10 Best High Growth Consumer Stocks to Buy Now

8. Li Auto Inc. (NASDAQ:LI)

5-Year Average Revenue Growth: 163.66%

Number of Hedge Fund Holders: 28

Market Cap: $24.03 billion

Li Auto Inc. (NASDAQ:LI) is one of the best high growth consumer stocks to buy now. On August 14, JP Morgan downgraded Li Auto Inc. (NASDAQ:LI) from a Buy to a Hold, while also reducing the price target on the company from $33 to $28. However, despite the cut, the implied upside on the Chinese EV maker stands at 20%, from the current market price of $23.32.

JP Morgan expects the second half of this year and beyond to be tougher for the company as the EV landscape in China becomes more competitive. The bank expects the Chinese passenger vehicle to decelerate next year, or even decline, as Chinese government subsidies are expiring later this year. The company had a tough Q1, generating $3.56 billion in revenue, flat from the same quarter last year.

The company has been spending money to broaden its product portfolio. The company’s latest car, Li Mega, is a large van boasting a futuristic look, spacious interior, blind spot camera, “Magnetic Carpet” Air Suspension, and fast charging. The van can reportedly add a range of 500 kilometers (310 miles) in about 12 minutes, significantly faster than Tesla’s supercharger.