Is General Motors Company (GM) The Best EV Stock to Buy According to Billionaires?
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We recently compiled a list of the 15 Best EV Stocks To Buy According to Billionaires. In this article, we are going to take a look at where General Motors Company (NYSE:GM) stands against the other EV stocks.
The year 2024 marked a significant milestone for environmentally friendly vehicles in the US. On January 16, 2025, CNBC reported that for the first time, sales of all-electric vehicles and hybrid models made up 20% of all new car and truck sales. Motor Intelligence reported that over 3.2 million electrified vehicles were sold last year. This included 1.9 million hybrid vehicles and 1.3 all-electric vehicles.
Traditional vehicles with gas or diesel engines continued to dominate the market, accounting for 79.8% of sales. However, this marked the first time their share fell below 80% in modern automotive history.
READ ALSO: 10 Cheap Technology Stocks to Buy According to Hedge Funds and 10 High Growth Energy Stocks To Invest In.
In the US, the EV market is very competitive. Out of 68 mainstream electric models tracked by Kelley Blue Book, 24 models posted an increase in sales compared to the previous year while 27 models experienced a decrease in sales volume. Additionally, 17 new models were introduced to the market.
There is not enough clarity as to how sales of all-electric and hybrid electric vehicles will perform in 2025. This uncertainty is partly due to pending potential actions by the Trump administration. However, Cox Automotive expects that 2025 will set another record for EV sales, with EVs accounting for about 10% of new vehicle sales. Including hybrids, Cox Automotive expects one out of every four vehicles sold to be electrified in 2025.
To compile our list of the 15 best EV stocks to buy according to billionaires, we looked for the biggest EV companies. We reviewed our own rankings, financial media reports, ETFs, and various online resources to compile a list of the best EV stocks. Next, we focused on the top 10 EV stocks most favored by billionaires. Data for the number of billionaire investors for each stock was taken from Insider Monkey’s Q4 2024 database. Finally, the 15 best EV stocks to buy were ranked in ascending order based on the number of billionaires holding stakes in them as of Q4 2024.
Additionally, we mentioned the hedge fund sentiment surrounding each stock, which was taken from Insider Monkey’s Q4 2024 database of more than 1,000 elite hedge funds.
Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
A lithium battery recharging a fleet of electric vehicles in a parking lot.
Number of Billionaire Investors: 15
Number of Hedge Fund Holders: 68
General Motors Company (NYSE:GM) is an American multinational automotive manufacturing company that is best known for its automobile brands which include Chevrolet, Buick, GMC, and Cadillac. As a company with global scale and capabilities, it offers a broad portfolio of electric vehicles and gasoline-powered vehicles. General Motors Company (NYSE:GM) ranks among the best EV stocks to invest in according to billionaires.
The company is strategically focused on advancing its EV portfolio while also integrating new technologies into its vehicles. In Q4 2024, General Motors Company (NYSE:GM) saw a 21% increase in overall sales compared to Q4 2023, with EV sales surging by an impressive 50%. For the full year 2024, EV sales were up by 125%. General Motors Company (NYSE:GM) doubled its share in the EV market over the year and reported consistent growth in EV sales throughout 2024. The company sold 42,000 EVs in Q4, which was up 10,000 compared to Q3 and nearly double the sales from Q2. Additionally, in February 2025, General Motors Company (NYSE:GM) announced the completion of its acquisition of Cruise Holdings. As a wholly-owned subsidiary of GM, Cruise Holdings will now work collaboratively on autonomous vehicle technology and advanced driver assistance systems for personal vehicles. General Motors Company (NYSE:GM) will integrate Cruise technology into the Super Cruise assisted driving system, a hands-free driver assistance system.
Overall, GM ranks 2nd on our list of the cheap tech stocks to buy according to hedge funds. While we acknowledge the potential of GM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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