Last week it was confirmed by General Motors that the auto maker would invest as much as $300 million in its assembly plant in Orion Township, Michigan to manufacture a new Chevrolet electric vehicle. This will result in the creation of 400 new jobs, the company said.
General Motors shares closed lower for the fourth time in the past ten trading sessions in New York on Friday. The stock went down 2.44% ($0.91) to $36.44, after touching an intraday low at $36.28, or a price level not seen since January 11th ($36.25).
Shares of General Motors Company have risen 8.94% so far in 2019 compared with an 11.72% gain for the benchmark index, S&P 500 (SPX).
In 2018, General Motors’ stock went down 18.39%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.
The name or the timing of production of the new electric vehicle remained undisclosed. However, GM said that it would be designed and engineered on the same platform as the existing Chevrolet Bolt vehicle.
GMs assembly plant in Orion Township, Michigan, where the company has nearly 880 hourly and 130 salaried employees, is also where the Chevrolet Sonic and the Cruise AV test vehicles are manufactured.
According to Reuters, the company initially planned to build the new electric vehicle in China.
The auto maker said it would invest a total of $1.8 billion in its US manufacturing operations in 2019, while adding 700 new jobs as well as supporting 28 000 jobs across 6 states.
General Motors confirmed that there were 2 700 job openings at its manufacturing plants across the United States.
Meanwhile, the auto maker also revealed plans to create 1 000 jobs at its Flint Truck Assembly facility.
According to CNN Money, the 18 analysts, offering 12-month forecasts regarding General Motors Company’s stock price, have a median target of $47.50, with a high estimate of $67.00 and a low estimate of $33.00. The median estimate represents a 30.35% upside compared to the closing price of $36.44 on March 22nd.
The same media also reported that 12 out of 21 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 6 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for General Motors Company (GM) are presented as follows:
Central Pivot Point – $37.16
R1 – $38.03
R2 – $39.63
R3 – $40.50
R4 – $41.38
S1 – $35.56
S2 – $34.69
S3 – $33.09
S4 – $31.50