By
Steve Muchoki
October 6th, 2023
The Hummer EV will widen the scope of revenue collection and dependency, thus cushioning General Motors stocks from future crashes.
Shares of General Motors Co (NYSE: GM) jumped 6.75% on Tuesday to close the day trading at $35.60, and were up approximately 2.75% during Wednesday’s pre-market. Although the market has not fully recovered from the coronavirus impact, General Motors investors are positive the company can deliver amid heightened global competition in the electric vehicle industry. The tweak is attributed to an announcement that GM customers can begin to order the Hummer EV by next year but will be delivered by 2022.
The all-terrain beast is dubbed a huge competitor among other products in the market including Tesla’s Cybertruck.
General Motors Stock
With a market capitalization of around $47.73 billion, General Motors is capable of delivering the Hummer EV as promised with cutting edge technology.
During the pandemic, General Motors stocks have had mixed results whereby they were down 2.76%, and 2.73% in the past one year and year to date respectively. However, they had added approximately 35.36%, 21.34%, and 12.41% in the past three months, one month and five days respectively according to figures provided by MarketWatch.
Notably, at the time of writing, there were 1.43 billion outstanding shares in the General Motors stock market. GM shares received an average of Buy rating from 17 credible Wall Street analysts.
A strong indication the company is not only headed for a full recovery but also for a brighter future. Technically, General Motors stocks are trading at a strong support and resistance level, where they opened the year trading around. In addition, GM stocks have just brushed with the 200 MA on the weekly timeframe for the first time this year.
If the current buyers can sustain the rally to break above the current hurdle, GM stocks will be seeking to make an all-time high. Having retested the current resistance level for the past decade, any sort of breakout will give investors confidence with the company amid the market coronavirus turmoil.
GM Hummer EV and Future Prospects
Apparently, the unveiled Hummer EV, which is set to start sales at $80,000, will widen the scope of revenue collection and dependency, thus cushioning General Motors stock from future crashes.
The Hummer EV will come equipped with the latest technology including more angle cameras, 1000 horsepower and a 350-mile range battery that can supercharge in 10 minutes. One of the amazing features of the new GM Hummer EV is the capability to drive diagonally, the first kind in the vehicle industry.
These combined with outstanding off-road capabilities, the Hummer EV is promising its customers a first-class experience.