General Motors (GM) and Lockheed Martin (LMT) have teamed up to develop lunar vehicles. The vehicles are to be used by astronauts as a means of transport on the moon’s surface. The alliance is part of the two companies’ push to enhance deep space exploration.
Work on the lunar vehicles comes as NASA, through its Artemis program, plans to send humans to the moon to explore and conduct various scientific experiments. The space exploration agency has since contracted General Motors and Lockheed Martin to work on vehicles that can help the astronauts explore the moon’s surface even further, focusing on areas humans have never gone.
General Motors, as a leader in battery technologies, is to leverage its self-driving technology to ensure safer and more efficient transportation on the Moon’s surface. Lockheed is to leverage its 50-years of experience in working with NASA as work on the lunar vehicles begins. (See Lockheed Martin stock analysis on TipRanks)
“Working together with Lockheed Martin and their deep-space exploration expertise, we plan to support American astronauts on the Moon once again,” said SVP Alan Wexler, Innovation and Growth Unit, General Motors. (See General Motors stock analysis on TipRanks).
An autonomous driving system developed by the two companies will allow the rovers to prepare for human landings while also enhancing the range of payloads and experiments.
Argus analyst Bill Selesky has reiterated a Buy rating on the stock after the company delivered solid first-quarter results. According to the analyst, Q1 earnings underscore the impact of the successful launch of full-size SUVs. It also highlights the impact of higher pricing on full-size pickups.
The analyst insists GM looks attractive at current levels. He has raised his stock price target to $66 from $62, implying 10.42% upside potential to current levels.
Consensus among analysts on Wall Street is a Strong Buy based on 11 Buy and 2 Hold ratings. The average analyst price target of $68.67 implies 14.89% upside potential to current levels.
GM scores a 9 out of 10 on TipRanks’ Smart Score rating system, implying it is likely to outperform the overall market.
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