General Motors (GM) News Supports $100+ Stock - Citi

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GM escalates the electric vehicle arms race

June 16, 2021 9:02 AM EDT

By Ben Klayman

DETROIT (Reuters) - General Motors Co on Wednesday boosted its spending on electric and autonomous vehicles, pulled ahead plans for two U.S. battery plants and forecast stronger-than-expected second-quarter profits.

The No. 1 U.S. automaker said it will now spend $35 billion through 2025 on EVs, an increase of 75% from March 2020 before the COVID-19 pandemic shut down the industry.

Shares of GM were up 1.5% in late trading on Wednesday.

GM's additional spending accelerates a global arms race among automakers and technology companies to expand electric vehicle offerings. Consulting firm AlixPartners on Wednesday said investments in... More

General Motors (GM) to Boost EV and AV Investments to $35 Billion Through 2025

June 16, 2021 9:01 AM EDT

General Motors Co. (NYSE: GM) announced today it will increase its EV and AV investments from 2020 through 2025 to $35 billion, representing a 75 percent increase from its initial commitment announced prior to the pandemic.

The company's enhanced commitment will accelerate its transformative strategy to become the market leader in EVs in North America; the global leader in battery and fuel cell technology through its Ultium battery platform and HYDROTEC fuel cells; and through Cruise, be the first to safely commercialize self-driving technology at scale.

"We are investing aggressively in a comprehensive... More

Morgan Stanley Sees $10 of General Motors (GM) Earnings Power

June 16, 2021 9:01 AM EDT

Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $80.00 price target on General Motors (NYSE: GM) on the belief that CEO Mary Barra's commentsthat 1H21 financial results will be significantly better than prior guidance (weeks before the end of the quarter) could be... More

GM's self-driving car unit Cruise to access $5 billion credit line

June 15, 2021 10:43 AM EDT

BERKELEY, California (Reuters) -General Motors Co's majority owned Cruise self-driving car subsidiary said on Tuesday it would gain access to a multi-year $5 billion line of credit with GM's finance arm to fund its purchase of Origin vehicles starting in early 2023.

"This bumps up Cruise's total war chest to over... More

Wabtec (WAB), GM (GM) to Develop Advanced Ultium Battery and HYDROTEC Hydrogen Fuel Cell Solutions for Rail Industry

June 15, 2021 9:02 AM EDT

Wabtec Corporation (NYSE: WAB) and General Motors (NYSE: GM) today announced they will collaborate to develop and commercialize GM's Ultium battery technology and HYDROTEC hydrogen fuel cell systems for Wabtec locomotives.

"The rail industry is on the cusp of a sustainable transformation with the introduction of batteries and hydrogen to power locomotive fleets," said Rafael Santana, CEO and president of Wabtec. "Our FLXdrive locomotive, the world's first 100-percent battery... More