gEneral Motors plans to introduce an electric vehicle (EV) pickup truck, Chevrolet Silverado, which will be built at the company’s Factory Zero factories in Detroit and Hamtramck, Michigan. The company will also assemble the recently unveiled GMC Hummer EV SUV at Factory Zero.
General Motors’ (GM) President Mark Reuss said: “The vehicles from Factory ZERO will change the world and the way the world views electric vehicles. The GMC HUMMER EV SUV joins its stable partner in the real super-truck arena, and Chevrolet will take everything loyal Chevy truck buyers love about Silverado – and more – and put it in an electric pickup truck that customers will love from around the world. retail and commercial.
The company plans to deliver one million electric vehicles globally by 2025. According to GM, the company has cut the vehicle development time by 50% to 26 months using the Ultium platform, technology and tools. GM Virtual Development Center. (See General Motors stock market analysis on TipRanks)
In January of last year, the company announced a $ 2.2 billion investment in its Detroit-Hamtramck assembly plant to produce electric vehicles, including trucks and SUVs. In October of last year, GM renamed the plant Factory Zero.
On April 5, Wells Fargo launched a cover on GM with a buy note and a price target of $ 67 on the stock. The analyst commented, “GM plans to deploy 3rd generation EV vehicles using its Ultium EV battery technology on exciting products like the new Hummer and Cadillac Lyric.
“While restructuring work still needs to be done internationally, GM’s North American operations are strong, posting an adjusted EBIT margin of 9.4% in 2020, an incredible performance in a market down 20%.” , added the analyst.
The rest of the street are bullish on the action with a Strong Buy consensus rating. This is based on 11 analysts suggesting a buy and 1 analyst recommending a stay. The analysts’ average price target of $ 68.58 implies upside potential of around 7.5% from current levels.
According to TipRanks Smart score system, GM scores a high 9 out of 10, indicating that the stock is very likely to outperform the market.
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