General Motors Co (GM) on Thursday announced plans to invest $491 million in its Marion metal stamping facility in Indiana to bolster production of steel and aluminum stamped parts for future products, including EVs.
The auto maker said it would buy and install two new press lines, complete press and die upgrades, renovations and expand the facility space by nearly 6,000 square feet.
The Marion Metal Center, which was established in 1956 and currently employs over 750 people, produces sheet metal parts for a number of General Motors assembly plants to support production of Chevrolet, Buick, GMC and Cadillac brands.
General Motors shares closed higher for a second consecutive trading session in New York on Thursday. The stock went up 0.10% ($0.04) to $40.66, after touching an intraday high at $42.13. The latter has been a price level not seen since September 12th ($42.36).
The shares of General Motors Company have retreated 30.65% so far in 2022 compared with an 18.14% 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 11 out of 16 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 4 – as “Hold”. The median price target on the stock stands at $50.25.