13 Most Promising EV Stocks to Buy According to Hedge Funds

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 72

General Motors Company (NYSE:GM) is a leading global automotive manufacturer known for brands such as Chevrolet, Buick, GMC, and Cadillac. The company offers a diverse range of vehicles, from affordable options to luxury models, and announced and promoted its transition towards an all-electric future with its Ultium Platform.

However, the company announced on October 8 that it will abandon the “Ultium” branding for its electric vehicle batteries and associated technologies as part of a strategic reevaluation of its EV and battery operations. This decision was revealed ahead of an investor event. While the company’s EV and EV battery operations will continue, the name Ultium is going.

Although General Motors (NYSE:GM) has revised its EV sales targets, it reported notable growth as it sold nearly 21,000 EVs in July and August, nearly matching total sales from the second quarter. GM aims for profitability in EV production at an output of 200,000 units and is committed to becoming fully electric by 2035.

In the third quarter, it experienced a 3% increase in U.S. retail sales, totaling 659,601 vehicles, despite a 2% decline in overall deliveries. EV sales reached a record high of 32,095 units, a 60% increase year-over-year. General Motors (NYSE:GM) plans to launch five ICE models and two new EVs in the fourth quarter.

The company recently showed its optimistic 2025 outlook to financial analysts at its Spring Hill, Tennessee site. The company reported strong sales for both gas-powered vehicles and EVs, becoming the second-largest EV seller in North America with plans to produce around 200,000 GM-branded EVs this year.

Its diverse EV lineup, including models like the Chevrolet Equinox EV and Cadillac LYRIQ, addresses range anxiety with most models offering over 300 miles per charge. As the company nears EV profitability, it benefits from declining battery costs and reduced fixed expenses. For the future, GM will continue to launch new gas and diesel SUVs while maintaining capital spending levels for 2025.