5 Hot EV Stocks To Buy Now

In this article, we discuss the 5 hot EV stocks to buy now. If you want to read about some more EV stocks that are active in the market, go directly to 11 Hot EV Stocks To Buy Now.

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

Number of Hedge Fund Holders: 35

Avg Volume: 38.85 million

Rivian Automotive, Inc. (NASDAQ:RIVN), headquartered in Irvine, California, is an automotive company specializing in the design, development, manufacturing, and sale of electric vehicles and related accessories. The company is positioned to capitalize on the ongoing electrification trend within the auto industry as the shift away from fossil fuels gains momentum.

As of the end of the third quarter of 2023, 35 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Rivian Automotive, Inc. (NASDAQ:RIVN). The most significant stakeholder of Rivian Automotive, Inc. (NASDAQ:RIVN) was Daniel Sundheim’s D1 Capital Partners which owns a $327.38 million stake in the company.

Here is what Baron Global Advantage Fund has to say about Rivian Automotive, Inc. (NASDAQ:RIVN) in its Q3 2023 investor letter:

“Shares of Rivian Automotive, Inc., a U.S.-based electric vehicle manufacturer, continued their volatile trading, and after declining during the first half of 2023, rose 45.7% during the third quarter. Rivian’s unit economics are improving as a result of several factors: i) the company’s production rate is increasing, which enables it to better absorb fixed costs; ii) Rivian is ramping-up the usage of more price effective technologies, such as LFP batteries and its in-house developed motor, Enduro; and iii) the company is benefiting from renegotiated supplier agreements, as its scale and purchasing power have significantly increased over the last few years. Management expects continued progress in profitability ahead as Rivian further scales production. We remain shareholders and believe that the release of Rivian’s new smaller SUV dubbed R2, which is planned for early 2024, would enable the company to compete in the higher volume SUV segment, and significantly expand its addressable market. On the liquidity front, we expect the company to raise additional funds to support its longer-term business plans.”