NEW YORK, NY / ACCESSWIRE / June 1, 2018 / General Motor shares were breaking out in Thursday trading, seeing success shares haven’t seen in a day of trading since the company relisted after its bankruptcy in 2009. Japan’s SoftBank is going to invest $2.25 billion into GM’s self-driving vehicle unit Cruise. Shares of electric vehicle maker Tesla saw a drop yesterday despite any particular news though recently CEO Elon Musk announced a delay in left-hand drive and right-hand drive Model 3 units.
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General Motors Company
General Motors Company shares were gaining in Thursday's session to close the day up 12.87% at $42.87 on nearly 60 million shares traded. Shares popped after it was revealed that SoftBank of Japan is going to invest $2.25 billion into General Motors' autonomous vehicle unit Cruise. Both companies made the announcement yesterday. Traders were cheering as this is the biggest investment to date in self-driving technology and is coming from SoftBank's $100 billion Vision Fund. “This is a new source of capital to scale this business,” said Dan Ammann, G.M.’s president. He added, “We think this fully funds our plan.” The news also gave General Motors the largest one day gain since it re-listed after its bankruptcy in 2009. Evercore ISI analysts upgraded shares of GM from "neutral" to their equivalent of a "buy" rating and raised their price target from $47 to $50. GM is expecting to launch a self-driving car that has no steering wheel nor pedals by 2019.
General Motors Company Research Report at:
Tesla, Inc. shares closed down 2.40% at 284.73 on almost 5.5 million shares traded yesterday. The electric vehicle giant's CEO Elon Musk recently revealed that the left-hand drive of Tesla's Model 3 will not be rolled out until the first half of 2019 in Europe and Asia. Before Tesla had plans to release the vehicle in the later half of this year. The right-hand drive Model 3 units for the UK and other countries are also expected to launch only in the middle of next year. He tweeted last week, “Model 3 was designed for min engineering & tooling change for RHD. Note left/right symmetry. LHD for Europe & Asia first half of next year. RHD probably middle of next year.” In other news it was recently revealed that Amazon's Sanjay Shah is headed to Tesla to run the company's energy division. Shah was the vice president of Amazon's North American fulfillment centers. In the last three months, shares of Tesla are down almost 17%.
Tesla, Inc. Research Report at:
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