5 Best Electric Car Stocks To Buy Now

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 74

General Motors Company (NYSE:GM) is another leading automaker that is making strides in the electric vehicle industry. The company has poured hefty investments into the development of electric vehicles which has resulted in the release of several successful models including the GMC Hummer EV, Cadillac LYRIQ, and the Chevrolet Bolt EV. General Motors Company (NYSE:GM) is well-positioned to benefit from the secular growth trends in the electric vehicle industry and is ranked high among the best electric car stocks to buy now.

On October 25, General Motors Company (NYSE:GM) posted strong earnings for the fiscal third quarter of 2022. The company reported an EPS of $2.25 and outperformed consensus by $0.37. The company’s revenue for the quarter amounted to $41.89 billion, up 56.42% year over year. Shortly after the company’s earnings release, JPMorgan analyst Ryan Brinkman raised his price target on General Motors Company (NYSE:GM) to $59 from $58 and remained Overweight on the shares.

At the close of the third quarter of 2022, 74 hedge funds were eager on General Motors Company (NYSE:GM) and held stakes worth $3.32 billion. This is compared to 75 positions in the previous quarter with stakes worth $3.44 billion. As of September 30, Berkshire Hathaway is the largest shareholder in General Motors Company (NYSE:GM) and has stakes worth $1.60 billion in the company.

Here is what Diamond Hill Capital had to say about General Motors Company (NYSE:GM) in its third-quarter 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 an attractive entry point to a name we know well.”