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General Motors' (GM) Sustainability Report Outlines EV Growth
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General Motors (GM - Free Report) recently released its annual Sustainability Report for 2021, presenting its progress on expediting electric vehicle (EV) access and ensuring an equitable climate action by striving to transition to an all-electric future. The report marks the company’s 12th to date.
GM has ambitious investment plans to propel the company in the EV space. In January, GM announced a $7 billion investment plan in four Michigan manufacturing sites to create 4,000 new jobs and retain 1,000 jobs, as well as bolster battery cell and electric truck manufacturing capacity. GM's $35 billion investment pledge in 2021 in EV and autonomous vehicles through 2025 is also aiding two more sites in Spring Hill, TN, and Ingersoll, ON, to switch to all-electric manufacturing. Its $750 million investment to enhance charging capacity for residences, workplaces and public areas through 2025 also bode well.
GM also launched BrightDrop, which offers a portfolio of all-electric products, software and services, including electric delivery vans and e-carts, to support delivery and logistics companies in efficiently transporting goods. The BrightDrop solutions aim to minimize costs, maximize productivity and improve freight security.
GM targets to become carbon neutral by 2040 and transition to 100% zero tailpipe emissions for new light-duty vehicles by 2035. It has plans to reach more than 1 million units of EV capacity in North America and China each by 2025. In late 2021, with the opening of Factory ZERO, its first plant fully dedicated to EV assembly in Detroit and Hamtramck, MI, the company added a feather to its cap.
GM’s Ultium battery platform has the potential for mass electrification, ranging from regular to high-performance vehicles and is expected to be a major driver in cutting down costs and increasing range. In this light, in 2021, the company introduced Ultium Charge 360, an integrated charging approach that assimilates charging networks, GM vehicle mobile apps and other products and services to offer a simplified charging experience.
Moreover, in 2021, GM had stated its intention to steer its focus toward an equitable climate-change action. Its 2021 Sustainability Report harps on four vital areas that form the basis of its vision.
The company underpinned the importance of its current salaried and represented workforce by pledging support to unions to promote safety, quality, training and jobs for American workers.
It has widened its offering of EVs by incorporating a range of price points that will include the Chevrolet Bolt EV in the Cruise Origin shared autonomous vehicle. For zero-emissions mobility, the company also looks to leverage its Hydrotec fuel cells for rail and aircraft applications.
GM is dedicated to setting up a pervasive charging framework that can maximize charging solutions for all types of customers and help mitigate the issue of charging deserts.
GM launched its $50 million Climate Equity Fund in 2021, and ever since, the fund has supported 30 nonprofit organizations that work at the community level to bridge the climate-equity gap.
The automaker's big push toward EVs is set to boost prospects, and its integrity toward a zero-emission future is commendable.
GM’s shares have lost 32.3% over the past year compared with the industry’s 10% decline.
BRP Group has an expected earnings growth rate of 9.1% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.9% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 11.5% over the past year.
Dorman Products has an expected earnings growth rate of 18.75% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 0.7% upwards in the past 60 days.
Dorman Products’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. DORM pulled off a trailing four-quarter earnings surprise of 3.1%, on average. The stock has lost 1% over the past year.
The Zacks Consensus Estimate for Standard Motor’s current-year earnings has been revised around 1.1% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 60.5%, on average. The stock has gained 1.2% over the past year.
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General Motors' (GM) Sustainability Report Outlines EV Growth
General Motors (GM - Free Report) recently released its annual Sustainability Report for 2021, presenting its progress on expediting electric vehicle (EV) access and ensuring an equitable climate action by striving to transition to an all-electric future. The report marks the company’s 12th to date.
GM has ambitious investment plans to propel the company in the EV space. In January, GM announced a $7 billion investment plan in four Michigan manufacturing sites to create 4,000 new jobs and retain 1,000 jobs, as well as bolster battery cell and electric truck manufacturing capacity. GM's $35 billion investment pledge in 2021 in EV and autonomous vehicles through 2025 is also aiding two more sites in Spring Hill, TN, and Ingersoll, ON, to switch to all-electric manufacturing. Its $750 million investment to enhance charging capacity for residences, workplaces and public areas through 2025 also bode well.
GM also launched BrightDrop, which offers a portfolio of all-electric products, software and services, including electric delivery vans and e-carts, to support delivery and logistics companies in efficiently transporting goods. The BrightDrop solutions aim to minimize costs, maximize productivity and improve freight security.
GM targets to become carbon neutral by 2040 and transition to 100% zero tailpipe emissions for new light-duty vehicles by 2035. It has plans to reach more than 1 million units of EV capacity in North America and China each by 2025. In late 2021, with the opening of Factory ZERO, its first plant fully dedicated to EV assembly in Detroit and Hamtramck, MI, the company added a feather to its cap.
GM’s Ultium battery platform has the potential for mass electrification, ranging from regular to high-performance vehicles and is expected to be a major driver in cutting down costs and increasing range. In this light, in 2021, the company introduced Ultium Charge 360, an integrated charging approach that assimilates charging networks, GM vehicle mobile apps and other products and services to offer a simplified charging experience.
Moreover, in 2021, GM had stated its intention to steer its focus toward an equitable climate-change action. Its 2021 Sustainability Report harps on four vital areas that form the basis of its vision.
The company underpinned the importance of its current salaried and represented workforce by pledging support to unions to promote safety, quality, training and jobs for American workers.
It has widened its offering of EVs by incorporating a range of price points that will include the Chevrolet Bolt EV in the Cruise Origin shared autonomous vehicle. For zero-emissions mobility, the company also looks to leverage its Hydrotec fuel cells for rail and aircraft applications.
GM is dedicated to setting up a pervasive charging framework that can maximize charging solutions for all types of customers and help mitigate the issue of charging deserts.
GM launched its $50 million Climate Equity Fund in 2021, and ever since, the fund has supported 30 nonprofit organizations that work at the community level to bridge the climate-equity gap.
The automaker's big push toward EVs is set to boost prospects, and its integrity toward a zero-emission future is commendable.
GM’s shares have lost 32.3% over the past year compared with the industry’s 10% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Better-ranked players in the auto space include BRP Group, Inc. (DOOO - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Dorman Products (DORM - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
BRP Group has an expected earnings growth rate of 9.1% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.9% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 11.5% over the past year.
Dorman Products has an expected earnings growth rate of 18.75% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 0.7% upwards in the past 60 days.
Dorman Products’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. DORM pulled off a trailing four-quarter earnings surprise of 3.1%, on average. The stock has lost 1% over the past year.
The Zacks Consensus Estimate for Standard Motor’s current-year earnings has been revised around 1.1% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 60.5%, on average. The stock has gained 1.2% over the past year.