General Motors (GM) technology startup BrightDrop has completed the first production builds of the EV600. It becomes the fastest-built vehicle from concept to commercialization. Additionally, its production marks an important milestone in the automaker’s push to deliver its first electric light commercial vehicle (eLCV) to FedEx Express (FDX). GM shares fell 0.73% to close at $52.85 on September 28.
General Motors is a U.S. company that designs, manufactures, and sells various brands of cars, including trucks, crossovers, and automobile parts.
BrightDrop developed the EV600 in a record time of just 20 months. The technology startup leveraged General Motors’ Ultium battery platform and innovative virtual development processes. The electric car is designed to address the effects of climate change amid growing demand for e-commerce deliveries. (See General Motors stock charts on TipRanks)
Production of the EV600 comes amid the GM startup shrugging off global supply chain delays and shortages. Additionally, the company has added a new lineup to its pipeline. The EV410 is a new mid-sized eLCV customized for shorter and more frequent trips. Markedly, Verizon (VZ) will become the first customer of the new electric car once it is out and plans to use it to bolster its maintenance and service fleet.
“Adding the EV410 to our fleet is the latest step in our commitment to Verizon achieving net zero operational emissions by 2035,” said Ken Jack, Vice President of Fleet Operations at Verizon.
Recently, Goldman Sachs analyst Mark Delaney reiterated a Buy rating on General Motors. However, the analyst lowered the price target to $59 from $62, implying 11.64% upside potential to current levels.
Consensus among analysts is a Strong Buy based on 14 Buys and 1 Hold. The average General Motors price target of $72.40 implies 36.99% upside potential to current levels.
Related News:
TransAlta Hikes Dividend by 11%, Sets Growth Targets
Agnico Eagle to Buy Kirkland Lake Gold
Huntsman Corporation Forms JV with Korea’s KPX Chemical
