While it was clear that most legacy automakers like General Motors (GM) were having to pare back their green vehicle aspirations, they were not giving up altogether either. In fact, a couple new developments out of GM about its electric vehicle aspirations prove it may have stepped back, but not stepped out entirely. New chargers and new charging stations helped GM stock trade in the green on Wednesday’s trading.
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First, GM brought out its own North American Charging Standard (NACS) adapter for use with Tesla (TSLA) Supercharger stations. This allows GM electric vehicle customers to use Tesla Superchargers to recharge their own electric vehicles. The adapters, however, will run $225 each. But with an adapter, users can recharge at any one of the over 231,800 chargers that work with the NACS standard.
Better yet, GM is also working with Evgo (EVGO) to set up 400 new charging stations throughout the United States. Those chargers will be placed in “key locations” in several different cities, thus making it more likely that those with electric vehicles will be able to find a charging station. Plus, there will be key amenities included, like pull-through access, security cameras, as well as lights and canopies to ensure a better experience than a plug in the middle of an asphalt parking lot.
Union Trouble Defused
While several other firms are having employee troubles these days, GM does not seem to be among them. New reports from Reuters suggest that GM has defused its troubles with Unifor and should be getting back to work fully soon.
The latest reports noted that both GM and Unifor had extended a deadline from Tuesday, and thus, managed to reach a tentative agreement. It came at the right time, too; 97% of the union’s membership were ready and willing to engage in a strike if the deal had not emerged. Details of the agreement were not yet revealed, but will be made available to union members at the ratification meeting September 22.
Is GM a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GM stock based on 11 Buys, four Holds and two Sells assigned in the past three months, as indicated by the graphic below. After a 44.83% rally in its share price over the past year, the average GM price target of $57.69 per share implies 18.58% upside potential.
