5 Best EV Battery Stocks to Buy in Late 2022

4. FREYR Battery (NYSE:FREY)

Number of Hedge Fund Holders: 16

FREYR Battery (NYSE:FREY) is a Luxemburg-based provider of lithium-ion-based battery cells. The company is working on achieving a production capacity of 43 gigawatt-hours (GWh) by 2025 and becoming one of the leading battery cell suppliers in Europe.

In an update issued to investors on September 21, Adam Jonas at Morgan Stanley increased the price target on FREYR Battery (NYSE:FREY) from $18 to $26 and maintained an Overweight rating. The analyst believes that FREYR Battery (NYSE:FREY) will evolve in the future from its current status of being a Norwegian battery start-up and will have a strong presence in the global battery industry in the next 10 years, making it one of the best EV stocks to invest in now.

FREYR Battery (NYSE:FREY) approved the construction of the Giga Arctic battery facility in June. The factory will be able to produce roughly 29-gigawatt hours of battery capacity every year. This would be sufficient to power about 500,000 EVs annually. The company has also entered into a strategic partnership with Hana Technology to develop automation solutions for FREYR Battery’s (NYSE:FREY) Customer Qualification Plant.