Why This Top Stock Rocketed 15% Higher Tuesday
It hasn't been a smooth year for most automakers. Companies such as General Motors (NYSE: GM) have had to adjust global strategies to offset U.S. tariffs on imported vehicles and automotive parts, and have had to prepare for a slowdown in electric vehicle (EV) sales in the fourth quarter after the $7,500 federal tax credit was removed at the end of September. Don't tell General Motors to be gloomy, though -- despite the headwinds the company just posted strong third-quarter results that drove its stock 15% higher Tuesday.
Thanks to a strong sales mix heavy on full-size trucks and SUVs, along with rising sales, General Motors delivered a strong third quarter of earnings and cash flow. GM recorded its highest third-quarter market share since 2017 in the U.S. market and its restructured China business once again reached profitability.
Image source: General Motors.
Source Fool.com
General Motors Corp Stock
Our community is currently high on General Motors Corp with 42 Buy predictions and 9 Sell predictions.
However, we have a potential of -4.68% for General Motors Corp as the target price of 66 € is below the current price of 69.24 €.
