5 Fastest Growing Auto Stocks in the World

In this article, we discuss the 5 fastest growing auto stocks in the world. If you want to read about some more auto stocks, go directly to 10 Fastest Growing Auto Stocks in the World.

5. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 26  

NIO Inc. (NYSE:NIO) designs, develops, manufactures, and sells smart electric vehicles in China. On September 1, NIO reported that its overall electric vehicle deliveries in August increased by 82% year-over-year to 10,677, which is also a slight improvement over July. Cumulatively, NIO has sold 238,626 electric cars, including over 107,000, in the most recent 12 months.

On December 20, Mizuho analyst Vijay Rakesh maintained a Buy rating on NIO Inc. (NYSE:NIO) stock and lowered the price target to $28 from $34, noting that a challenging auto-end market is expected globally into 2023, driven by high-interest rates, energy prices and financing rates affecting the affordability. 

At the end of the third quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $518.9 million in NIO Inc. (NYSE:NIO), compared to 25 in the preceding quarter worth $873.9 million. 

In its Q1 2022 investor letter, Horos Asset Management, an asset management firm, highlighted a few stocks and NIO Inc. (NYSE:NIO) was one of them. Here is what the fund said:

“At the beginning of April, the CSRC (China Securities Regulatory Commission) announced possible changes in its regulation that would allow this inspection by foreign auditors, provided that the companies previously communicate to this body the state secrets that would be exposed, as well as the sensitive information that they might have to hand over, and the subsequent audit is carried out in a framework of collaboration with the CSRC. In short, a move in the direction desired by the SEC, although still far from the optimal result, that is, unrestricted access to information. While these negotiations between the two regulatory bodies are progressing, Chinese companies have to decide how best to preserve their interests. Other entities, such as the electric vehicle manufacturer Nio, have just started trading on this stock market.”