|Bid||50.16 x 1000|
|Ask||50.28 x 1300|
|Day's Range||49.26 - 51.40|
|52 Week Range||14.33 - 51.87|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||22.41|
|Earnings Date||Feb 10, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Mar 05, 2020|
|1y Target Est||51.89|
General Motors announced on Friday that it has reached an agreement with labor union Unifor and will invest almost $800 million to transform its CAMI manufacturing plant in Ontario into Canada’s first large-scale electric vehicles manufacturing plant. Last week, General Motors (GM) launched its BrightDrop business, which will offer customers an ecosystem of connected and electrified products and services designed to improve the delivery of goods and services. BrightDrop will develop the EV600, an electric light commercial vehicle, which GM hopes will be ready for delivery by late 2021. The CAMI investment is the latest in a long line of recent ventures by GM into Canada. The CAMI plant will shift over the next two years from current production of the Chevrolet Equinox to BrightDrop EV600 production. (See GM stock analysis on TipRanks) Argus Research analyst Bill Selesky upgraded his rating on GM from Hold to Buy three days ago and set a price target of $56. This implies upside potential of around 12% from current levels. Selesky said that GM continues to expand into electric and autonomous vehicles and it benefits from “high margins” in North America as well as “solid cash flow and a strong balance sheet.” Consensus among analysts is a Strong Buy based on 13 Buys and 1 Hold. The average price target of $53.50 suggests upside potential of around 7% over the next 12 months. GM scores a perfect 10 from Tipranks’ Smart Score tool, indicating that it has a strong chance of beating market expectations. Related News: Wells Fargo Slips 8% On Weaker-Than-Expected 4Q Revenues JPMorgan’s 4Q Profit Beats Analysts’ Estimates Citigroup Sinks 7% On 4Q Revenue Miss More recent articles from Smarter Analyst: Capital One Fined $390M For Violating Bank Secrecy Act PNC Financial Surpasses 4Q Street Estimates, Shares Decline Wells Fargo Slips 8% On Weaker-Than-Expected 4Q Revenues JPMorgan's 4Q Profit Beats Analysts' Estimates
General Motors Company (NYSE: GM) is set to begin churning out new commercial electric vans by the end of this year.What Happened: The Detroit-based automaker and Canadian union Unifor have tentatively agreed to produce the electric light-commercial van, the EV600, at the CAMI manufacturing plant in Ingersoll, Ontario. GM is investing $800 million into the plant.Although the agreement still needs to be approved by the union's rank and file, GM said in its announcement late on Friday that "work will begin immediately" so the plant can begin delivering the vans late this year.Part Of BrightDrop: The project is part of a new line of business GM launched this past week called BrightDrop, a play to get an edge in both e-commerce logistics and vehicle electrification. Besides the EV600 van, BrightDrop also will offer an electric pallet called the EP1 for moving goods from delivery trucks to customers' doors, as well as software to support the new offerings.GM said FedEx Corporation (NYSE: FDX) has signed up as the first customer of the EV600, for use as part of the FedEx Express service.GM shares ended down 3.01% on Friday, at $49.97.Photo courtesy GM.See more from Benzinga * Click here for options trades from Benzinga * Shares Of World's 4th Largest Automaker Stellantis To Begin Trading This Coming Week * Tesla Searching For Director, Staff As It Plans To Set Up Design Studio In China: Reuters(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
In 2019, General Motors Company (NYSE: GM) was the fifth-largest automaker in the world, behind Volkswagen AG (OTC: VWAGY), Toyota Motor Corp. (NYSE: TM), and Renault-Nissan-Mitsubishi. GM famously held the top spot in global auto sales for 77 consecutive years from 1931 to 2007.