8 Best EV Stocks To Buy Right Now

3. Ford Motor Company (NYSE:F)

Number of Hedge Funds Holders: 47

Taking the third spot on our list of best EV stocks is Ford Motor Company (NYSE:F), known for its Ford and Lincoln brands. It is transitioning to electrification by converting key models like the Mustang, F-150, and Transit into electric versions, including the Mustang Mach-E and F-150 Lightning. The company is investing in facilities like the Rouge Electric Vehicle Center and focusing on improving battery technology, including solid-state batteries, to achieve carbon neutrality by 2050.

However, due to rising competition and declining global EV sales, the company has reduced its focus on EVs and is shifting toward hybrid technology. By the end of the decade, the company plans to offer hybrid options across its Ford Blue lineup in North America.

In the third quarter, Ford’s (NYSE:F) U.S. retail sales grew 4%, outperforming the market, and its EV sales increased by 12%. It also leads in hybrid truck sales. The F-150 hybrid saw a 64% sales jump, while Lincoln’s sales rose by 26%, with the Nautilus experiencing its best third quarter since 2007. Explorer sales also increased by 25%. Its EV sales are up 45% year-to-date, led by the F-150 Lightning and E-Transit van, and its Ford Pro Intelligence software platform saw a 30% subscription growth.

Ford (NYSE:F) CEO has said that the company plans to introduce a $30,000 all-electric vehicle in about two and a half years, aiming to compete with Chinese automakers and Tesla’s entry-level model. Farley stressed the importance of smaller, affordable EVs over larger electric trucks and SUVs, which he views as less profitable due to the high cost of large batteries. Ford (NYSE:F) is shifting focus to smaller EVs for both economic and environmental reasons.