Diversify Your EV Portfolio with GM and Fisker: Two Stocks to Consider Amid Tesla’s Struggles

Tesla investors are unhappy with Elon Musk and his chaotic Twitter management over the past few months. They are unhappy with his takeover and handling of Twitter, and most question Musk’s leadership and whether it spills over to Tesla.

As a result, Tesla’s stocks are down almost 70% in the past year, and as an investor in EV stocks, you should look for assets with a more attractive potential to diversify your portfolio. Here are some EV assets that are worthy of your attention.

General Motors

General Motors (GM) is one of the largest automotive makers in the world, with some of the most famous car brands, such as Chevrolet, and luxury cars, such as the Cadillac. According to the official General motors website, they are planning on focusing on EVs in the next three years with a war chest of up to $35 Billion.

The company hopes to invest the sum, which is more significant than their diesel and gas investments, to create an eco-friendly brand that stems from eco-friendly factories and creates jobs while doing it.

General Motors (GM) has many plans; for example, they plan to invest $2.3 billion in a Lordstown, Ohio, plant to mass-produce Ultium battery cells through a joint venture with LG Energy Solution. This plant will create more than 1,100 new jobs and will play a key role in GM’s efforts to increase its EV production.

Other investments that GM has announced include funding for constructing new factories, expanding existing ones, and developing new technologies needed to support the production of EVs and AVs. These investments are part of the company’s efforts to stay competitive in the rapidly changing automotive industry and meet the growing demand for EVs and AVs.

These efforts may make GM an attractive option for investors interested in companies actively working to transition to electric and autonomous vehicles.

Fisker, Inc.

Fisker, Inc, founded by Henrick Fisker in the last decade, is an American company that manufactures electric vehicles. It is well known for its luxury brand of EVs, such as the Fisker Karma and the Fisker Ocean SUV. Investors are already showing interest as the company got over 60,000 reservations for their SUV model Ocean.

The company plans to ramp up production of its SUVs and hit a target of over 40,000 units in 2023. With new cost-efficient models such as the Fisker Pear on the horizon, it will be interesting to see which direction the company will take.

It is important to note that Fisker, Inc. should not be confused with the Fisker Automotive company, founded by Henrik Fisker but went bankrupt in 2013. Fisker, Inc. is a separate company with no direct connection to Fisker Automotive.

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