President Joe Biden’s administration announced Wednesday that the United States will send 31 M1A1 Abrams tanks to Ukraine to aid the country in its fight against Russia. This announcement comes after the U.S. hesitated for weeks to send tanks to Ukraine, which is gearing up to defend against another Russian advancement.
In addition to the U.S. tanks, Germany announced it would send its Leopard 2 tanks to Ukraine on Tuesday. The willingness of the U.S. and Germany to continue their aid to Ukrainian forces could prove to be a turning point as Russia plans to intensify its attacks on Ukraine.
According to experts, the M1A1 tanks are complex war machines that require a certain amount of training to operate. Maintenance can also become a complicated issue for the tanks, according to a report by CNBC.
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Because of the time it takes to train soldiers to operate the tanks, it could be months before the armored vehicles actually hit the battlefields in Ukraine. General Dynamics Corp GD, an American defense company based in Virginia, manufactures the Abrams tanks for the U.S. Military.
General Dynamic’s stock was trading down on Wednesday afternoon by about 3.5%. Other defense names like Lockheed Martin LMT and Raytheon Technologies RTX were outperforming General Dynamic’s stock on Wednesday, trading in the green.
But, all three names are off to slow starts to 2023, each down YTD, while the S&P 500 Index is up more than 4.9% so far in 2023.
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