General Motors Company GM plans to invest $300 million in a suburban Orion plant, per Reuters. The Orion plant builds electric and autonomous vehicles for Chevrolet and self-driving Cruise unit of General Motors. This investment is aimed at developing future technologies and is likely to create several jobs.
Notably, General Motors has been criticized severely from the U.S. authorities for the decision of stopping production at the assembly plant based in Lordstown, OH. Given this bashing by the government, this latest investment plan is very significant.
The company is set to build an electric compact vehicle for Chevy. The new Chevy vehicle will be manufactured on the same compact architecture as Chevrolet Bolt EV and Cruise AV that are assembled in Orion. The Orion Township plant is scheduled to build new generation of electric and self-driving vehicles, utilizing the BEV3 architecture. But this will not take place before 2023.
General Motors strives to excel in building products and technology, and expanding Chevrolet and Cadillac brands globally. In fourth-quarter 2018, the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
General Motors has an expected long-term growth rate of 8.9%. Over the past three months, its shares have outperformed the industry it belongs to. Over this period, shares of the company have risen 15.4% while the industry grew 8%.
General Motors currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are Ferrari N.V. RACE, Oshkosh Corp. OSK and Dana Incorporated DAN. While Ferrari currently sports a Zacks Rank #1 (Strong Buy), Oshkosh and Dana carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Ferrari has an expected long-term growth rate of 18.5%. Over the past year, shares of the company have risen 11.8%.
Oshkosh has an expected long-term growth rate of 11.3%. Over the past three months, shares of the company have gained 32.3%.
Dana has an expected long-term growth rate of 4.4%. Over the past three months, shares of the company have risen 39.2%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
General Motors Company (GM) : Free Stock Analysis Report
Ferrari N.V. (RACE) : Free Stock Analysis Report
Oshkosh Corporation (OSK) : Free Stock Analysis Report
Dana Incorporated (DAN) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research