General Motors shares close lower on Thursday, company to begin producing Chevrolet Tracker SUV in Argentina next month

General Motors Co (GM) said earlier this week it intended to initiate production of its Chevrolet Tracker SUV in Argentina in July.

Production plans were discussed by Shilpan Amin, a GM senior vice president and president of GM International, and Argentine President Alberto Fernandez during a meeting in Los Angeles.

A spokesperson for the US company said the meeting “was a good opportunity today to update the government of Argentina on the progress of this important program and the economic benefit it will deliver to the country.”

“The company’s goal is to export the new vehicle to other Latin American countries, mainly to Brazil and Colombia, where 80% of the production will be destined,” the Argentine government said.

In 2017, General Motors Co had announced plans to invest $300 million in its Argentina operations, aimed to produce a new Chevrolet model at its Alvear facility in Argentina’s Santa Fe province.

General Motors shares closed lower for a second consecutive trading session in New York on Thursday. It has also been the steepest single-session loss since June 3rd. The stock went down 2.76% ($1.04) to $36.65, after touching an intraday low at $36.63. The latter has been a price level not seen since May 26th ($36.38).

The shares of General Motors Company have retreated 37.49% so far in 2022 compared with a 15.70% loss for the benchmark index, S&P 500 (SPX).

In 2021, General Motors’ stock went up 40.80%, thus, it outperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 13 out of 16 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 2 – as “Hold”. The median price target on the stock stands at $58.13.