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Wall Street analysts are picking these 10 EV manufacturers as stocks to buy if you think Tesla’s overvalued —with half of them offering potential returns of over 100%

Rivian IPO Nasdaq EV electric vehicles cars
Rivian’s blockbuster IPO last year valued the Tesla rival at $86 billion.

Michael M. Santiago/Getty Images

  • Wall Street price targets suggest Tesla’s stock price could stagnate this year.
  • Analysts have identified 10 publicly-listed competitors as stocks to buy, according to TipRanks.
  • Five electric vehicle manufacturers offer upside of over 100%.

If you ask a retail investor for their thoughts on electric-vehicle stocks, chances are it won’t be long before they bring up Tesla.

Elon Musk’s firm enjoyed a successful 2021, with shares surging 43% over the past year to almost $1,100. More recently, Tesla’s promising fourth-quarter results inspired a 10% rally in the stock in a single day.

But there’s more to the sector than just Tesla. There are currently 19 EV manufacturers listed on US exchanges, with market capitalizations ranging from just $250 million, to $75 billion.

EV start-up Rivian established itself as a potential future Tesla rival last year, with a blockbuster November IPO that valued the company at $86 billion. Ten Wall Street analysts currently have a ‘buy’ rating on Rivian, with an average upside of 54% for the stock, according to the data insights firm TipRanks.

“Supply help is on the way, as Rivian now will be breaking ground on a new second US factory in Georgia, which will be a key production artery for the company over the coming years,” Wedbush analyst Daniel Ives said in a recent research note. He set a price target for shares at $130, representing an upside of 60%.

Analysts’ outlook on Tesla is more mixed. Of 29 analysts surveyed by TipRanks within the last three months, nine said investors should hold the stock, while five gave Tesla a ‘sell’ rating.

“Tesla does have a first-mover advantage in the EV revolution, but it is unclear whether the company will be dominant over the longer-term,” Bank of America analyst John Murphy said, maintaining a $1,200 price target.

We identified which EV manufacturing firms currently offer greater upside potential than Tesla, according to Wall Street analysts. The 10 stocks are listed below – five have an average target price upside of over 100%.

Rivian

RIVN share price

Markets Insider

Ticker: RIVN

Current price: $87.33

Target price: $134.64

Target price upside: 54%

NIO

NIO share price

Markets Insider

Ticker: NIO

Current price: $29.32

Target price: $61.86

Target price upside: 111%

XPeng

XPEV share price

Markets Insider

Ticker: XPEV

Current price: $46.69

Target price: $62.96

Target price upside: 35%

Li Auto

LI share price

Markets Insider

Ticker: LI

Current price: $28.38

Target price: $49.99

Target price upside: 76%

Fisker

FSR share price

Markets Insider

Ticker: FSR

Current price: $16.32

Target price: $27.00

Target price upside: 65%

Arrival

ARVL share price

Markets Insider

Ticker: ARVL

Current price: $6.92

Target price: $16.50

Target price upside: 138%

REE Automotive

REE share price

Markets Insider

Ticker: REE

Current price: $5.84

Target price: $20.00

Target price upside: 242%

Canoo

GOEV share price

Markets Insider

Ticker: GOEV

Current price: $7.10

Target price: $14.00

Target price upside: 97%

NIU

NIU share price

Markets Insider

Ticker: NIU

Current price: $16.34

Target price: $38.50

Target price upside: 136%

Sono

SEV share price

Markets Insider

Ticker: SEV

Current price: $8.42

Target price: $22.00

Target price upside: 161%

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