5 Best EV Stocks to Buy Now

1. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 76

General Motors Company (NYSE:GM) designs, builds and sells trucks, crossovers, cars and automobile parts worldwide. Cruise is the company’s global segment, which takes care of the development and commercialization of autonomous vehicle technology. Its automotive operations address the demands of its customers through automotive segments: GM North America and GM International.

By the end of the first quarter of 2022, 76 hedge funds out of the 912 tracked by Insider Monkey held stakes in this company. The total value of their stakes was $5.50 billion. Comparatively, in the previous quarter, 90 hedge funds held stakes in the company worth $7.13 billion. The company ranks 1st on our list of the 11 best EV stocks to buy now.

In the first quarter of 2022, the company saw EBIT-adjusted of $4 billion. This solid start to the year was off the back of strong customer demand for its products. General Motors Company (NYSE:GM) expects reporting diluted EPS in the range of $5.76-$6.76 for FY22. The company anticipates FY22 net income of between $9.6 billion-$11.2 billion. The company expects that its biggest opportunity in North America is in electric trucks.

General Motors Company (NYSE:GM) continues to make progress on the electrification of their offerings. The company has plans to launch 30 EVs by the year 2025. By the mid-decade, plans are there to sell more than 2 million EVs annually only in North America. It has been betting big on battery technology and autonomous driving given its plans to invest ~$35 billion on these verticals.

Oakmark Funds, an investment management firm, published its 1Q22 investor letter and mentioned General Motors Company (NYSE:GM). Here is what the fund said:

“General Motors (NYSE:GM) was a detractor during the quarter, due to increased macro uncertainty, higher fuel prices, and concerns over rising input costs, which pressured the company in particular and the auto industry as a whole. While we are closely monitoring the potential impact of these dynamics, industry demand remains robust, driven by strong consumer balance sheets and pent-up demand after multiple years of constrained production. We also remain confident in GM’s ability to navigate a complex operating environment, which the company has consistently demonstrated over the past few years. Finally, the long-term picture remains bright. We believe GM is significantly undervalued, is well-positioned for the long-term transition to electric vehicles and has numerous needle-moving ancillary business opportunities (most notably Cruise, which is an industry leader in autonomous vehicle technology) that are underappreciated.”

You can also take a peek at Top 10 Electric Bike Companies in the World  and 10 Electric Car Stocks to Buy for 2022

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