5 Best EV Stocks To Buy For 2023

In this piece, we will take a look at the five best electric vehicle stocks to buy for 2023. For more stocks, head on over to 12 Best EV Stocks To Buy For 2023.

5. Oshkosh Corporation (NYSE:OSK)

Number of Hedge Fund Investors in Q4 2022: 26

Oshkosh Corporation (NYSE:OSK) is an American firm that makes and sells trucks and other heavy equipment. As the name suggests, it is headquartered in Oshkosh, Wisconsin.

Oshkosh Corporation (NYSE:OSK) makes different electric vehicles such as delivery vans, refuse collectors, fire trucks, and concrete placement vehicles. Its delivery vans have already won a massive contract from the U.S. Postal Service. 26 of the 943 hedge funds part of Insider Monkey’s Q4 2022 survey had bought the firm’s shares.

Oshkosh Corporation (NYSE:OSK)’s largest hedge fund investor is Edgar Wachenheim’s Greenhaven Associates which owns 1.7 million shares that are worth $153 million.

4. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Investors in Q4 2022: 29

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American firm headquartered in Irvine, California. The firm makes electric pickup trucks and SUVs.

Rivian Automotive, Inc. (NASDAQ:RIVN) worried investors in March 2023 when it reduced its production estimates and announced that it will raise $1.2 billion through bond sales to fund its operations. By the end of last year’s fourth quarter, 29 of the 943 hedge funds polled by Insider Monkey had held a stake in the company.

Out of these, George Soros’ Soros Fund Management is Rivian Automotive, Inc. (NASDAQ:RIVN)’s largest shareholder with a $264 million stake that comes via 14.3 million shares.

3. Ford Motor Company (NYSE:F)

Number of Hedge Fund Investors in Q4 2022: 40

Ford Motor Company (NYSE:F) is an iconic American car manufacturer that is widely credited with having produced the first mass produced vehicle.

Ford Motor Company (NYSE:F) has also made strong inroads into the electric vehicle market since it sold a whopping 61,575 electric vehicles in 2022 – more than double the 2021 amount. Insider Monkey’s fourth quarter of 2022 survey of 943 hedge funds revealed that 40 had bought the firm’s shares.

Ford Motor Company (NYSE:F)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management which owns 47 million shares that are worth $554 million.

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Investors in Q4 2022: 80

General Motors Company (NYSE:GM) is another iconic American car manufacturer. The firm is based in Detroit, Michigan.

Like Ford, General Motors Company (NYSE:GM) is also establishing a strong footing in the electric vehicle space, as it sold 39,096 electric vehicles in 2022 for a strong 57% annual growth. By the end of last year’s final quarter, 80 of the 943 hedge funds part of Insider Monkey’s research had invested in the company.

Warren Buffett’s Berkshire Hathaway is General Motors Company (NYSE:GM)’s largest hedge fund shareholder with a $1.6 billion stake that comes via 50 million shares.

1. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Investors in Q4 2022: 91

Tesla, Inc. (NASDAQ:TSLA) is the world’s largest electric vehicle manufacturer. It also sells energy storage products and has facilities all over the world.

Looking at GM and Ford’s delivery numbers, and seeing how Tesla, Inc. (NASDAQ:TSLA) delivered a whopping 1.31 million vehicles in 2022, it’s clear who really is the king of the electric vehicle world. 91 of the 943 hedge funds surveyed by Insider Monkey had bought Tesla, Inc. (NASDAQ:TSLA)’s shares in Q4 2022.

Out of these, Ken Griffin’s Citadel Investment Group  is the firm’s largest shareholder. It owns 7.5 million shares that are worth $926 million.

Disclosure: None. You can also take a look at 12 Most Promising Solar Stocks According to Analysts and 15 Biggest Retirement Communities in the World.

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