5 Best EV Stocks to Invest In According to Hedge Funds

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 77

On June 10, Reuters reported General Motors Company (NYSE:GM) is reconsidering plans to use lithium-iron phosphate batteries for future electric vehicles. Battery chief Kurt Kelty said the company may instead prioritize lithium manganese-rich chemistry. The Detroit automaker plans to begin LFP production for EVs in 2027.

Kelty told Reuters there is “a possibility where LFP does not earn its way into our portfolio,” while calling LMR the “workhorse” for future high-volume deployment. He said that the Tennessee plant will still begin producing LFP cells this month, but for energy storage systems. He said LMR offers similar US production costs with higher energy density, even though the firm has worked on the chemistry for over a decade.

Reuters reported rivals, including Tesla, Rivian, and Ford, have added LFP-based EVs to cut costs. General Motors Company (NYSE:GM) continues relying on nickel-rich batteries across its EV lineup, with LMR development “on schedule,” Kelty said. Although there are known technical challenges limiting near-term mass adoption.

General Motors Company (NYSE:GM) designs, manufactures, and sells trucks, crossovers, cars, and automotive parts, as well as software-enabled services and subscriptions.