Billionaires Love These 5 EV Stocks

1. General Motors Company (NYSE:GM)

Hedge Fund Holdings: 75

Notable Billionaires Having Stakes in GM: Warren Buffett, D.E Shaw, Ken Griffin

Headquartered in Detroit, Michigan, the General Motors Company (NYSE:GM) is an American multinational automotive manufacturing company which operates manufacturing plants in eight countries. Its four core brands include Chevrolet, Buick, GMC, and Cadillac, making it the largest automaker in the United States. On July 27, Wedbush analyst Daniel Ives lowered the price target on General Motors (NYSE:GM) to $42 from $50, maintaining an Outperform rating on the stock. The analyst noted that General Motors (NYSE:GM) reported Q2 results which were marred with a myriad of supply chain issues, which he views as a clear near-term headwind for the Detroit-based stalwart. Nonetheless, Ives ascertained that General Motors (NYSE:GM) has a strong and detailed EV vision looking at the company’s plans over the next decade. On the guidance front, the company reiterated its guidance for full year 2022 with a healthy second half of the year ramp now on the horizon.

Investor interest around General Motors (NYSE:GM) has slightly decreased in Q2 2022, with 75 hedge funds long the stock, compared to 76 in the preceding quarter. Famous billionaires like Warren Buffett of Berkshire Hathaway, D.E Shaw of D E Shaw, and Ken Griffin of Citadel Investment Group have stakes in the company.

Here is what Diamond Hill Capital had to say about General Motors (NYSE:GM) in their Q1 2022 investor letter, a copy of which can be obtained here:

“General Motors—and the auto industry in general—continues to face headwinds related to supply chain disruptions and raw material cost inflation. In addition, uncertainty surrounding global energy markets due to inflation and the conflict in Ukraine has created a greater economic burden on consumers, which tends to slow automotive sales.”

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