5 Fastest Growing Auto Stocks in the World

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

Number of Hedge Fund Holders: 30     

Rivian Automotive, Inc. (NASDAQ:RIVN) designs, develops, manufactures, and sells electric vehicles and accessories. On October 4, Rivian announced its electric vehicle production and delivery numbers for the third quarter of 2022. During the period, the company produced at its manufacturing facility in Normal, Illinois, 7,363 BEVs, which is 67% more than in the second quarter. Deliveries amounted to 6,584, up 47% compared to the second quarter.

On December 20, Cantor Fitzgerald analyst Andres Sheppard initiated coverage of Rivian Automotive (NASDAQ:RIVN) stock with an Overweight rating and $22 price target, noting that the company gains from a unique product lineup, significant support from Amazon, and a private charging network.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Coatue Management is a leading shareholder in Rivian Automotive, Inc. (NASDAQ:RIVN) with 19.6 million shares worth more than $645 million. 

In its Q3 2022 investor letter, Meridian Funds, an asset management firm, highlighted a few stocks and Rivian Automotive, Inc. (NASDAQ:RIVN) was one of them. Here is what the fund said:

“Rivian Automotive, Inc. (NASDAQ:RIVN) manufactures electric vehicles (EVs) for the consumer and commercial markets. We initially invested in the company when it was privately owned. Among the many things that differentiate this startup is its substantial cash balance and relationship with Amazon, which is both an investor in the company and the first customer for Rivian’s commercial van. Several positive developments contributed to share strength in the quarter, including the company’s announcement that production of its R1 pickup trucks and EV delivery vans increased nearly 70% over the previous quarter. Management also reaffirmed its production target of 25,000 vehicles for 2022. Despite raising the price of its R1 truck earlier this year, Rivian continued to see strong demand for its vehicles, demonstrated by 98,000 pre-orders for its R1 truck and SUV. Although we are pleased with the company’s progress, we liquidated our position as Rivian approached the high end of our market cap threshold and its relative valuation became less attractive.”