Stocks seemed to be looking to start the week out strong, with all major U.S. benchmarks in the green. Investors are reacting to Friday’s positive jobs report and to the record number of vaccines being administered. The weekly average of shots being given in the U.S. is now above 3 million, which is one factor driving the bullish action.
EV makers are in focus once again after Biden announced last week that he plans to transition all government fleet vehicles to EVs (as part of his proposed infrastructure spending plan).
While the EV boom has been growing for years, 2021 could be the year electric starts to take over everything. And it could happen much sooner than most people realize, with huge names like Amazon, United Airlines and the U.S. Postal Service already on board.
Legacy automakers are all making the shift too, rolling out their line of EVs one by one, which brings some interesting opportunities to invest in trusted, well established names. But which of these well rooted automakes stands out from its peers in their endeavor to break into the EV market?
Read on to find out which legacy firm our team has its sights on.
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General Motors‘ (GM) resurgence over the past year has come on suddenly, in part because Wall Street was slow to recognize the value of some GM assets. Yet the biggest factor has been the accelerated pace of change at GM, which keeps producing one surprise after another.
The biggest surprise has been Brightdrop. Just a kernel of an idea a year ago, GM revealed the existence of its logistics startup in Jan 2020. The first EV600 vans are on track to come off GM’s assembly line in Canada in late 2021, with initial deliveries going to FedEx (FDX).
GM has its own ambitious roadmap for a next-generation Ultium battery that promises greater range at less cost, has proved it belongs in the top tier of the EV hierarchy. “The EV600 will be the fastest vehicle GM has ever brought to market,” Brightdrop CEO Travis Katz said in a March 22 Bank of America investor presentation. Building upon engineering work for the Hummer EV helped speed along the process, Katz said.
Some big milestones could occur this year for GM, like the Hummer EV hitting the road this fall, there’s potential for more surprises. That could include news of deeper ties between GM‘s Brightdrop unit and FedEx than previously revealed.
Although GM says it’s headed for the front of the EV pack, its stock still appears priced like an underdog.
GM stock had a market cap of $86 billion compared to $672 billion for Tesla (TSLA), despite having roughly 3.5 times Tesla’s sales in the fourth quarter. While Tesla currently trades with a P/E ratio of nearly 1100, GM stocks trades at a P/E ratio of just 13.68.
There have also been recent positive revisions to analyst recommendations. There are currently 16 analysts who say GM stock is a Buy, that’s up from 13, just three months ago. There are also 2 Hold ratings for the stock and no Sell ratings.
Investors should keep current market conditions in mind, but for those with a long-term outlook, GM stock could be a diamond in the making.
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