General Motors Co (GM) said on Tuesday that it planned to invest $71 million in the establishment of a new campus in Pasadena, California, as it seeks to bolster its capacity in advanced technologies such as flying cars and lunar rover vehicles.
The new campus is to feature an innovation lab and immersive technology capabilities, including augmented and virtual reality, GM said.
The company plans to use the complex for its Advanced Design Center operations, which focus on developing concept and future mobility projects.
According to the US auto maker, the new site is located in proximity to technology centers on the west coast and also ensures hiring opportunities as it is near major universities and design schools.
General Motors shares closed lower for the sixth time in the past ten trading sessions in New York on Tuesday. The stock went down 0.41% ($0.24) to $58.73, after touching an intraday high at $59.23. The latter has been a price level not seen since July 2nd ($59.32).
Shares of General Motors Company have risen 41.04% so far in 2021 compared with a 16.32% gain for the benchmark index, S&P 500 (SPX).
In 2020, General Motors’ stock went up 13.77%, thus, it underperformed the S&P 500, which registered a 16.26% gain.
Analyst stock price forecast and recommendation
According to TipRanks, at least 14 out of 15 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $74.07.