Global automaker The General Motors Company (NYSE:GM) is planning to launch more than 15 fully electric vehicle (EV) models in China by 2025. These EVs will be built using GM’s popular Ultium platform, the company announced at the Tech Day event on November 22.
GM believes that its EV investments will turn profitable by 2025. The automaker is highly bullish about its Ultium-platform-based EV manufacturing in both China and the U.S. GM is building two Ultium-based plants in Shanghai and Wuhan through a joint venture (JV) with Shanghai Automotive Industry Corporation (SAIC). The plant in Wuhan is slated to begin production by the end of this year.
Moreover, SAIC-GM general manager Wang Yongqing has noted that the JV intends to invest a further 20 billion yuan ($2.8 billion) in smart EVs and software in addition to the 50 billion yuan already committed.
By 2025, GM says it will produce around 1 million EVs in China. At the same time, GM is progressing swiftly with the building of its EV plants in the U.S. through a JV called Ultium Cells LLC with LG Energy Solution.
Is General Motors a Good Stock to Buy?
On TipRanks, General Motors has a Moderate Buy consensus rating based on eight Buys, five Holds, and two Sells. The average General Motors stock prediction of $46.54 implies 16.4% upside potential to current levels. Meanwhile, the stock has lost 34.5% so far this year.
