General Motors could be major player in EV market with Tesla, says Wedbush » 09:3010/2910/29/20
GM, TSLA, NKLA
Wedbush analyst Daniel…
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Fly Intel: What to watch in auto sector earnings reports » 13:5610/2810/28/20
Ford (F) is scheduled to…
GM Defense subsidiary announces first delivery of Infantry Squad Vehicle » 10:3110/2710/27/20
GM Defense, a subsidiary…
GM Defense, a subsidiary of General Motors, announced the first delivery of the Infantry Squad Vehicle, or ISV - a light and agile all-terrain troop carrier intended to transport a nine-Soldier infantry squad and their equipment - to the U.S. Army as part of a $214.3M contract awarded in June. "GM Defense will manufacture 649 ISVs and will support the production of up to 2,065 vehicles with additional authorization over eight years. This is the first major award and delivery for GM Defense since the subsidiary was reestablished by its parent company in 2017," the company stated. Reference Link
General Motors to upgrade design capability in China » 11:2410/2610/26/20
General Motors announced…
General Motors announced that it will upgrade the GM China Advanced Design Center in Shanghai, more than doubling current studio space and milling capacity. The GM China Advanced Design Center, which is adjacent to GM China's headquarters, will grow to more than 5,000 square meters. The expansion will allow it to attract more local design talent. The upgrade is scheduled to begin this month, with completion set for the second quarter of 2021. "Shanghai has become home to some of the world's top automotive design talent," said Julian Blissett, GM executive vice president and president of GM China. "We have been seeing many stunning car designs. With our improved capability and world-class resources, the Advanced Design Center will attract more of these outstanding local designers." The upgraded Advanced Design Center will include a new color and material studio, paint shop, VR lab and second clay modeling studio, while the current VR Room, viewing patio, clay modeling studio and other facilities will receive comprehensive enhancements and upgrades.
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General Motors price target raised to $44 from $36 at JPMorgan » 08:1210/2210/22/20
JPMorgan analyst Ryan…
JPMorgan analyst Ryan Brinkman raised the firm's price target on General Motors to $44 from $36 and keeps an Overweight rating on the shares. The analyst increased estimates into the company's Q3 results to reflect the faster than expected pace of recovery in the global auto industry, as evidenced by "strongly" higher sales, production, and used car prices.
General Motors price target raised to $40 from $39 at Barclays » 06:4110/2210/22/20
Barclays analyst Brian…
Barclays analyst Brian Johnson raised the firm's price target on General Motors to $40 from $39 and keeps an Overweight rating on the shares Auto stocks have outpaced the market since the end of Q2 earnings due to a faster than expected sales and production recovery, Johnson tells investors in a research note. China auto sales are now past pre-Covid-19 levels and tight North America inventories bode well for the supplier group, says the analyst . He believes production upside and the likelihood for strong incremental margins off trough levels should set the group up to beat Q3 expectations..
Cruise, GM seek NHTSA approval for Origin deployment » 14:4010/2110/21/20
Self-driving car company…
Self-driving car company Cruise said in a blog post that it and majority shareholder General Motors are "going all in" on its goal to get its self-driving Origin electric vehicle onto roads. Because the Origin does not have driver controls like a traditional car, in the coming months GM and Cruise will be filing an exemption petition with the National Highway Traffic Safety Administration seeking regulatory approval for its deployment. Accordingly, the companies will be withdrawing an earlier exemption petition that was limited to Cruise AVs derived from the Chevrolet Bolt platform. Reference Link
Reservations for first GMC Hummer EV sold out in 10 minutes, BI says » 12:3110/2110/21/20
Reservations for the…
Reservations for the "Edition 1" model of the new GMC Hummer electric vehicles were taken just minutes after the vehicle debuted on Tuesday evening, Business Insider's Tim Levin reports. The 2022 Hummer EV Edition 1 is the only trim level GMC will make during the pickup's first year of production, with deliveries starting in fall of next year, Levin notes. All reservations for the vehicle sold out within just 10 minutes of availability, Levin says, citing a General Motors spokesperson. Reference Link
Nikola rallies after GM says partnership talks are 'going forward' » 09:4110/2110/21/20
Shares of Nikola (NKLA)…
Shares of Nikola (NKLA) are moving higher after General Motors President Mark Reuss told Bloomberg that the company is moving forward with partnership talks. "Right now we are going forward," Reuss said in a Bloomberg TV interview taped on October 16. "They are taking what I believe is the best fuel cell in the world -- with our fuel cell that is made in our joint venture with Honda right here in Michigan -- and taking that fuel cell and looking at deploying it in the heavy-duty transport market with large trucks -- the Class 7 and 8s -- and also in the light-duty Badger truck," Reuss said. On CNBC this morning, Reuss added that GM continues "to work the opportunity" of its $2B deal with Nikola that was announced last month but hasn't yet been finalized. "The opportunity to put our fuel cells into a class 7 and 8 vehicle is spectacular," he said during an interview. "We know there's great operational cost advantages there, there's great efficiencies and there's great opportunities." Shares of Nikola are up 4%, or 88c, to $21.60 in morning trading.
Unusually active option classes on open October 21st » 09:4010/2110/21/20
CSIQ, RIOT, PYPL, GM, NOK, FB, BIDU, WORK, GOOGL, VZ
Unusual total active…
Unusual total active option classes on open include: Canadian Solar (CSIQ), Riot Blockchain (RIOT), PayPal (PYPL), General Motors (GM), Nokia (NOK), Facebook (FB), Baidu (BIDU), Slack (WORK), Alphabet Class A (GOOGL), and Verizon (VZ).