Billionaires Love These 5 EV Stocks

4. Rivian Automotive Inc. (NASDAQ:RIVN)

Hedge Fund Holdings: 35

Notable Billionaires Having Stakes in RIVN: Ken Griffin, Paul Tudor Jones, George Soros

Headquartered in Irvine, California, Rivian Automotive (NASDAQ:RIVN) is an American electric vehicle automaker and automotive technology company. The company has currently undertaken the manufacture and development of an electric sport utility vehicle and pickup truck on a skateboard platform, which will support future vehicles or be adopted by other companies. As of Q2 2022, Rivian Automotive (NASDAQ:RIVN) posted an EPS of -$1.62, beating estimates of -$1.63 by $0.01. Furthermore, the company reported a total revenue of $364 million in the second quarter of 2022.

Hedge fund sentiment around Rivian Automotive (NASDAQ:RIVN) has drastically increased in Q2 2022, with 35 hedge funds reporting stakes in the stock, compared to 29 hedge funds in Q1 2022. Of the 35 hedge funds long Rivian Automotive (NASDAQ:RIVN), at least 20 are managed by billionaires, the most prominent being Ken Griffin of Citadel Investment Group, Paul Tudor Jones of Tudor Investment Group, and George Soros of Soros Fund Management. As of the second quarter of 2022, billionaire Philippe Laffont of Coatue Management is the largest stakeholder in Rivian Automotive (NASDAQ:RIVN), having a total stake of $485.9 million.

Here is what Alger Capital had to say about Rivian Automotive (NASDAQ:RIVN)  in their Q2 2022 investor letter:

“Rivian Automotive, Inc. (NASDAQ:RIVN) is a vertically integrated electric vehicle (EV) manufacturer producing consumer and commercial vehicles. Rivian (NASDAQ:RIVN) plans to capture more of the lifetime value of vehicles than traditional original equipment manufacturers by offering insurance, software like advanced driver assistance, and charging network memberships. the shares contributed to performance as Rivian’s (NASDAQ:RIVN) quarterly production rate accelerated despite industry supply chain issues.

Additionally, management reiterated its guidance and explained that it has significant pre-orders (including a large delivery van order) and increased pricing underscores healthy demand for its vehicles.”