5 Best Electric Car Stocks To Buy Now

In this article, we will discuss the 5 best electric car stocks to buy now. If you want to explore similar stocks, you can also read 15 Best Electric Car Stocks To Buy Now.

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

Number of Hedge Fund Holders: 30

Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the most promising electric vehicle companies in the world and is poised to disrupt the traditional automotive industry. The company has some of the most advanced EV technologies in the industry and its electric pickup trucks, the R1T and R1S, are among the most next-gen battery-electric trucks on the market. Rivian Automotive, Inc. (NASDAQ:RIVN) is ranked high among the best electric car stocks to buy now.

On November 9, Rivian Automotive, Inc. (NASDAQ:RIVN) posted earnings for the third quarter of fiscal 2022, in which the company beat EPS estimates by $0.26. The company’s revenue for the quarter amounted to $536 million, up 53,500% year over year.

On November 29, Evercore ISI analyst Chris McNally took coverage of Rivian Automotive, Inc. (NASDAQ:RIVN) with an In Line rating and a $35 price target.

At the end of Q3 2022, 30 hedge funds held stakes in Rivian Automotive, Inc. (NASDAQ:RIVN) worth $1.96 billion. This is compared to 35 positions in the previous quarter with stakes worth $1.59 billion. As of September 30, Coatue Management is the top investor in the company and has a stake worth $644.95 million.

Here is what Baron Funds had to say about Rivian Automotive, Inc. (NASDAQ:RIVN) in its third-quarter 2022 investor letter:

“Rivian Automotive, Inc. (NASDAQ:RIVN) designs, manufactures, and sells consumer and commercial electric vehicles (EVs). Shares of Rivian were up 28% in the third quarter driven by second quarter production that beat expectations, a new partnership with Mercedes Benz, and the positive potential impact of the recently announced Inflation Reduction Act on accelerating broader EV adoption. While Rivian continues to be impacted by supply-chain issues that are causing delays in its production ramp, it is addressing the challenges by diversifying its supply chain to alleviate shortages while also consolidating the number of variants in development to reduce cash burn (the company guided that current cash will be enough to support the company’s future platform launch R2 in 2025). The company also recently reported stronger than-expected third quarter production results while reiterating its annual guidance of producing 25,000 units. As semiconductor shortages ease, we believe the company will be able to rapidly ramp its production. While we retain conviction in the shares given the company’s vision, product positioning, relationship with Amazon.com, and strong balance sheet, we have reduced the size of our position.”