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General Motors to Recall Nearly 50K Chevrolet Tahoe SUVs
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Share price of General Motors Company (GM - Free Report) decreased to $37.10 on Dec 12 after the automaker announced that it plans to recall 49,927 sport utility vehicles due to a faulty cooling system.
The vehicles covered under this recall are Chevrolet Tahoe Police Pursuit SUVs of model years 2010 to 2014. General Motors had designed these vehicles mainly for police departments and other government agencies.
General Motors said that owing to corrosion, fluids may leak into the cooling fan system of these vehicles. This may lead to electric short circuit and even fire.
However, there has been no report of any fire incident in these vehicles. General Motors has informed the owners of the vehicles about the problem. The automaker will repair the problem free of cost.
General Motors has outperformed the Zacks categorized Auto Manufacturers-Domestic industry so far this year. Share price of the stock increased 9.09% so far this year, while the industry saw a 5.21% increase. The company benefitted from good results in the last quarter and business initiatives including the expansion of Maven and investment in facilities. Expectations of higher earnings in 2016 also provided optimism.
Zacks Rank & Other Key Picks
General Motors currently carries a Zacks Rank #2 (Buy).
Other favorably ranked companies in the auto space include Allison Transmission Holdings, Inc. (ALSN - Free Report) , America's Car-Mart Inc. (CRMT - Free Report) and Rush Enterprises, Inc. (RUSHA - Free Report) .
Allison Transmission has a long-term growth rate of 11%.
America's Car-Mart has a long-term growth rate of 45.50%.
Rush Enterprises has a long-term expected growth rate of 15%.
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General Motors to Recall Nearly 50K Chevrolet Tahoe SUVs
Share price of General Motors Company (GM - Free Report) decreased to $37.10 on Dec 12 after the automaker announced that it plans to recall 49,927 sport utility vehicles due to a faulty cooling system.
The vehicles covered under this recall are Chevrolet Tahoe Police Pursuit SUVs of model years 2010 to 2014. General Motors had designed these vehicles mainly for police departments and other government agencies.
General Motors said that owing to corrosion, fluids may leak into the cooling fan system of these vehicles. This may lead to electric short circuit and even fire.
However, there has been no report of any fire incident in these vehicles. General Motors has informed the owners of the vehicles about the problem. The automaker will repair the problem free of cost.
GENERAL MOTORS Price
GENERAL MOTORS Price | GENERAL MOTORS Quote
Price Performance
General Motors has outperformed the Zacks categorized Auto Manufacturers-Domestic industry so far this year. Share price of the stock increased 9.09% so far this year, while the industry saw a 5.21% increase. The company benefitted from good results in the last quarter and business initiatives including the expansion of Maven and investment in facilities. Expectations of higher earnings in 2016 also provided optimism.
Zacks Rank & Other Key Picks
General Motors currently carries a Zacks Rank #2 (Buy).
Other favorably ranked companies in the auto space include Allison Transmission Holdings, Inc. (ALSN - Free Report) , America's Car-Mart Inc. (CRMT - Free Report) and Rush Enterprises, Inc. (RUSHA - Free Report) .
All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has a long-term growth rate of 11%.
America's Car-Mart has a long-term growth rate of 45.50%.
Rush Enterprises has a long-term expected growth rate of 15%.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>