Wedbush analyst Daniel Ives said an Oct. 6 investor meeting by General Motors
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on its commitment to electric vehicles “could turn Street sentiment bullish,” according to a research note on Thursday. GM has had a “black cloud” over its stock after its Chevy Bolt recall and the impact from the chip shortage, but longer term, “we continue to believe the broader story and investment thesis at GM is around its massive EV ambitions over the next decade,” Ives said. Wall Street has been skeptical that GM can be successful in the world of electric vehicles in the face of competition from Tesla
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and others. But the auto maker plans to spend $35 billion in research and development on electric vehicles and aims to convert 20% of its installed base to EVs by 2026. “GM is putting their money where their mouth is and are going all-in on the electric vehicle arms race playing out across the auto industry,” he said. Shares of General Motors are up 27% so far this year, compared to a 16% rise by the S&P 500
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