5 Best Automotive Stocks to Invest in Now

2. Toyota Motor Corporation (NYSE: TM)

Number of Hedge Fund Holders: 11

Toyota Motor Corporation (NYSE: TM) is a Japan-based multinational automotive company. The company makes regular cars, hybrid cars, and has also started growing in the electric vehicle market. Some of the more famous vehicles it makes include the Prius, Camry, JPN TAXI, Avalon, Crown, Century HV, Corolla SD, and Corolla Sport. The firm also provides financial services related to cars and operates in more than 170 countries. It was founded in 1933 and is ranked second on our list of 10 best automotive stocks to invest in now.

On April 27, Toyota Motor Corporation (NYSE: TM) announced that it was purchasing the self-driving unit of ride hailing service Lyft for $550 million. As part of the agreement, the self-driving unit has been tasked to improve the safety of autonomous drives and accelerate the development of self-driving cars for the Japanese carmaker. 

At the end of the fourth quarter of 2020, 11 hedge funds in the database of Insider Monkey held stakes worth $797 million in the firm, down from 12 in the preceding quarter worth $698 million.