5 Best Electric Car Stocks to Buy Now

1. General Motors Company (NYSE: GM)

Number of Hedge Fund Holders: 86

General Motors Company (NYSE: GM) tops our list of the best electric car stocks to buy now. It is an American vehicle company that manufactures and markets vehicles and vehicles parts. The company’s ‘Electrification’ project plans to offer over 30 new electrical vehicles by 2025. The Ultium batteries will allow the company to reach 90% lower combustion engines. General Motors Company (NYSE: GM) is the parent company of some of the most famous vehicles companies, such as Chevrolet, Cadillac, Opel, etc.

In Q1 2021, General Motors Company (NYSE: GM) reported a net income of $3.02 billion, up from $0.3 billion during the same period last year. The EPS beat the market consensus by $1.21 at $2.25. The consolidated revenue stood at $32.5 billion for the quarter. For 2021, the company expects a net income of between $6.8 billion to $7.6 billion. John Muphy, an analyst at BofA, expects solid earnings from General Motors Company (NYSE: GM) in Q2. He rated the GM stock as a ‘Buy’ with a $90 price target. The GM stock has delivered a 121.6% return to shareholders in the past year.

The hedge funds are also turning bullish on General Motors Company (NYSE: GM), as in Q1 2021, 86 funds have positions in the company, compared with 70 in the previous quarter.

Junto Investments published its Q4 2020 investor letter and mentioned General Motors Company (NYSE: GM) and other stocks in it. Here is what the investment management firm has to say about GM:

“General Motors was the biggest gainer. We managed to buy it at a screamingly cheap price in the middle of March. A lot of interesting news has emerged about GM recently, including the new electric product delivery system BrightDrop and GM Cruise’s team-up with Microsoft Azure to commercialize self-driving cars in 2021. GM’s intrinsic value is crystallizing and the company is worth a whole lot more than is still reflected in the market.”

You can also take a look at 10 Best EV SPACs to Buy Now and 21 Best Electric Cars of 2021.

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