8 High Growth EV Stocks to Buy Now

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

Average 5-Year Revenue Growth: 10,395.71%

Number of Hedge Fund Holders: 36

Rivian Automotive, Inc. (NASDAQ:RIVN) is among the High Growth Stocks.

Goldman Sachs increased its price target for Rivian Automotive, Inc. (NASDAQ:RIVN) from $13 to $16 while keeping a Neutral rating, according to a December 12 report from TheFly. The firm referenced information from the company’s Autonomy & AI Day, where the company described a vision for vertically integrated software and hardware.

Goldman Sachs noted the launch of a paid Autonomy+ service model, a scaled autonomy plan starting in 2026, and a new internal compute platform. According to the analyst, Rivian Automotive, Inc. (NASDAQ:RIVN) defined the vehicle as a platform for high-profit software, with potential for greater autonomy, third-party integrations, and licensing in the years to come.

Separately, on December 12, TheFly revealed that after the same AI & Autonomy Day, Needham reaffirmed its Buy rating. It upgraded its price objective for Rivian Automotive, Inc. (NASDAQ:RIVN) from $14 to $23.

Needham stated that the event boosted confidence in the company’s positioning as software-defined vehicles become increasingly popular in the industry. The firm stressed Rivian Automotive, Inc. (NASDAQ:RIVN)’s vertical integration and claimed it permits more control over development and facilitates quicker learning. It also features iteration throughout the autonomous and driver interface technologies. According to Needham, Rivian Automotive, Inc. (NASDAQ:RIVN)’s long-lasting competitive edge is based on this strategy.

Rivian Automotive, Inc. (NASDAQ:RIVN) is a vehicle manufacturer that sells battery-electric vehicles in both the United States and Canada. The company creates software for autonomous driving along with vehicles. It also makes electronic control units for autos in a partnership with Volkswagen.

While we acknowledge the potential of RIVN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIVN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stock To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. 8 High Growth EV Stocks to Buy Now is originally published on Insider Monkey. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

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