According to a report published by Reuters, General Motors (GM) plans to run its plants in the U.S. on renewable energy by 2025, five years ahead of the original target. The Michigan-based company designs, produces and sells cars, trucks and automobile parts. Its brands include Chevrolet, Buick, GM and Cadillac, among others.
General Motors is working in collaboration with energy firm TimberRock and power grid operator PJM Interconnection to track carbon emissions at its U.S. sites. Eventually, GM plans to track carbon emissions from the electric vehicles it sells.
In June, the company said that it was planning to spend $35 billion on electric and self-driving vehicles through 2025, up from $27 billion planned earlier. (See General Motors stock chart on TipRanks)
On September 30, Wedbush analyst Daniel Ives maintained a Buy rating on the stock with a price target of $85 (61.3% upside potential). The analyst expects the company to report earnings per share (EPS) of $1.92 in the third quarter.
Overall, the stock has a Strong Buy consensus rating based on 13 Buys and 1 Hold. The average General Motors price target of $71.93 implies 36.5% upside potential. Shares have gained 73.5% over the past year.
According to TipRanks’ Smart Score rating system, General Motors scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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