5 Best Battery Stocks To Buy Heading Into 2023

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 74

General Motors Company (NYSE:GM) designs, manufactures, and sells trucks, crossovers, cars, and automobile parts and accessories in North America, the Asia Pacific, the Middle East, Africa, South America, the United States, and China. On December 2, General Motors and LG Energy Solution disclosed that they will spend an additional $275 million in their joint venture battery plant in Tennessee to increase production by more than 40%. The new investment follows the $2.3 billion announced in April 2021 to construct the 2.8 million square-foot facility. It is one of the best battery stocks to invest in. 

On November 18, Wedbush analyst Daniel Ives told investors that General Motors Company (NYSE:GM)’s Investor Day event was “impressive” and that it was a “check up” on GM’s electrification strategy and update for the Street around advancements on that vision. The analyst noted that GM “easily could have been more cautious” around targets, battery production, and overall demand looking ahead for the coming years, but instead management “came out swinging” as General Motors Company (NYSE:GM) is very confident in its long-term EV targets. The company also reinforced its ambition through 2030 as the Ultium battery ecosystem has been buzzing despite global production/component problems.

According to Insider Monkey’s data, 74 hedge funds were long General Motors Company (NYSE:GM) at the end of the third quarter of 2022, compared to 75 funds in the prior quarter. Warren Buffett’s Berkshire Hathaway held the largest position in the company, comprising 50 million shares worth $1.60 billion. 

Diamond Hill made the following comment about General Motors Company (NYSE:GM) in its Q3 2022 investor letter:

“Most recently, we initiated a position in General Motors Company (NYSE:GM), one of the largest automakers in the United States. Over the past several years, GM has taken steps necessary to focus the company on the most profitable segments and move into position to compete in an electrified and autonomous world. With the recent rise in interest rates there was a meaningful selloff in the auto industry, which presented us with an attractive entry point to a name we know well.”