Engine No. 1 LLC, an activist investment firm that successfully pushed for change at Exxon Mobil Corp. , said Monday it is backing General Motors Co. ’s bid to lead in the transition to electric cars.
In a white paper, the San Francisco-based investment firm said it believes GM and other traditional auto makers have the scale and know-how to drive electric-vehicle adoption. Engine No. 1 took a stake in GM in the first quarter but had not publicly outlined its thinking behind the move.
