{"id":112098,"date":"2021-02-10T18:36:20","date_gmt":"2021-02-10T18:36:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112098"},"modified":"2021-02-10T18:36:20","modified_gmt":"2021-02-10T18:36:20","slug":"profits-aside-gms-ev-plans-are-driving-a-now-rising-stock","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/profits-aside-gms-ev-plans-are-driving-a-now-rising-stock\/","title":{"rendered":"Profits aside, GM's EV plans are driving a now-rising stock"},"content":{"rendered":"

DETROIT (Reuters) – General Motors Co is expected to report a healthy fourth-quarter profit on Wednesday thanks to strong demand for gas-burning pickup trucks and SUVs, but the company\u2019s future electric vehicles are now driving the stock, shareholders and analysts said.<\/p>

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Since November, when Chief Executive Mary Barra outlined plans to boost spending on electric vehicles, GM shares have surged by 60%. Long stuck near the 2010 initial public offering price of $33, the increase has long-time shareholders celebrating.<\/p>\n

\u201cI don\u2019t think there\u2019s ever been a more exciting time to be a GM shareholder,\u201d said Michael Razewski, a partner with Douglas C. Lane & Associates, which owns more than 2.84 million shares.<\/p>\n

Chris Susanin, director research at GM investor Levin Easterly Partners credited the Detroit company\u2019s \u201cnice steady drum beat\u201d of EV and advanced technology news. He thinks GM could be a $100 stock within a couple years.<\/p>\n

GM helped change the narrative since November by boosting spending on and speeding development of EVs, announcing plans for an electric van and dedicated unit to serve commercial customers, and setting a target to stop selling gasoline-powered light vehicles by 2035.<\/p>\n

Investors also credit a greater focus by the broader market on EVs, driven by Tesla Inc and the numerous companies going public through mergers with special-purpose acquisition companies, or SPACs.<\/p>\n

\u201cThis never struck me as a business that greenfield competitors had an insurmountable advantage,\u201d said Josh Sandbulte, chief investment officer with Greenhaven Associates, one of GM\u2019s largest shareholders.<\/p>\n

Investors are starting to hold companies to a higher standard regarding their climate plans. Last month, the head of BlackRock, the world\u2019s biggest asset manager, warned companies it invests in they will need to show a game plan for surviving in a world aiming for net-zero emissions by mid-century.<\/p>\n

Also boosting GM\u2019s stock was Microsoft Corp\u2019s investment last month in Cruise, the self-driving business in which GM holds a controlling stake. The Cruise business went from a $19 billion valuation to $30 billion with that deal, supercharging expectations.<\/p>\n

Investors now see GM\u2019s sum-of-the-parts business adding up to a much larger number, Barclays analyst Brian Johnson said.<\/p>\n

\u201cIf you want to dream big on GM, you\u2019d take the EV business at a Tesla multiple, the (EV) van business at a SPAC multiple and the Cruise business at the Microsoft mark,\u201d said Johnson, who sees an upside case for a $100 share valuation.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

DETROIT (Reuters) – General Motors Co is<\/p>\n","protected":false},"author":3,"featured_media":112097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nProfits aside, GM's EV plans are driving a now-rising stock - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/profits-aside-gms-ev-plans-are-driving-a-now-rising-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Profits aside, GM's EV plans are driving a now-rising stock - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"DETROIT (Reuters) – General Motors Co is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/profits-aside-gms-ev-plans-are-driving-a-now-rising-stock\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-10T18:36:20+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor379.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/profits-aside-gms-ev-plans-are-driving-a-now-rising-stock\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/profits-aside-gms-ev-plans-are-driving-a-now-rising-stock\/\",\"name\":\"Profits aside, GM's EV plans are driving a now-rising stock - 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