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Shares of General Motors Company (NYSE:GM) have rallied on speculation of the company spinning off its electric vehicle business.
The value of Ultium Cells LLC, which is a joint venture between General Motors and South Korean chemical firm LG Chem, is estimated at $20 billion, according to Morgan Stanley.
The General Motors Analyst: Adam Jonas maintained an Overweight rating for General Motors, while raising the price target from $43 to $46.
The General Motors Thesis: Ultium is a major part of General Motors’ entire EV capabilities, Jonas said. While some investors view Ultium as copying Tesla Inc (NASDAQ:TSLA), there seems to be only one mission for General Motors – to grow.
“If our forecasts for the long term growth of the global EV market are even remotely in the ballpark, we believe there will be plenty of room to go around for competing EV supply beyond the likes of Tesla," Jonas wrote in the note.
Jonas believes that for General Motors to capitalize on the opportunity, it will need to develop its ability to attract and retain capital and people. He added, however, that there are several risks around the company generating credit for its battery capacity.
The analyst added that General Motors’ story “is bigger than Ultium and much bigger than the near-term stock price.”
GM Price Action: Shares of General Motors were trading at around $30.15 at the time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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