General Motors (NYSE:GM) delivered in a big way, or so its first-quarter delivery numbers assert. However, it wasn’t enough to keep the stock out of hot water, as investors staged a sell-off, albeit a rather small one.
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By most reports, GM had a fantastic first quarter. Sales growth was up 18%, and that gave it an extra 1.5% of the market under its control. The biggest reasons for this growth stemmed from fleet sales, up 27%, and retail sales, up 15%. In perhaps the most amazing development, Buick sales doubled over the last year as more consumers looked for affordability.
As for GM’s biggest conceptual move toward electric vehicles, that was pretty brisk as well. The 20,000-plus electric vehicles sold in the first quarter wasn’t big objectively, but it was a huge move for a company that hadn’t been in the game long. The Chevy Bolt and the Cadillac Lyriq both proved to be solid additions to the market. GM projects it can better than double that number, to 50,000, by June.
Despite these hefty sales, consensus figures still consider GM a Moderate Buy. Furthermore, GM stock comes with 45.92% upside potential thanks to its average price target of $52.91 per share.
