Forget Tesla: 5 Cheap EV Stocks to Buy Now

In this article, we discuss the 5 cheap EV stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to Forget Tesla: 10 Cheap EV Stocks to Buy Now. At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Keeping this in mind let’s take a look at the cheap EV stocks to buy:

5. Stellantis N.V. (NYSE: STLA)

Number of Hedge Fund Holders: 21   

Price as of August 13, 2021: $21.70

Stellantis N.V. (NYSE: STLA) is a Netherlands-based company that develops and sells different types of automotives. It is ranked fifth on our list of 10 cheap EV stocks to buy now. It has a market cap of more than $66 billion and posted over $74 billion in revenue last year. The firm has already announced a jam-packed EV lineup this year, with 11 battery electric vehicles and 10 plug-in hybrids set to debut on the market over the next two years. The firm controls more than 23% of the EV market in South America, making it the largest EV firm in the region. 

On August 4, investment advisory JPMorgan reiterated an Overweight rating on Stellantis N.V. (NYSE: STLA) stock and raised the price target to EUR27 from EUR20. Jose Asumendi, an analyst at the firm, issued the ratings update. 

At the end of the first quarter of 2021, 21 hedge funds in the database of Insider Monkey held stakes worth $751 million in Stellantis N.V. (NYSE: STLA), up from 19 in the previous quarter worth $359 million.