5 EV Stocks that Will Benefit from Climate Change Bill 2022

3. Ford Motor Company (NYSE:F)

Number of Hedge Fund Holders: 46

Ford Motor Company (NYSE:F) is a Dearborn, Michigan-based legacy auto manufacturer that has gained significant market share by converting its legacy models into an EV powerhouse. The company became the best-selling EV brand in the US in July 2022.

The American muscle car, Ford Mustang, has been converted into Ford Mustang Mach E. Following that, Ford Motor Company (NYSE:F) took a step further and introduced the Ford F-150 Lightning. These models are expected to qualify for the tax credit, given their manufacturing status and price. Ford Motor Company (NYSE:F) reached the highest EV market share of 10.9% in the US in July 2022.

Ford Motor Company (NYSE:F) was discussed in the Q1 2022 investor letter of Baron Funds. Here’s what the firm said about the company:

“Ford (NYSE:F) is another example of typical industrial manufacturing business executive mindsets. The April 18, 2022, Bloomberg Businessweek cover story features Ford CEO Jim Farley behind the wheel of an electrified Ford F-150 Lightning. The article is titled, “Hey Elon, THIS is a truck.” I thought the article was terrific. One idea especially stood out to me. Since the F-150 is such a popular vehicle, it “argued for a gradual approach to electrification. Essentially the company retrofitted an existing F-150 with an electric powertrain rather than develop an entirely new truck.” No all-in financial and operation bet by this company on electrification.”