10 Best Self-Driving Technology Stocks To Buy According to Hedge Funds

6. General Motors Company (NYSE:GM)

Number of Hedge Fund Investors In Q3 2024: 64

General Motors Company (NYSE:GM) is an iconic American car manufacturer that is one of the biggest players in the internal combustion car industry. The firm’s Cruise platform also makes it a key player in the autonomous driving industry. General Motors Company (NYSE:GM)’s Cruise, along with Tesla’s FSD and Google’s Waymo is one of the most well-developed self-driving platforms in the US. General Motors Company (NYSE:GM) is also making key inroads in the robotaxi service, as the firm has partnered up with Uber to launch a trial service in 2025. Its sizable resources, as evidenced by $18.9 billion in cash and equivalents provide it with sufficient room to fund risky and capital-intensive technologies like autonomous driving. As of June 2024, General Motors Company (NYSE:GM) had invested a whopping $8 billion in Cruise and generated losses exceeding $3 billion. Subsequently, not only does it have to drive profit from the platform to convince investors about the merit of funneling billions in a business, but its investments are also crucial for driving the autonomous industry forward.

General Motors Company (NYSE:GM)’s management commented on Cruise during the Q3 2024 earnings call. Here is what they said:

“Cruise expenses were $400 million in the quarter, down $350 million from a year-ago, reflecting a reduction in operational activities. We are continually looking for opportunities to prioritize further expense reductions even as we continue to make progress.”