General Motors Partners with Shell to Offer Renewable Energy Solutions
General Motors (GM) and Royal Dutch Shell’s (RDS.A) MP2 Energy have joined forces to offer GM customers and supply chain partners renewable energy solutions in Texas. As part of the program, the two will offer fixed-rate energy home plans backed purely by renewable energy sources.
Starting this summer, owners of GM electric vehicles (EV) in the U.S. will be able to select various home energy plans, including free overnight EV charging. Additionally, GM and Shell will offer access to tailored renewable energy products as part of an effort to achieve their emission reduction goals. (See General Motors stock chart on TipRanks)
The program will be open to employees of participating GM suppliers, and plans are also underway to expand the residential and EV offerings to other markets across the U.S. (See Shell stock chart on TipRanks)
GM and Shell have already announced ambitious goals towards addressing greenhouse emissions. The automaker, for instance, plans to be carbon-neutral on its operations and products by 2040. It has also committed to aligning its targets with the ambitious goals of the Paris Agreement.
"Addressing climate change requires incredible scale. At GM, we're committed to helping bring everybody in on a more sustainable future," said GM's Chief Sustainability Officer, Kristen Siemen.
Morgan Stanley analyst Adam Jonas recently reiterated a Buy rating on the stock with an $80 price target, implying 33.07% upside potential to current levels.
The reaffirmation of the Buy rating comes after GM committed $35 billion to EV and AV investments by 2030. The analyst is also impressed by the company's plans for two new U.S.-based battery gigafactories.
Consensus among analysts is a Strong Buy based on 12 Buys and 2 Holds. The average General Motors analyst price target of $71.71 implies 19.28% upside potential to current levels.
GM scores a "Perfect 10" on TipRanks' Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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