5 Best EV Stocks to Buy Now

3. Ford Motor Company (NYSE:F)

Number of Hedge Fund Holders: 46

Ford Motor Company (NYSE:F) is engaged in manufacturing automobiles under its Ford and Lincoln brands. In March 2022, the company made an announcement that it will run its combustion engine business, Ford Blue, and its BEV business, Ford Model e, as separate businesses.

The company has maintained its FY22 outlook of $11.5 billion-$12.5 billion for adjusted EBIT. It anticipates posting adjusted FCF for FY22 of $5.5 billion-$6.5 billion. The outlook numbers are being backed by solid demand and pricing environment for its vehicles.

EV sales of the company jumped 221.5% in May. The company commented that it is ~4 times faster in comparison to overall EV sales growth in the United States.

In the same month, Ford Motor Company (NYSE:F) commenced selling its F-150 Lightning pickups, and the company said over 75% of its customers booking all-electric truck are new to the company. Therefore, we can now have a fair idea about the market size which F-150 Lightning can capture in upcoming years. The company has plans to invest ~$3.7 billion and add over 6,200 new union jobs at 3 of its plants. This investment comes on the heels of its decision to ramp up production of gas-powered and EVs both.

At the end of the first quarter of 2022, 46 hedge funds in the database of Insider Monkey held stakes worth $1.23 billion in Ford Motor Company (NYSE:F), down from 53 in the preceding quarter worth $1.70 billion. Recently, BNP Paribas initiated coverage on the company, and gave it an “Outperform” rating.