5 Best EV Charging Stocks to Buy Now

2. XPeng Inc. (NYSE:XPEV)

Hedge Fund Holdings: 20

Headquartered in Guangzhou, XPeng Inc. (NYSE:XPEV) is a Chinese EV manufacturer which also focuses on the development of driver aid software and charging networks. XPeng’s (NYSE:XPEV) charging network has expanded to over 1000 charging stations within China and XPeng (NYSE:XPEV) vehicle users have access to more than 200,000 third party stations, which the company is in contractual partnerships with.  By 2025, the company intends on having more than 2000 super-fast charging stations across China.

On November 28, DBS Bank initiated coverage of XPeng Inc. (NYSE:XPEV) shares with a Buy rating and a $6.18 price target. The bank states that although investor sentiment around the stock is unfavorable due to recent sales weaknesses, XPeng (NYSE:XPEV) has strongly improved on its internal management and product lineup, which is likely to drive monthly sales volume from 5000 units in October to more than 10,000 per month in 2023. This is also due personnel reshuffles and product adjustments. The company has good long-term prospects supported by an expanding product offering. Q3 2022 was a decent quarter, especially when the COVID-related restrictions are considered. This situation is expected to improve in the coming weeks. Furthermore, the upside potential on the stock is exceptional as the company continues to execute well on its growth strategy.