General Motors Co is trading up 2.54% at 54.07
General Motors Co on Tuesday said it will spend more than the $35 billion previously planned through 2025 to speed up launches of new electric vehicles, and noted that investments in technology will take priority over richer profits next year.
GM said it expects 2022 operating profit of $13 billion to $15 billion, in line with a record 2021 operating profit of $14.3 billion, even though vehicle production is expected to increase as semiconductor supplies improve and pricing power remains strong.
GM plans annual capital spending of $9 billion to $10 billion this year and for the next several years, Jacobson said. GM is not paying a dividend.
Chief Executive Officer Mary Barra said GM is “accelerating within the ’20 to ’25 timeframe from the $35 billion, but there’s also some investments that we’re pulling in” that were planned later in the decade.
Barra said GM will announce the site for a fourth electric vehicle battery plant by the end of June, and will invest in a third electric truck assembly plant. The company has 110,000 reservations for the electric version of its Silverado pickup, Barra said.
Barra did not give a new figure for total EV investments through 2025. GM said in its quarterly report it expects to spend $1.5 billion more this year to speed software development and accelerate its EV portfolio.
On technical fronts General Motors Co RSI stood at 39.36 and currently stock is trading above 5 days MA & below 20 and 50 days MA. So, SELL position can be taken with following target and stoploss:
TRADE SIGNAL – : General Motors Co – SELL: 53.95, TARGET: 53.13, STOP LOSS : 54.78