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General Motors (GM) to Invest in Lockport Plant to Spur EV Game

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General Motors GM recently announced its plan to invest nearly $154 million in its Western New York Lockport Components plant. The focus of the investment is to renovate the facility and purchase and install new machinery and equipment used in the production of the stator module, vital for an electric motor. Electric motors will be used in a wide range of GM’s future Ultium Platform-based electric trucks and SUVs. Renovations of the facility will be with immediate effect.

Lockport Components aims to design, manufacture and sell automotive radiators and components and is focused on continuous improvement through a joint team process between UAW Local 686, Local 55 and plant management.

Besides gearing up for electric motor component production, the Lockport Components will continue building various components that aid General Motors’ current truck and SUV production. Lockport Components currently produces radiators, condensers, heater cores, evaporators, HVAC modules, oil coolers and other components used in a variety of GM trucks. GM expects Lockport Components to add roughly 230 jobs between 2023 and 2026. Recruitment plans will be finalized closer to the start of production.

General Motors noted that the Lockport facility will strengthen its electric motor assembly for its future electric trucks and SUVs. Also, it is a crucial step in transitioning to an all-electric future and ramping up its electric vehicles production capacity and maintaining a flow of parts for its current vehicles.

Zacks Rank & Other Key Picks

Currently, General Motors carries a Zacks Rank #2 (Buy). GM’s shares have lost 0.2% over the past year compared to the industry’s 11.7% decline.

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Some other top-ranked players in the auto space are Ford Motors F and Tesla TSLA, each sporting a Zacks Rank #1 (Strong Buy), and Genuine Parts GPC, carrying a Zacks Rank #2 currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

Ford has an expected earnings growth rate of 8.11% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 2.7% upward over the past 60 days.

Ford’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. F pulled off a trailing four-quarter earnings surprise of 335.6%, on average. The stock has also rallied 82.9% over a year.

Tesla has an expected earnings growth rate of 35.21% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 5% upward over the past 60 days.

Tesla’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 25.38%, on average. The stock has also rallied 7.1% over a year.

Genuine Parts has an expected earnings growth rate of 10.03% for the current year. The Zacks Consensus Estimate for earnings for the current year has been revised around 2.2% upward over the past 60 days.

Genuine Parts’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 16%, on average. Its shares have gained 29% over a year.


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