5 Most Undervalued EV Stocks To Buy According To Hedge Funds

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 72

General Motors Company (NYSE:GM) is the largest automotive company in the US and the second largest in the world. The company is headquartered in Detroit, Michigan, and serves its customers globally. 

General Motors Company (NYSE:GM) has joined hands with the Chinese state-owned SAIC Motor Corp., Ltd. company and another Chinese auto manufacturer, Liuzhou Wuling Automobile Industry to create the SAIC-GM-Wuling Automobile. The partnership mainly focuses on electric vehicle production. As of 2022, it has managed to capture the third-largest market share in the EV sector.

General Motors Company (NYSE:GM) has been covered by 15 analysts in the last three months with 7 analysts keeping a Buy rating on the stock. The average analyst price target of $50.33 shows an upside of nearly 15% to General Motors Company (NYSE:GM)’s stock price of $32.95 at the time of market close on August 25.

Diamond Hill Capital made the following comment about General Motors Company (NYSE:GM) in its Q3 2022 investor letter:

“Most recently, we initiated a position in General Motors Company (NYSE:GM), one of the largest automakers in the United States. Over the past several years, GM has taken steps necessary to focus the company on the most profitable segments and move into position to compete in an electrified and autonomous world. With the recent rise in interest rates there was a meaningful selloff in the auto industry, which presented us an attractive entry point to a name we know well.”