Legacy automaker General Motors (NYSE:GM) hasn’t been having a great run of things lately. First, it shut down electric vehicle sales for the 2024 Blazer thanks to a software issue. And now, there’s word that the Cadillac Vistiq wasn’t always going to be named that.
The Cadillac Vistiq’s original name, according to GM reports, was the Cadillac Symboliq. Way back in 2020, GM registered the name Symboliq, as well as Cadillac Symboliq, with the Swiss Federal Institute of Intellectual Property, noted a report from GM Authority. The Vistiq, then the Symboliq, was one of three electric vehicles originally cited in a 2019 sustainability report.
Ultimately, though, GM abandoned the Symboliq name and trademarks and instead registered Vistiq with the United States Patent and Trademark Office. The exact reason for the name change, however, is unknown.
But It’s the Shutdowns That Really Hurt
The name change is, admittedly, a minor development. The loss of a line of business will likely be worse yet for GM. However, it’s one EV model that got shut down here and that will probably prove a comparatively small loss. With prices still high and availability still low, the damage to GM’s sales here will likely be minimal. In fact, if it can get this issue resolved sufficiently rapidly, there’s a good chance that GM can recover.
However, there’s a complication here, as GM is already poised to buy out half of its Buick dealers, who have decided not to sell electric vehicles. That’s going to make them even harder to find, at least with the GM branding.
Is General Motors Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GM stock based on 14 Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After an 11.81% rally in its share price over the past year, the average GM price target of $45.91 per share implies 27.42% upside potential.
