General Motors Company (GM - Free Report) has entered into a partnership with Uber Technologies Inc to expand its car-sharing operation Maven, in Australia, through a pilot program, per Reuters. The agreement will enable Uber drivers to rent cars produced by General Motors’ Australian manufacturer GM Holden.
Per the news, General Motors is trying to adopt Maven Gig in Sydney through a pilot program. The Maven Gig program of General Motors is an attempt toward helping drivers rent cars on demand for independent activities. This includes package delivery, food or grocery delivery, ridesharing etc.
Presently, the Maven Gig program is operational in San Diego and slated to be launched in San Francisco and Los Angeles later this year.
General Motors has outperformed the Zacks categorized Automotive - Domestic industry in the last three months. Its shares have increased 7.9% during this period compared with the industry’s gain of 6.7%.
Currently, General Motors carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Allison Transmission Holdings Inc. (ALSN - Free Report) , Horizon Global Corporation (HZN - Free Report) and Continental AG (CTTAY - Free Report) . While Allison Transmission Holdings sports a Zacks Rank #1 (Strong Buy), Horizon Global Corporation and Continental AG carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 11%.
Horizon Global Corporation has an expected growth rate of around 15.5% in the long term.
Continental has an expected long-term growth rate of 7.8%.
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