12 Cheap EV Stocks to Buy According to Hedge Funds

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10. Honda Motor Co., Ltd. (NYSE:HMC)

Forward P/E: 6.46

Number of Hedge Fund Holders: 14

Honda Motor Co., Ltd. (NYSE:HMC), or simply Honda, is a Japanese multinational corporation. The company operates globally and its main products are automobiles, motorcycles, and power products. Honda Motor Co., Ltd. (NYSE:HMC) is aiming to make battery-electric and fuel-cell electric vehicles represent 100% of its global vehicle sales by 2040. Globally, the company plans to launch a total of seven “0 Series” EV models ranging from small to large size by 2030. HMC is one of the best cheap EV stocks to invest in.

The company is investing heavily in its EV strategy. In January 2025, Honda Motor Co., Ltd. (NYSE:HMC) unveiled its first two models in the new Honda 0 series at the Consumer Electronics Show (CES), the Honda 0 SUV and Honda 0 Saloon prototypes. The company announced that production of models based on both prototypes will begin in North America in 2026 at Honda’s EV Hub in Ohio and will later expand to global markets. Additionally, Honda Motor Co., Ltd. (NYSE:HMC) is collaborating with Renesas Electronics Corporation to develop advanced system-on-chip technology for future 0 Series models in the late 2020s and plans to introduce a Home Energy Management System to make EV ownership easier.

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