Dan Niles says he likes this stock as a 'very cheap' way to play the electric vehicle market

Daniel Niles
John Chiala | CNBC

Hedge fund manager Dan Niles told CNBC on Wednesday he likes shares of Magna International as an attractively priced way to get exposure to the buzzy electric vehicle market.

EVs have been in the spotlight on Wall Street in recent months as a flurry of startups go public through reverse mergers with special purpose acquisition companies, and as established auto titans like General Motors and Ford ramp up their investments to compete with established players such as Tesla.

"Obviously, everybody likes electric vehicle stocks so Tesla, companies that don't make any money today but are going to be huge 10 years from now, etc.," Niles, founder and senior portfolio manager for the Satori Fund, said on "Closing Bell." "For us, I'm a value investor. I like growth at a reasonable price."

That's where Canadian auto supplier Magna International enters the fold for Niles.

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