16 Best EV Stocks Under $50
In this article, we will take a look at the 16 best EV stocks under $50. To see more such companies, go directly to 5 Best EV Stocks Under $50.
The EV industry remains one of the biggest growth sectors in the world as companies and governments all over the world pour billions into electrification of the car industry. EV sales in the US alone jumped about 50% this year through September. The sales growth of EVs was much bigger than that of the traditional car sales, which came in at just 10% in the period, according to data from Motor Intelligence. EVs still accounted for about 7.2% of the total sales from January through June this year. While this was up 5.4% on a YoY basis, the small market share shows that car companies still have huge growth potential when it comes to the EV sector.
However, a recent Wall Street Journal report highlighted some hiccups in the EV industry. Inventory at EV companies is piling up and sales growth this year slowed down when compared to last year. The report cited several industry experts who said that customers these days are hesitant while buying electric vehicles as hybrid cars are seeing more popularity. Car companies have been offering huge discounts lately to prop up their EV sales. Analysts believe a number of factors are causing a slowdown in EV sales, which include range anxiety and high costs. But all of these are short-term factors which are going to go away in the long term and EVs will become the mainstream choice for car buyers in the future. This makes the EV sector one of the best long-term investment choice for wise investors.
For this article we scanned Insider Monkey’s database of 910 hedge funds and picked 16 EV stocks trading under $50 as of October 26 with the highest number of hedge fund investors. That means these are the best EV stocks under $50 according to smart money investors.
16. Blink Charging Co. (NASDAQ:BLNK)
Number of Hedge Fund Holders: 5
EV charging equipment company Blink Charging Co. (NASDAQ:BLNK) ranks 16th in our list of the best EV stocks under $50 to buy according to hedge funds.
As of the end of the second quarter of 2023, just five hedge funds in Insider Monkey’s database of 910 hedge funds had stakes in Blink Charging Co. (NASDAQ:BLNK). The biggest stakeholder of Blink Charging Co. (NASDAQ:BLNK) during this period was Daniel S. Och’s Sculptor Capital which had a $1.82 million stake in the company.
15. Workhorse Group Inc. (NASDAQ:WKHS)
Number of Hedge Fund Holders: 8
Ohio-based EV manufacturer Workhorse Group Inc. (NASDAQ:WKHS) shares have taken a beating this year, having lost about 74% in value through October 24. However, Workhorse Group Inc. (NASDAQ:WKHS) recently rallied after the company gave a positive update on its drone business.
Eight hedge funds in Insider Monkey’s database had stakes in Workhorse Group Inc. (NASDAQ:WKHS) as of the end of the second quarter of 2023.
14. LiveWire Group, Inc. (NYSE:LVWR)
Number of Hedge Fund Holders: 10
Electric motorcycle company LiveWire Group, Inc. (NYSE:LVWR) ranks 14th in our list of the best EV stocks under $50 according to hedge funds. Out of the 910 hedge funds in Insider Monkey’s database, 10 hedge funds reported owning stakes in LiveWire Group, Inc. (NYSE:LVWR).
13. Fisker Inc. (NYSE:FSR)
Number of Hedge Fund Holders: 11
California-based EV company Fisker Inc. (NYSE:FSR) was in the news recently after the company announced price reduction for its Fisker Ocean Extreme.
As of the end of the second quarter of 2023, 11 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Fisker Inc. (NYSE:FSR). The most significant stakeholder of Fisker Inc. (NYSE:FSR) was Louis Bacon’s Moore Global Investments which owns a $57 million stake in the company.
12. Lithium Americas Corp. (NYSE:LAC)
Number of Hedge Fund Holders: 12
Canadian lithium mining company Lithium Americas Corp. (NYSE:LAC) makes it to our list of the best EV stocks since lithium is expected to see huge demand amid its use in EV batteries.
Out of the 910 hedge funds tracked by Insider Monkey, 12 hedge funds out of the 910 hedge funds reported owning stakes in Lithium Americas Corp. (NYSE:LAC). The biggest hedge fund stakeholder of Lithium Americas Corp. (NYSE:LAC) was Israel Englander’s Millennium Management which owns an $18.8 million stake in the company.
Massif Capital made the following comment about Lithium Americas Corp. (NYSE:LAC) in its Q1 2023 investor letter:
“During the first quarter, Lithium Americas Corp. (NYSE:LAC) had several positive events, including a favorable record of decision ruling for Thacker Pass, paving the way for construction of the mine to start, a revised Thacker resource/cost estimates, and GM’s financing/offtake agreement. Even though LAC is non-producing and its stock is down 34% over the past year (compared to the larger lithium producer’s 3%), the stock remains one of our favorites with multiple catalysts (and still up roughly 600% from our initial purchase price):
Cauchari-Olaroz Stage I first production in sight and Stage II initiation by year-end, Substantial earthworks beginning 2H23 at Thacker, Growth potential with greater guidance on Pastos Grandes, and Formal separation of North American Assets and Argentine assets into separate publicly traded entities. As Cauchari-Olaroz in Argentina and Thacker Pass come online, volumes will effectively be marked at leading-edge pricing. As such, it seems prudent to continue underwriting growth, especially given the firm’s experienced management team with a visible pipeline to incremental supply before 2025. These qualities make one or both post-separation entities attractive buyout targets for numerous suitors…”
11. Canoo Inc. (NASDAQ:GOEV)
Number of Hedge Fund Holders: 13
Canoo Inc. (NASDAQ:GOEV) is a California-based EV company. Canoo Inc. (NASDAQ:GOEV) is not having a good time in 2023, losing 77% in the year through October 24.
Insider Monkey’s database of 910 hedge funds shows that 13 hedge funds had stakes in Canoo Inc. (NASDAQ:GOEV). The biggest hedge fund stakeholder of Canoo Inc. (NASDAQ:GOEV) during this period was Israel Englander’s Millennium Management which owns a $1.94 million stake in the company.
Earlier this month Canoo Inc. (NASDAQ:GOEV) said it entered into a purchase agreement with a foreign strategic institutional investor, for an investment of $45 million.
10. ChargePoint Holdings, Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 15
EV infrastructure company ChargePoint Holdings, Inc. (NYSE:CHPT) ranks 10th in our list of the best EV stocks under $50 according to hedge funds. ChargePoint Holdings, Inc. (NYSE:CHPT) recently revealed plans to introduce North American Charging Station (NACS) connectors, after which Tesla owners will be able to use the company’s installations to charge their cars.
Insider Monkey’s database of 910 hedge funds shows that 15 hedge funds had stakes in ChargePoint Holdings, Inc. (NYSE:CHPT) as of the end of the second quarter of 2023.
9. XPeng Inc. (NYSE:XPEV)
Number of Hedge Fund Holders: 17
XPeng Inc. (NYSE:XPEV) was in the news in late September and October amid its expansion in the Middle East. XPeng Inc. (NYSE:XPEV) shipped 750 vehicles for the Israeli market from its port in Guangzhou.
Of the 910 hedge funds tracked by Insider Monkey, 17 hedge funds reported owning stakes in XPeng Inc. (NYSE:XPEV). The biggest stakeholder of XPeng Inc. (NYSE:XPEV) was Ken Griffin’s Citadel Investment Group which owns a $35.1 million stake in the company.
8. Lucid Group, Inc. (NASDAQ:LCID)
Number of Hedge Fund Holders: 18
EV luxury cars company Lucid Group, Inc. (NASDAQ:LCID) ranks 8th in our list of the best EV stocks to buy under $50. As of the end of the second quarter of 2023, 18 hedge funds out of the 910 hedge funds tracked by Insider Monkey reported owning stakes in Lucid Group, Inc. (NASDAQ:LCID).
Lucid Group, Inc. (NASDAQ:LCID) shares recently jumped after the company launched a referral program in the U.S.
In September, Lucid’s Chief Engineer Eric Bach said during an interview with CNBC that Lucid Group, Inc. (NASDAQ:LCID) is planning to launch its cars in China in the future. He added Lucid Group, Inc. (NASDAQ:LCID) has already made initial investments in the country.
7. NIO Inc. (NYSE:NIO)
Number of Hedge Fund Holders: 19
Chinese EV company NIO Inc. (NYSE:NIO) ranks 7th in our list of the best EV stocks to buy under $50. Recently, it was reported by Reuters that NIO Inc. (NYSE:NIO) is mulling to build a dealer network in Europe to help boost electric vehicle sales. Reuters said NIO Inc. (NYSE:NIO) is already reaching out to dealers in Europe to boost its sales in the region.
NIO Inc. (NYSE:NIO)’s management also talked about the steps the company is taking to boost sales during Q2 earnings call. Nio’s CEO William Li, answering a question during the call, said:
“…So starting from June and — July and August, we have taken a more active manner in improving our sales capabilities. And with that, we hope that the company will be able to support the new orders of 30,000 units per month that will be contributed by our sales network as well as the personnel increase.
So that by the end of September, we will be able to realize that target. Of course, it takes time for us to really train the personnel and also to find the locations. So, we will have that initial capability ready by the end of September, and then the real effect will kick in from October. That is our existing plan for the improvement. This is also why starting July and August, we’ve been taking some active measures and actions in expanding our sales network and touchpoints, especially in lower-tier cities where we don’t have a full-fledged facilities or stores, we hope to really secure and hire experience and seasoned salespersons who have their networks and user bases already to help us with the sales test. And regarding your second question, in July, we have delivered more than 20,000 vehicles.”
Read the full earnings call transcript here.
6. Plug Power Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 20
Plug Power Inc. (NASDAQ:PLUG) is one of the most famous stocks in the EV charging technologies industry. Plug Power Inc. (NASDAQ:PLUG) jumped earlier this month after the company said it expects to generate about $6 billion in revenues by 2027 and $20 billion by 2030.
Of the 910 hedge funds in Insider Monkey’s database, 20 hedge funds reported owning stakes in Plug Power Inc. (NASDAQ:PLUG). The biggest stakeholder of Plug Power Inc. (NASDAQ:PLUG) during this period was Philippe Laffont’s Coatue Management which owns a $51 million stake in the company.
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Disclosure: None. 16 Best EV Stocks Under $50 is originally published on Insider Monkey.