While the EV boom has been growing for years, 2023 could be the year electric takes over everything. And it could happen much sooner than most people realize, with huge names like Amazon, United Airlines, and the U.S. Postal Service already on board.
Legacy automakers are also making the shift, rolling out their line of EVs one by one, which brings some exciting opportunities to invest in trusted, well-established names. But which of these well-rooted automakers stands out from its peers in its endeavor to gain momentum the EV market?
Read on to find out which legacy firm our team has its sights on.
General Motors (GM)
Fundamentally, GM is firing on all cylinders. Most notably, the company made substantial investments in the electric vehicle space. Further, GM can feed nostalgia with current-generation technologies by electrifying marquee models such as the Hummer. The automaker represents an attractive proposition for bargain hunters. Right now, the market prices GM at a forward multiple of 6.39. As a discount to earnings, General Motors ranks better than 84.18% of its competition. Wall Street analysts peg GM as a consensus moderate buy with an average price target of $45.50, implying 38% upside potential.
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