Electric vehicles accounted for 5% of new car sales in 2020, and the number of EV units sold in 2021 is predicted to exceed 5 million. In 2020, China and Europe were the top two markets for electric vehicles, with 1.2 million in China and 1.4 million in Europe. In 2020, Europe’s entire car market shrank by 22%, but electric vehicle registrations reached an all-time high of 1.4 million. By the end of 2023, the electric car industry is likely to produce IPOs worth around $100 billion. Hedge funds are growing their investments in electric vehicle firms as the industry grows in popularity.
Here is Insider Monkey’s list of the 10 most popular EV stocks among famous hedge funds. Li Auto Inc. is a luxury and smart electric car manufacturer in China, and the company is a pioneer in the new energy vehicle sector. Insider Monkey’s database of elite funds revealed that 20 hedge funds were positive on Li Auto Inc., with stakes totaling $468.1 million. Point72 Asset Management grew its stake in Plug Power Inc. in the third quarter by 16 percent. The hedge fund held a nearly $19 million interest in the company. Solid state batteries from QuantumScape Corporation are poised to play a key role in the transition to electric vehicles. Insider Monkey’s third-quarter database revealed that 25 hedge funds were positive on QuantumScape, with a total investment of $197.4 million. Morgan Stanley has designated XPeng Inc. as a “Research Tactical Idea,” implying that the stock’s price will rise in absolute terms in the next 15 days. The dual listing in Hong Kong should mitigate the danger of halted operations and a shortage of cash. APH is a provider of industrial, corporate, and automotive connectivity solutions such as connectors and cable assemblies. 26 hedge funds were long Amphenol Corporation at the end of September, with a total holding of $898 million. For more details, click 10 Most Popular EV Stocks Among Famous Hedge Funds.