10 Best EV Stocks to Invest In According to Hedge Funds

7. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 45

 Rivian Automotive, Inc. (NASDAQ:RIVN) is among the Best EV Stocks.

On May 28, Reuters reported that Rivian Automotive, Inc. (NASDAQ:RIVN) faced new regulatory scrutiny after the US National Highway Traffic Safety Administration opened a preliminary probe into 114,922 vehicles. The agency said its Office of Defects Investigation received two owner questionnaires reporting that a left rear toe link can separate while driving. It caused vehicles to swerve across multiple lanes, with one incident resulting in a collision with another vehicle and a roadside barrier.

Rivian Automotive, Inc. (NASDAQ:RIVN) responded in an emailed statement cited by Reuters, saying its internal data shows the R1 toe link joints are “operating as intended,” disputing the basis of the questionnaires. The firm also disclosed that it is cooperating with the review.

NHTSA said the probe will examine the sensitivity of the rear toe link joint to road and service conditions and evaluate the automaker’s repair procedures. The investigation follows a January recall of nearly 20,000 previously serviced R1S and R1T vehicles with incorrectly assembled rear toe link bolts, which the firm said it will replace free of charge.

Rivian Automotive, Inc. (NASDAQ:RIVN) designs, develops, and manufactures category-defining electric vehicles and accessories. It operates through Automotive, Software and Services segments.