Equinox

2024

Strong

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">General Motors (NYSE: GM) <a href="https://news.gm.com/home.detail.html/Pages/topic/us/en/2024/nov/1104-evsales.html" target="_blank" aria-label="announced (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">announced</a> that the carmaker has achieved notable milestones in electric vehicle (EV) sales, cementing its position as a significant player in the U.S. EV market. Since entering the EV space with the Chevrolet Bolt in 2016, GM has sold over 300,000 EVs in the U.S. and more than 370,000 across North America.</p>
<p>In the third quarter of 2024 alone, GM delivered more than 32,000 EVs, a substantial 46% increase from the previous quarter and a 60% boost year-over-year. With eight EV models already on the market, and upcoming releases like the Cadillac OPTIQ and Escalade IQ, GM is steadily building a diverse and competitive EV portfolio. The news has boosted its stock in today’s trading session which is up over 3% at the time of writing.</p>
<h3 id="gm-reports-significant-ev-sales-data">GM Reports Significant EV Sales Data</h3>
<p>As the second-largest EV seller in the U.S., behind Tesla, GM has benefitted from incentives such as the federal tax credit, which has broadened its customer base. The company’s growing lineup now includes models that address various market needs, from the entry-level Chevrolet Equinox EV to the long-range Silverado EV pickup, which can reach up to 492 miles on a single charge. <br><br>This range advantage has helped GM attract consumers in a crowded market that includes competitors like Subaru, BMW, and Mercedes-Benz.</p>
<p>GM’s success in the EV sector has implications beyond immediate sales. The company’s broad model range and accessible pricing position it to appeal to a wide range of customers, strengthening its long-term competitiveness in the expanding EV market. With increased access to public charging infrastructure and partnerships to support charging networks, GM is making strides toward an EV-dominated future.</p>
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<h3 id="gm-stock-up-over-3-tsla-dips">GM Stock Up Over 3%, TSLA Dips</h3>
<p>GM’s stock has shown substantial growth, with the current price rising 3.30% to $52.64, delivering an impressive year-to-date return of 47.74%, which outpaces the S&amp;P 500’s 20.12% gain. Over the past year, GM’s stock has climbed 78.77%, also exceeding the broader market’s performance. <br><br>Financially, GM maintains a relatively low valuation, with a trailing P/E ratio of 5.44, and a market cap of $57.88 billion. Its steady profit margin of 6.06% and a strong return on equity of 14.17% signal robust financial health.</p>
<p>Tesla (NASDAQ: TSLA), however, has faced recent stock pressure, with a current share price of $243.78, down by 2.09%. Tesla’s year-to-date return is -1.86%, trailing the <a href="https://tokenist.com/investing/spx-vs-spy/" rel="noopener noreferrer nofollow" class="deco-link">S&amp;P 500</a>, while its one-year return of 10.86% also lags the index. Tesla’s <a href="https://tokenist.com/investing/p-e-ratio/" rel="noopener noreferrer nofollow" class="deco-link">high P/E ratio</a> of 68.21 and its volatility, indicated by a beta of 2.08, reflect the company’s growth potential but also market sensitivity. Despite challenges,</p>
<p>Tesla’s profit margin of 13.08% and return on equity of 20.39% underscore its profitability, though analysts remain mixed on the stock, with target price estimates ranging widely from $24.86 to $315.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/gms-ev-success-boosts-stock-by-3-3-amid-strong-q3-sales/">GM’s EV Success Boosts Stock by 3.3% Amid Strong Q3 Sales</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

GM’s EV Success Boosts Stock by 3.3% Amid Strong Q3 Sales

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