This provision will be implemented from January 1, 2023. Furthermore, the government has extended a tax credit of $7,500 on new EVs and will remove the 200,000-unit-per-manufacturer sales cap from January 1 next year. These actions are intended to encourage the use of EVs, playing in favor of the leading EV companies. Meanwhile, under the US infrastructure bill introduced last year, the US government has granted $5 billion to states to develop their EV charging network. The lack of presence of EV charging stations has been a major cause for EV owners not to go on long routes on the highways.
According to a report issued by Climate Action Tracker, EV sales now account for more than 5% of new car sales in the US as of Q1 2022. However, EVs need to make up 75% - 95% of the global yearly vehicle sales to have a meaningful positive impact on the environment. Such a trend reflects that there is massive growth potential in the EV segment as leading automobile companies in the world are shifting their focus on enhancing EV manufacturing technologies to become a part of the electric revolution. EV sales observed an increase of 160% YoY in 2021 and are expected to experience exponential growth this year as well. If the EV transition trend continues aggressively in the US, almost one-fourth of new car sales might be EVs by 2025, outpacing projections by two years. Tesla, Inc. (NASDAQ:TSLA), Rivian Automotive, Inc. (NASDAQ:RIVN), and NIO Inc. (NYSE:NIO) are among some of the leading companies capitalizing on the surge in demand.
science-in-hd-T2XeWHGZ7xU-unsplash Our Methodology
We have shortlisted companies that are involved at various stages of the EV value chain. These companies are experiencing strong demand for products and services offered in the EV industry. Furthermore, all these stocks are trading at a significant discount as compared to their all-time highs due to macroeconomic uncertainty. This provides an attractive opportunity for investors to go long on these stocks. These stocks have been ranked according to the level of hedge fund ownership as of Q2 2022.
Number of Hedge Fund Holders: 7
Blink Charging Co. (NASDAQ:BLNK) is a Miami Beach, Florida-based EV charging company.
Blink Charging Co. (NASDAQ:BLNK) anticipates global EV sales to rise to 10 million by 2025 and then to 30 million by 2030. This would be equivalent to 28% of the global market. The acquisition of SemaConnect for $200 million will aid Blink Charging Co. (NASDAQ:BLNK) in enhancing its manufacturing abilities and expanding its charging network. This is expected to boost Blink Charging Co.’s (NASDAQ:BLNK) revenue through the company’s 12,800 active charging points and with over 151,000 registered users.
The market share of EVs increased to 6% of the light-vehicle market in August 2022, as opposed to only 3.3% during the same month last year. Meanwhile, similar trends were observed in other leading developed countries like China and France. Under the Infrastructure Bill, Blink Charging Co. (NASDAQ:BLNK) has received $32 million in grants.
Number of Hedge Fund Holders: 7
Lordstown Motors Corp. (NASDAQ:RIDE) is a Lordstown, Ohio-based designer and manufacturer of EVs. The company has a production capability of 400,000 thousand vehicles annually on its 6.2 million square feet manufacturing facility.
The all-electric Endurance Pickup is the flagship model of the EV company. Some experts believe that investing in Lordstown Motors Corp. (NASDAQ:RIDE) right now is like investing in Tesla around a decade ago. Lordstown Motors Corp. (NASDAQ:RIDE) could be a multibagger stock in the coming years, making it one of the best EV stocks to buy now. To overcome challenges related to capital and liquidity, Lordstown Motors Corp. (NASDAQ:RIDE) has reached an agreement with Foxconn that will secure the funding for mass production capabilities. Lordstown Motors Corp. (NASDAQ:RIDE) is expected to sell 2,500 Endurance pickups in 2023, 10,000 units in 2024, and 80,000 units by the end of the decade.
Number of Hedge Fund Holders: 8
Proterra Inc. (NASDAQ:PTRA) is a Burlingame, California-based EV company with a focus on commercial vehicles like buses, coach buses, delivery trucks, and shuttles.
As metropolitans are shifting their public vehicle fleet to EVs, Proterra Inc. (NASDAQ:PTRA) has become a widely known entity in this arena. The company has sold over 1,300 electric buses to more than 135 transit authorities spread across 43 US states and Canadian provinces.
Jordan Levy at Truist initiated coverage on Proterra Inc. (NASDAQ:PTRA stock with a Buy rating and a target price of $9 in a research note issued to investors on September 28. The analyst believes that Proterra Inc. (NASDAQ:PTRA) is creating its niche in the specialized electrification and specialized battery technologies segment for a wide variety of all-electric commercial vehicles.
Proterra Inc. (NASDAQ:PTRA) was held by 8 hedge funds at the end of Q2 2022.
Number of Hedge Fund Holders: 10
Workhorse Group Inc. (NASDAQ:WKHS) is a Sharonville, Ohio-based maker of electric last-mile delivery vehicles that have a range of 100 miles. The company is also involved in the production of delivery drones. Both of these are emerging trends that have led us to categorize Workhorse Group Inc. (NASDAQ:WKHS) as one of the best EV stocks to invest in.
Experts believe that the balance sheet of Workhorse Group has “room for execution.” Workhorse Group Inc. (NASDAQ:WKHS) has received the first batch of new chassis from GreenPower Motor Company Inc. (NYSE:GP), which will enhance the company’s production capabilities. Workhorse Group Inc. (NASDAQ:WKHS) is operating in a growing segment as companies like FedEx Corporation (NYSE:FDX) intend to fully electrify their delivery truck fleets by 2040. The company has also addressed the concerns highlighted by the Federal Motor Vehicle Safety Standards (FMVSS) regarding its C1000 vehicles.
As of Q2 2022, D E Shaw held a stake of over $1.7 million in Workhorse Group Inc. (NASDAQ:WKHS).
Number of Hedge Fund Holders: 11
Fisker Inc. (NYSE:FSR) is a Manhattan Beach, California-based designer, and manufacturer of the all-electric SUV Fisker Ocean.
On September 14, Vikram Bagri at Needham started coverage on Fisker Inc. (NYSE:FSR) stock with a Buy rating and a target price of $12. The target price reflects a potential upside of over 58% from the closing price as of September 30. The analyst believes that the Fisker Ocean SUV provides consumers with advanced technology at an affordable price. Bagri also shared that Fisker Inc. (NYSE:FSR) is trying to save on exuberant capital outlay related to manufacturing facilities. The company is outsourcing production through agreements with reputable companies. For instance, the Fisker Ocean SUV will be manufactured by Magna International Inc. (NYSE:MGA), which is the fourth biggest parts supplier in the automobile industry.
Fisker Inc. (NYSE:FSR) was held by 11 hedge funds at the end of the second quarter of 2022.
Number of Hedge Fund Holders: 16
Lucid Group, Inc. (NASDAQ:LCID) is a Newark, California-based EV company.
Lucid Group, Inc. (NASDAQ:LCID) has selected a 500-acre property in Casa Grande, Arizona, for its first EV factory. The facility will have an initial production capacity of 10,000 EVs annually, which will increase to 300,000 EVs per year through planned expansions.
On September 27, Andres Sheppard at Cantor Fitzgerald started coverage on Lucid Group, Inc. (NASDAQ:LCID) stock with an Overweight rating and a target price of $23. The target price reflects a potential upside of over 93% from the closing price as of September 30. Sheppard believes that the luxury vehicles offered by Lucid Group, Inc. (NASDAQ:LCID) are very efficient, with a longer driving range and faster-charging abilities.
Number of Hedge Fund Holders: 17
ChargePoint Holdings, Inc. (NYSE:CHPT) is a Campbell, California-based operator of the world’s biggest EV charging network and a provider of integrated solutions of hardware and cloud services for businesses and drivers.
Given its attractive valuation, Maheep Mandloi at Credit Suisse initiated coverage on ChargePoint Holdings, Inc. (NYSE:CHPT) stock with an Outperform rating and a target price of $22 on September 7. The analyst has a positive outlook on ChargePoint Holdings, Inc. (NYSE:CHPT) stock as the company is in a position to benefit from its “capital-light growth model.” Furthermore, ChargePoint Holdings, Inc.’s (NYSE:CHPT) first-mover advantage in the integrated solutions market makes it one of the best EV stocks to invest in.
Mandloi has termed ChargePoint Holdings, Inc. (NYSE:CHPT) stock as a winner due to the positives of the Inflation Reduction Act (IRA). The IRA has allocated $7.5 billion for the expansion of alternative fuel infrastructure and EV charging stations across the US.
In addition to ChargePoint Holdings, Inc. (NYSE:CHPT), Tesla, Inc. (NASDAQ:TSLA), Rivian Automotive, Inc. (NASDAQ:RIVN), and NIO Inc. (NYSE:NIO) are also on our list of the 12 best EV stocks to buy now.
Click to continue reading and see 5 Best EV Stocks to Buy Now.
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Disclose. None. 10 Best EV Stocks to Buy Now is originally published on Insider Monkey.
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