5 EV Stocks to Buy as Tesla’s Market Share Declines

2. Ford Motor Company (NYSE:F)

Number of Hedge Fund Holders: 46

Ford Motor Company (NYSE:F) is a Michigan-based automaker that specializes in sport utility vehicles, electrified vehicles, and Lincoln luxury vehicles. On June 22, the company announced plans to achieve zero carbon emissions for all vehicle sales in Europe by 2035. The company’s EV manufacturing plant in Valencia, Spain is expected to meet European demand later this decade. Similarly, Ford Motor Company (NYSE:F) spent $2 billion on its Cologne, Germany plant with the ambition of producing electric passenger vehicles beginning in 2023.

On June 1, Citi analyst Itay Michaeli maintained a Neutral rating on Ford Motor Company (NYSE:F) and lowered the price target on the shares to $15 from $18. The analyst’s latest “U.S. Vehicle Density Survey” was mixed, declining year-over-year but still reflecting an upward trend suggesting the U.S. SAAR can jump to more than 17 million in the coming years, which he thinks would potentially sustain tight supply/demand through 2024. Resultantly, the analyst is opening a “90-Day Upside Catalyst Watch” on Ford Motor Company (NYSE:F), observing a short-term scenario with “reassuring” U.S. auto data to benefit the stock.

According to Insider Monkey’s Q1 data, 46 hedge funds were bullish on Ford Motor Company (NYSE:F), with collective stakes worth $1.2 billion. Billionaire Ken Griffin’s Citadel Investment Group is one of the leading position holders in the company, with roughly 8 million shares worth $133.7 million. 

Here is what Baron Fund has to say about Ford Motor Company (NYSE:F) in its Q1 2022 investor letter:

“Ford (NYSE:F) is another example of typical industrial manufacturing business executive mindsets. The April 18, 2022, Bloomberg Businessweek cover story features Ford CEO Jim Farley behind the wheel of an electrified Ford F-150 Lightning. The article is titled, “Hey Elon, THIS is a truck.” I thought the article was terrific. One idea especially stood out to me. Since the F-150 is such a popular vehicle, it “argued for a gradual approach to electrification. Essentially the company retrofitted an existing F-150 with an electric powertrain rather than develop an entirely new truck.” No all-in financial and operation bet by this company on electrification.”