Goldman Sachs EV and Battery Stocks: Top 5 Stock Picks

4. General Motors Company (NYSE:GM)

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

Number of Hedge Fund Holders: 72

General Motors Company (NYSE:GM) 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 (NYSE:GM). 

On July 25, General Motors Company (NYSE:GM) 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 (NYSE:GM), 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 (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 with an attractive entry point to a name we know well.”