Goldman Sachs EV and Battery Stocks: Top 10 Stock Picks

Published August 31, 2023 at 8:33 pm EDT Updated September 7, 2026 at 12:03 pm EDT

In this article, we discuss the top 10 Goldman Sachs EV and battery stocks.

In 2022, electric vehicles constituted 14% of the total new car sales, marking an increase from approximately 9% in 2021 and less than 5% in 2020. Leading the EV market was China, contributing around 60% of the global electric car sales. China also harbors over half of the world’s electric cars, surpassing its 2025 sales target for new energy vehicles. In Europe, the second-largest market, electric car sales grew by over 15% in 2022, resulting in electric cars accounting for more than one in every five sold. The United States, the third-largest market, observed a 55% surge in electric car sales in 2022, with electric vehicles comprising 8% of the total sales share. While electric car sales remain modest in non-major markets, 2022 witnessed substantial growth in countries like India, Thailand, and Indonesia. These nations collectively experienced more than a threefold increase in electric car sales compared to 2021, amounting to 80,000 units sold.

Don’t Miss: 20 Countries with the Most Electric Vehicles in 2023

In Q1 2023, global electric vehicle sales for passenger cars surged by 32% compared to the previous year, as indicated by Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. During this quarter, one out of every seven cars sold was an EV. Battery EVs (BEVs) constituted 73% of all EV sales for the quarter, with plug-in hybrid EVs (PHEVs) accounting for the remainder. In terms of market share, the US surpassed Germany and secured the position of the second-largest EV market globally in Q1 2023, with China maintaining its lead. China’s EV sales exhibited a growth of 29% year-over-year, despite a 12% drop in overall passenger vehicle sales in the country. The US experienced a remarkable 79% year-over-year increase in EV sales for the quarter.

Also Read: 10 Best Small Cap Electric Vehicle Stocks to Buy

China is the biggest EV market and there are big moves happening in the region. For example, on August 28, Chinese electric vehicle manufacturer XPeng Inc. (NYSE:XPEV) announced its intention to acquire Didi’s electric car development business in a deal valued at up to $744 million. This strategic move aims to enhance XPeng Inc. (NYSE:XPEV)’s production capabilities, reduce costs, and strengthen its collaboration with Didi. Following this news and XPeng Inc.’s recent partnership with Germany’s Volkswagen, the company’s shares surged by 11% in Hong Kong. As part of the agreement, Xpeng plans to introduce a new A-class model, named MONA, under a new brand next year. This vehicle will fall within the 150,000 yuan ($20,000) price range, cheaper than Xpeng’s existing offerings that are generally priced above 200,000 yuan. The company expects to sell a minimum of 100,000 MONA cars annually to both retail customers and ride-hailing services.

In this article, we discuss some of Goldman Sachs’ top EV and battery stocks, which include Tesla, Inc. (NASDAQ:TSLA), Ford Motor Company (NYSE:F), and General Motors Company (NYSE:GM).

Our Methodology

We used Goldman Sachs’ Q2 2023 portfolio and selected the 10 biggest positions in EV and battery firms during the quarter for this list. We have mentioned Goldman Sachs’ stake value and the hedge fund sentiment towards each stock as of the second quarter of 2023. The list is ranked in the ascending order of the firm’s stake value in each holding.

Goldman Sachs EV and Battery Stocks: Top 10 Stock Picks

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Goldman Sachs EV and Battery Stocks: Top Stock Picks

10. Toyota Motor Corporation (NYSE:TM)

Goldman Sachs’ Stake Value: $172,398,065

Number of Hedge Fund Holders: 13

Toyota Motor Corporation (NYSE:TM) engages in the design, production, assembly, and distribution of passenger cars, minivans, commercial vehicles, and related accessories. The company is also involved in the manufacture of fully electric and hybrid vehicles. In the second quarter of 2023, Goldman Sachs held 1.07 million Toyota Motor Corporation shares worth $172.3 million.

On August 14, Goldman Sachs observed that Toyota Motor Corporation has under-recognized potential to make a substantial impact in the electric vehicle sector. Toyota Motor Corporation has ambitious plans to significantly increase its electric vehicle sales, aiming to achieve 1.5 million cars sold by 2026 and a further 3.5 million by 2030. These projections indicate a substantial leap from the 38,000 units sold in the previous fiscal year and the projected 202,000 EV sales for the ongoing fiscal year, concluding in March of 2024. Goldman Sachs has set a target price of ¥2,800 for Toyota Motor Corporation stock.

According to Insider Monkey’s second quarter database, 13 hedge funds were bullish on Toyota Motor Corporation, compared to 7 funds in the last quarter. Ken Griffin’s Citadel Investment Group is the leading stakeholder of the company, with 106,398 shares worth just over $17 million.

Like Tesla, Inc., Ford Motor Company, and General Motors Company, Toyota Motor Corporation is one of the top Goldman Sachs EV and battery stocks to monitor.

Here is what Baron Fund has to say about Toyota Motor Corporation in its Q1 2022 investor letter:

“Toyota’s “kaizen” manufacturing philosophy is based on improving manufacturing by using “just in time” processes to eliminate waste and reduce inventory carrying costs. Clearly the company does not contemplate disruptive change that will dramatically lower costs and improve quality.”

9. NIO Inc. (NYSE:NIO)

Goldman Sachs’ Stake Value: $153,199,249

Number of Hedge Fund Holders: 19

NIO Inc. (NYSE:NIO) is a Chinese company that designs, develops, manufactures, and sells smart electric vehicles, including SUVs and sedans. They offer various power solutions like home charging, battery swapping, and mobile charging services. NIO Inc. is involved in energy services, technology development, manufacturing of powertrains and batteries, as well as sales and after-sales management. It is one of the top Goldman Sachs EV and battery stocks. In Q2 2023, the firm owned a $153 million stake in NIO Inc..

On August 29, NIO Inc. reported a Q2 non-GAAP EPADS of -$0.45 and a revenue of $1.21 billion, falling short of Wall Street estimates by $0.04 and $60 million, respectively. In the second quarter of 2023, vehicle deliveries totaled 23,520, including 10,492 electric SUVs and 13,028 electric sedans. This marks a 6.1% drop from the same period in 2022 and a 24.2% decrease from Q1 2023.

According to Insider Monkey’s second quarter database, 19 hedge funds were long NIO Inc., compared to 18 funds in the preceding quarter.

8. Genuine Parts Company (NYSE:GPC)

Goldman Sachs’ Stake Value: $154,719,282

Number of Hedge Fund Holders: 34

Genuine Parts Company (NYSE:GPC) is engaged in the distribution of automotive replacement parts and industrial components. The company supplies replacement parts for a range of vehicles, including hybrids, electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy-duty machinery. Genuine Parts Company is one of the top Goldman Sachs EV and battery stocks.

On August 15, Genuine Parts Company declared a quarterly dividend of $0.95 per share, in line with previous. The dividend is payable on October 2, to shareholders of record on September 8.

According to Insider Monkey’s second quarter database, 34 hedge funds were bullish on Genuine Parts Company, compared to 39 in the prior quarter. Israel Englander’s Millennium Management is the leading stakeholder of the company, with 698,238 shares worth just over $118 million.

Carillon Tower made the following comment about Genuine Parts Company in its Q3 2022 investor letter:

“Genuine Parts Company operates two global distribution businesses, one focused on automotive replacement parts and the other focused on industrial replacement parts. Both businesses experienced strong same store sales growth and margin expansion in the prior quarter, as demand continued to rebound from pandemic lows.”

7. Cummins Inc. (NYSE:CMI)

Goldman Sachs’ Stake Value: $201,726,079

Number of Hedge Fund Holders: 33

Next on our list of the top Goldman Sachs EV and battery stocks is Cummins Inc. (NYSE:CMI). Cummins Inc. engages in the design, production, distribution, and maintenance of diesel and natural gas engines, as well as electric and hybrid powertrains, and their associated parts. The company has a focus on advanced power systems, including elements like batteries, fuel cells, and hydrogen production technologies. Moreover, Cummins Inc. provides services such as filtration, aftertreatment, control systems, air handling systems, automated transmissions, and electric power generation systems. In the second quarter of 2022, Goldman Sachs owned 822,834 shares of Cummins Inc. valued at $201.7 million.

On August 3, Cummins Inc. reported a Q2 non-GAAP EPS of $5.18, falling short of Wall Street expectations by $0.04. The revenue increased 31.1% year-over-year to $8.64 billion, outperforming market consensus by $250 million.

According to Insider Monkey’s second quarter database, Cummins Inc. was found in 33 hedge fund portfolios, compared to 38 in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the leading stakeholder of the company, with 2 million shares worth $502 million.

6. Ferrari N.V. (NYSE:RACE)

Goldman Sachs’ Stake Value: $329,618,875

Number of Hedge Fund Holders: 30

Ferrari N.V. (NYSE:RACE) is synonymous with luxury performance sports cars worldwide. At present, Ferrari N.V. provides four plug-in hybrid vehicle models. However, the company does not have intentions to introduce fully electric vehicles until 2025. Ferrari anticipates that by the conclusion of this decade, electric cars will make up 40% of its vehicle lineup. Securities filings for Q2 2023 reveal that Goldman Sachs held just over 1 million shares of Ferrari N.V. worth $329.6 million.

On August 2, Ferrari N.V. announced Q2 non-GAAP earnings per share of €1.83. The revenue climbed 14.1% year-over-year to €1.47 billion. In the fiscal year 2023, the company anticipates adjusted earnings per share to fall within the range of €6.25 to €6.40, which has been increased from the earlier projection of €6.00 to €6.20.

According to Insider Monkey’s second quarter database, Ferrari N.V. was part of 30 hedge fund portfolios, compared to 32 in the prior quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP held the largest stake in the company, comprising 357,181 shares worth $116.7 million.

In addition to Tesla, Inc., Ford Motor Company, and General Motors Company, Ferrari N.V. is one of the premier Goldman Sachs EV and battery stocks to consider.

Ensemble Capital made the following comment about Ferrari N.V. in its Q1 2023 investor letter:

“Ferrari N.V. (+26.48%): The luxury automaker’s long awaited Purosangue, their first four door, four seater vehicle, has proven so popular that the company announced that they have ceased accepting new orders as they are sold out through all of this year and into 2024. The Purosangue is designed not as a copycat sports utility vehicle that many other luxury automakers sell, but as a true Ferrari car that their devoted fan base can use for more practical transportation needs. Since the average Ferrari is only driven a few thousand miles a year or less, they are best understood as mechanical works of art rather than a means of transportation. But with the introduction of the Purosangue, Ferrari enthusiasts will have a vehicle that meets transportation needs, while still delivering the extremely high end experience that you would expect from a car that costs about $500,000.”

5. Aptiv PLC (NYSE:APTV)

Goldman Sachs’ Stake Value: $361,694,445

Number of Hedge Fund Holders: 40

Aptiv PLC (NYSE:APTV) is involved in the production and distribution of different vehicle components. The company offers solutions related to electrical, electronic, and safety technologies for both the automotive and commercial vehicle sectors. Its operations are divided into two segments – Signal and Power Solutions, and Advanced Safety and User Experience. Aptiv PLC is one of the top Goldman Sachs EV and battery stocks. In Q2 2023, the firm owned a $361.7 million position in Aptiv PLC.

On August 3, Aptiv PLC reported a Q2 revenue of $5.2 billion and a non-GAAP EPS of $1.25, topping market expectations by $340 million and $0.23, respectively. Revenue increased 28% compared to the prior-year quarter.

According to Insider Monkey’s second quarter database, 40 hedge funds were bullish on Aptiv PLC, compared to 46 funds in the preceding quarter. Ian Simm’s Impax Asset Management is the biggest stakeholder of the company, with 6.13 million shares worth $625.6 million.

TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Aptiv PLC in its Q4 2022 investor letter:

“Aptiv PLC, a designer and manufacturer of vehicle components for original equipment manufacturers, rose 19%. Results from the latest quarter were above expectations and management maintained the outlook for revenue growth on bookings strength. Management acknowledged that 2023 could be difficult to forecast due to macroeconomic headwinds.”

4. General Motors Company (NYSE:GM)

Goldman Sachs’ Stake Value: $385,993,989

Number of Hedge Fund Holders: 72

General Motors Company is involved in the design, manufacture, and sales of trucks, crossovers, cars, and auto parts globally. The company also offers software-enabled services and subscriptions. These services include features like mobile apps for remote vehicle control, electric vehicle charging station location, vehicle diagnostics, voice assistants like Amazon Alexa and Google’s Voice Assistant, navigation services, SiriusXM with 360L, and 4G LTE wireless connectivity. It is one of the top EV and battery stocks in the Goldman Sachs portfolio. In Q2 2023, the firm held a position worth $386 million in General Motors Company.

On July 25, General Motors Company reported a Q2 non-GAAP EPS of $1.91 and a revenue of $44.75 billion, outperforming Wall Street estimates by $0.08 and $2.39 billion, respectively.

According to Insider Monkey’s second quarter database, 72 hedge funds were bullish on General Motors Company, compared to 73 funds in the preceding quarter. Harris Associates held the largest position in the company, with 38.5 million shares worth $1.48 billion.

Diamond Hill made the following comment about General Motors Company in its Q3 2022 investor letter:

“Most recently, we initiated a position in General Motors Company, 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 with an attractive entry point to a name we know well.”

3. Stellantis N.V. (NYSE:STLA)

Goldman Sachs’ Stake Value: $557,431,375

Number of Hedge Fund Holders: 27

Stellantis N.V. (NYSE:STLA) is a Netherlands-based auto manufacturer. On July 5, Stellantis N.V. introduced its global EV platform, starting with the STLA Medium, one of four planned platforms. This platform is designed for electric cars, crossovers, and SUVs. The STLA Medium 400V architecture enables quick charging from 20% to 80% in 27 minutes. Vehicles using this platform will have front-wheel and all-wheel drive options, with power output spanning from 160 kW to 285 kW. Stellantis N.V. is one of the top Goldman Sachs EV and battery stocks. In the second quarter of 2023, Goldman Sachs held 31.78 million shares of Stellantis N.V. worth $557.4 million.

On August 23, Stellantis N.V. announced that it is exploring the option of forming a partnership with a Chinese electric vehicle manufacturer to enhance its footprint in China, the biggest EV market. Stellantis N.V. has been considering potential collaborations with Chinese electric vehicle companies, including Zhejiang Leapmotor Technologies Ltd.

According to Insider Monkey’s second quarter database, 27 hedge funds were bullish on Stellantis N.V., with collective stakes worth just over $468 million. Karthik Sarma’s SRS Investment Management is the largest stakeholder of the company, with 8.4 million shares worth $148.5 million.

Miller Value Partners Income Strategy made the following comment about Stellantis N.V. in its second quarter 2023 investor letter:

“We initiated a starter position in Stellantis N.V., which makes Jeep, Dodge and Fiat cars. The company has a nearly 8% dividend yield with enough net cash (cash minus debt) on the balance sheet to cover the dividend for almost five years. The company trades at 1.7x operating profits, which means the market is already expecting a likely drop in cash flow. Still, the shares appear to be worth meaningfully more than where they trade, and management is heavily aligned with stockholders with a 14% stake. They share our view that the valuation is compelling, as the company plans on repurchasing ~3% of shares outstanding this year.”

2. Ford Motor Company (NYSE:F)

Goldman Sachs’ Stake Value: $1,820,097,272

Number of Hedge Fund Holders: 40

Ford Motor Company specializes in the design, production, distribution, and maintenance of various vehicles, including Ford trucks, commercial cars, vans, SUVs, and luxury Lincoln vehicles worldwide. Additionally, Ford Motor Company is involved in the production of electric vehicles, hybrids, and plug-in hybrids. Goldman Sachs held a $1.82 billion stake in Ford Motor Company during the second quarter of 2023.

On July 27, Ford Motor Company reported a Q2 non-GAAP EPS of $0.72 and a revenue of $42.43 billion, outperforming Wall Street estimates by $0.18 and $1.11 billion, respectively. The company is also set to pay a $0.15 per share quarterly dividend on September 1.

According to Insider Monkey’s second quarter database, 40 hedge funds held stakes in Ford Motor Company, compared to 38 funds in the prior quarter. John Overdeck and David Siegel’s Two Sigma Advisors is the largest stakeholder of the company, with 28.90 million shares worth $437.3 million.

Here is what Leaven Partners has to say about Ford Motor Company in its Q3 2022 investor letter:

“In our last quarterly letter, I briefly mentioned that the consensus estimates for corporate profits appeared to be a bit too sanguine. I referenced a Reuters article that reported, as of June 17, Wall Street expected S&P 500 earnings to grow by 9.6% in 2022, which was up from 8.8% in April and from 8.4% in January. That tune began to change at the end of July and accelerated in August and September, as major players, such as Ford, have recently issued profit warnings and/or have withdrawn guidance. In response, Wall Street has altered its outlook: lowering third-quarter profit growth to 4.6%[2] from 7.2% in early August and slashing full-year profit growth to 4.5%.”

1. Tesla, Inc. (NASDAQ:TSLA)

Goldman Sachs’ Stake Value: $3,612,445,451

Number of Hedge Fund Holders: 79

Tesla, Inc. is involved in the design, development, manufacturing, and distribution of electric vehicles, as well as energy generation and storage systems worldwide. Tesla, Inc. is the largest EV stock in the Goldman Sachs portfolio. Goldman Sachs owns 13.8 million Tesla, Inc. shares as of the second quarter of 2023, worth $3.6 billion and representing 0.72% of the total 13F securities.

On July 19, Tesla, Inc. reported a Q2 non-GAAP EPS of $0.91 and a revenue of $24.93 billion, outperforming Wall Street estimates by $0.09 and $200 million, respectively. Revenue for the period increased 47.3% on a year-over-year basis.

According to Insider Monkey’s second quarter database, Tesla, Inc. was part of 79 hedge fund portfolios, compared to 82 in the prior quarter. Cathie Wood’s ARK Investment Management is a prominent stakeholder of the company, with 4.8 million shares worth $1.26 billion.

Baron Opportunity Fund made the following comment about Tesla, Inc. in its Q1 2023 investor letter:

“Tesla, Inc. designs, manufactures, and sells EVs, related software and components, and solar and energy storage products. Following a sharp decline at the end of 2022, Tesla’s stock rebounded in the first quarter of 2023 on investor expectations that Tesla will continue to grow vehicle deliveries and maintain solid gross and operating margins despite a potential recession, competition in China, and vehicle price reductions. We wrote a long piece on Tesla last quarter and refer readers back to it, because for long-term investors not much has changed over the last three months. Tesla did hold its first Investor Day in March, and several Baron analysts and portfolio managers attended. We toured the Austin Gigafactory, drove in a Cybertruck, boarded a Semi truck, and spoke with a wide swath of Tesla senior managers. During the formal presentation, Tesla highlighted, among other things: (1) its broad and deep bench of executive talent supporting CEO Elon Musk; (2) its “Master Plan 3–Sustainable Energy for All of Earth,” which featured EVs, renewable power from solar and wind, and stationary electric storage; (3) its vehicle assembly innovations, including massive casted parts (building Model Y bodies with single front and rear castings, replacing a substantial number of parts and fastening steps), a stainless steel exoskeleton (for Cybertruck), and its next-generation highly efficient “unboxed process” for its next-gen $25,000 vehicle; (4) a future permanent[1]magnet electric motor that will not require any rare earths; and (5) the massive untapped market opportunity for commercial stationary electric storage, branded Megapack, as the world steadily shifts to renewable energy. As long-term shareholders, we have witnessed Tesla exploit its innovative Model 3/Y now-global mass-market platform to increase vehicle deliveries from barely a standing start to over 1.3 million units, while achieving industry-leading margins and reinforcing its iron-clad balance sheet to almost $23 billion in cash (and effectively no recourse debt). We expect Tesla’s next-generation EV and Megapack products to have a similar impact on company results.”

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