5 Best Electric Vehicle Stocks to Buy for Long Term

4. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 56    

Freeport-McMoRan Inc. (NYSE:FCX) engages in the mining of mineral properties in North America, South America, and Indonesia. The company features among the best electric vehicle stocks to buy for the long term since it has extensive interests in copper. Copper is one of the most critical materials used in the manufacture of electric vehicles. In addition to copper, the firm also has interests in other EV materials, like lithium, cobalt, and other metals, all used in the production of electric vehicles. 

On July 22, investment advisory RBC Capital maintained a Sector Perform rating on Freeport-McMoRan Inc. (NYSE:FCX) stock and lowered the price target to $35 from $46. Analyst Sam Crittenden issued the ratings update. 

At the end of the second quarter of 2022, 56 hedge funds in the database of Insider Monkey held stakes worth $2.4 billion in Freeport-McMoRan Inc. (NYSE:FCX), compared to 68 the preceding quarter worth $4.1 billion.

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Freeport-McMoRan Inc. (NYSE:FCX) was one of them. Here is what the fund said:

“Supply chains eased for some goods, but remained challenged for many commodities including energy, agriculture, and fertilizer due to war and general scarcity, and also in many consumer products as semiconductors remained in short supply. Copper and gold producer Freeport- McMoRan (NYSE:FCX) rose as copper prices remained strong due to supply shortages and growing use in renewable energy systems and electric vehicles.”