5 EV Stocks that Will Benefit from Climate Change Bill 2022

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 76

General Motors Company (NYSE:GM) is a Detroit, Michigan-based automobile manufacturer. The company has the distinction of being the biggest automaker in the US.

General Motors Company (NYSE:GM) is on an ambitious target of dethroning Tesla, Inc. (NASDAQ:TSLA) to become the biggest seller of EVs by reaching an annual EV sales target of one million units. The company is pursuing this goal by investing $35 billion in EV product development between 2020 and 2025.

General Motors Company (NYSE:GM) sold 25,000 EVs in 2021 as opposed to an estimated 325,000 units sold by Tesla, Inc. (NASDAQ:TSLA). Meanwhile, during the first half of this year, the company sold 7,674 EVs due to the chip shortage. General Motors Company (NYSE:GM) has numerous affordable EV brands under its holding that will be eligible for the tax credit under the new bill.

Here’s what was said about General Motors Company (NYSE:GM) in the Q1 2022 investor letter of Diamond Hill Capital:

“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.”

General Motors Company (NYSE:GM) was held by 76 hedge funds at the end of Q1 2022.