General Motors (GM) stock is rising today after the company reported a new EV sales record. The electric vehicle market may have been volatile this year, but in October 2024, GM reached a key milestone. In fact, it surpassed 300,000 EVs sold in the U.S. over a two-year period, hitting 370,000 sales in total. And that’s not the only positive news the company has reported, indicating that it is on track for even more growth in Q4.
What’s Happening with General Motors Stock?
News of the EV sales record is helping boost General Motors’ stock today. As of this writing, GM is up nearly 3% for the day, and its slow but steady growth doesn’t seem to be slowing down. Over the past quarter, the stock has performed well overall, rising 31% through periods of volatility and EV market fluctuations.
This growth makes sense, as GM’s EV sales have been rising steadily, along with its deliveries. In a statement published on November 4, General Motors revealed that it has delivered 32,000 all-electric vehicles across the U.S. market, a gain of 46% from the previous quarter and a 60% year-over-year increase.
Given its wide-ranging portfolio of EVs, General Motors is well-positioned to continue widening its market share. The company owns many iconic vehicle brands, from Cadillac to Chevrolet, and it is working hard to take them all electric. The recent sales and delivery growth demonstrate that demand for its EVs is still robust and isn’t likely to decrease in the near future.
Is General Motors Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GM stock based on 10 Buys, six Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After an 86% rally in its share price over the past year, the average GM price target of $56.67 per share implies 6% upside potential.
See more GM stock analyst ratings
Tipranks contributor David Moadel recently described GM stock as an undervalued play on the EV market, highlighting its strong year-over-year performance and robust Q3 earnings growth, including its raised guidance. The recent sales and delivery growth should raise investor confidence as General Motors prepares to likely end the year on a high note.
