Market Overview

Will General Motors Stock Reach $75 By 2022?

Share:
Will General Motors Stock Reach $75 By 2022?

Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.

We surveyed a group of over 500 investors on whether shares of General Motors Company (NYSE: GM) will reach $75 by 2022.

GM Stock Forecast

General Motors operates under four segments in 2021: GM North America, GM International, Cruise and GM Financial. The United States has four car brands: Chevrolet, Buick, GMC and Cadillac.

GM remains the market leader in the U.S. with roughly 17% of the automotive market share in 2020.

On Dec. 8 Cruise, the autonomous vehicle company that’s majority-owned by GM, set in motion testing across the city of San Francisco without any human monitors as passengers. Dan Amman, CEO of Cruise, said this represented a significant milestone in the race for autonomous vehicle technology to hit American roads and helps solidify GM’s positioning in leading the American automotive industry in autonomous tech.

In a series of updates from CES 2021: GM unveiled a new business called BrightDrop and announced plans to spinoff this delivery and logistics portion of the business.

GM also revealed a new electric pallet called EP1 and electric light commercial vehicle called EV600 are both expected later in 2021. Both use GM’s Ultium platform and feature DC fast charging capabilities.

See Also: How To Buy GM Stock.

Survey Says

Overall, 61% of traders and investors believe shares of GM will reach $75 over the next year. The stock trades around $48 at publication time.

Respondents who contributed to our study first and foremost discussed GM’s plan to become a viable competitor in the EV race. Reader sentiment suggests GM could prove to be a value play method to invest in EV stocks, in the sense that the firm hasn’t yet fully been embraced by EV investors.

Many who participated in our survey also noted U.S. automakers, in general, face an uphill battle as companies look to keep up with rapidly advancing technological trends and recover amid the pandemic.

It can be said car manufacturing must be positioned in the EV market these days. Like GM, Ford Motor Company (NYSE: F) is also working on a plan for its exposure to the EV market. A more clear vision for GM will definitely boost trust in the stock’s future.

See Also: How To Buy Ford Stock

As our team of analysts covered throughout 2020, the growing demand for EVs isn't surprising. Thanks to the rise in popularity of Tesla Inc (NASDAQ: TSLA) and Nio Inc - ADR (NYSE: NIO) and as EVs come more into the mainstream, people are seeing many benefits of owning an EV including cost savings during ownership and much lower maintenance needs.

See Also: How To Buy Nio Stock and How To Buy Tesla Stock

This survey was conducted by Benzinga in January 2021 and included the responses of a diverse population of adults 18 or older.

Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 500 adults.

 

Related Articles (GM)

View Comments and Join the Discussion!

Posted-In: Long Ideas Crowdsourcing Trading Ideas General Best of Benzinga