General Motors Company (GM - Free Report) has made the announcement to increase the production of Chevrolet Bolt EV by 20% in fourth-quarter 2018, per Autoblog. The growing demand for this auto giant’s electric compact crossover has prompted it to gear up production.
General Motors has stated that its battery-electric car is in huge demand in the United States and across the globe. The company anticipates global sales to be more than 35% for second-quarter 2018 and more than 40% in the first half of 2018. Its plan of extra production will help it keep pace with the growing demand for Bolt EV and restore its inventory level. Importantly, this is in line with the company’s vision of a world with zero emissions.
General Motors introduced Bolt EV in late 2016. The 2018 Bolt offers a 238-mile driving range from its 60 kWh battery pack, though the company hasn’t yet come out with updated specs for the 2019 model.
In a year’s time, shares of General Motors have outperformed the industry it belongs to. Its stock has grown 12.9% in comparison with the industry’s increase of 0.6%.
General Motors currently has a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , Magna International Inc. (MGA - Free Report) and Fox Factory Holding Corp. (FOXF - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Axle & Manufacturing has an expected long-term growth rate of 8.1%. Over the past year, shares of the company have gained 4.3%.
Magna has an expected long-term growth rate of 8.5%. Over the past year, shares of the company have gained 26.4%.
Fox Factory has an expected long-term growth rate of 11.5%. Shares of the company have risen 43% over the past year.
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