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General Motors to Hike EV Bolt Production to Meet Demand
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General Motors Company (GM - Free Report) announced that it would increase the production of Chevrolet Bolt electric vehicle (EV) to meet growing demand, per Reuters. Additionally, the carmaker asked the U.S. Congress to rethink about the expansion of the tax credit for EV.
Per management, the U.S. regulators should consider the potential benefits of increased usage of autonomous vehicles while deciding on tax credits. Few of the benefits associated with these vehicles are, lower carbon dioxide emission and fuel consumption, among others.
At present, once an automaker achieves a sales target of 200,000 EV units in a year, it no longer remains eligible for a consumer tax credit of up to $7,500 per vehicle. General Motors already sold 160,000 units of full-electric and plug-in vehicles and are anticipated to strike the limit by the end of this year.
Per the December 2017 tax bill, the government did not remove tax credit on EVs and also did not act on the proposal to raise the limit.
Launched in October 2016, General Motor’s Chevrolet Bolt was the first EV, available at a price under $40,000, to run over 200 miles on a single charge. In 2017, General Motors sold total 26,000 units of Bolt, though electric-driven vehicles account a fraction of its overall sales figure.
Later in 2018, the company will increase the production of Bolt at its Orion plant near Detroit, MI, which is also expected to generate new job opportunities.
Price Performance
In the last six months, shares of General Motors outperformed the industry it belongs to. During the period, the company’s stock gained 1.3% as against the industry’s decline of 3.9%.
Zacks Rank & Other Key Picks
General Motors sports a Zacks Rank #1 (Strong Buy).
Peugeot has an expected long-term growth rate of 16.6%. In the last six months, shares of the company gained 9.7%.
Toyota has an expected long-term growth rate of 6.1%. Shares of the company gained 11.5% in the last six months.
Volkswagen has an expected long-term growth rate of 18.7%. In the last six months, shares of the company gained 20%.
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Bigstock
General Motors to Hike EV Bolt Production to Meet Demand
General Motors Company (GM - Free Report) announced that it would increase the production of Chevrolet Bolt electric vehicle (EV) to meet growing demand, per Reuters. Additionally, the carmaker asked the U.S. Congress to rethink about the expansion of the tax credit for EV.
Per management, the U.S. regulators should consider the potential benefits of increased usage of autonomous vehicles while deciding on tax credits. Few of the benefits associated with these vehicles are, lower carbon dioxide emission and fuel consumption, among others.
At present, once an automaker achieves a sales target of 200,000 EV units in a year, it no longer remains eligible for a consumer tax credit of up to $7,500 per vehicle. General Motors already sold 160,000 units of full-electric and plug-in vehicles and are anticipated to strike the limit by the end of this year.
General Motors Company Price and Consensus
General Motors Company Price and Consensus | General Motors Company Quote
Per the December 2017 tax bill, the government did not remove tax credit on EVs and also did not act on the proposal to raise the limit.
Launched in October 2016, General Motor’s Chevrolet Bolt was the first EV, available at a price under $40,000, to run over 200 miles on a single charge. In 2017, General Motors sold total 26,000 units of Bolt, though electric-driven vehicles account a fraction of its overall sales figure.
Later in 2018, the company will increase the production of Bolt at its Orion plant near Detroit, MI, which is also expected to generate new job opportunities.
Price Performance
In the last six months, shares of General Motors outperformed the industry it belongs to. During the period, the company’s stock gained 1.3% as against the industry’s decline of 3.9%.
Zacks Rank & Other Key Picks
General Motors sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the auto space are Peugeot SA , Toyota Motor Corporation (TM - Free Report) and Volkswagen AG , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peugeot has an expected long-term growth rate of 16.6%. In the last six months, shares of the company gained 9.7%.
Toyota has an expected long-term growth rate of 6.1%. Shares of the company gained 11.5% in the last six months.
Volkswagen has an expected long-term growth rate of 18.7%. In the last six months, shares of the company gained 20%.
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 4 crypto-related stocks now >>