5 Best Electric Vehicle Stocks to Buy for Long Term

1. General Motor Company (NYSE:GM)

Number of Hedge Fund Holders: 75  

General Motor Company (NYSE:GM) designs, builds, and sells trucks, crossovers, cars, and automobile parts and accessories. It is on our list of best electric vehicle stocks to buy for the long term as it is investing heavily in new technology and already has a legacy business to support the EV transition. On September 20, Hertz Global Holdings said that it was planning to order up to 175,000 EVs from General Motors over the next five years. These include electric models of Chevrolet, Buick, GMC, Cadillac, and BrightDrop. 

On September 9, Bank of America analyst John Murphy maintained a Buy rating on General Motor Company (NYSE:GM) and lowered the price target to $90 from $95, noting that supply chain issues were likely to pressure auto volumes into 2023. 

At the end of the second quarter of 2022, 61 hedge funds in the database of Insider Monkey held stakes worth $3.4 billion in General Motor Company (NYSE:GM), compared to 76 in the preceding quarter worth $5.5 billion. 

In its Q1 2022 investor letter, Diamond Hill Capital, an asset management firm, highlighted a few stocks and General Motor Company (NYSE:GM) was one of them. Here is what the fund said:

“General Motor Company (NYSE:GM)—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.”  

You can also take a peek at 10 Best Healthcare Dividend Stocks to Buy Now and 10 Dividend Stocks with Over 20 Years of Dividend Increases.

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