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General Motors is one of the leaders in the automotive industry. During the crisis period in 2022, the corporation faced a shortage of components, inflation, and a decline in demand for cars. However, GM successfully resisted the headwinds and gradually increased its sales. General Motors stock continues to be a promising asset for investors.
The automaker was founded by American industrialist William C. Durant in 1908 as a holding company. GM's first CEO was Charles Stuart Mott, who succeeded Durant in 1910. In 1918 the company was purchased by the U.S. government as part of the war effort. In 1919, the Chevrolet Motor Company appeared in Detroit. In 1925 Cadillac and Oakland were created, and in 1926 GM acquired the assets of the bankrupt Oldsmobile, adding it to its portfolio.
The automaker's IPO took place in 2010. General Motors Company had $20.1 billion worth of stock listed on the stock exchange. The value of the securities at the IPO was $33. Now General Motors shares are listed on the stock exchange under the ticker NYSE:GM.
General Motors (GM) specializes in the manufacture, development and sale of vehicles and components. Headquartered in Detroit's Renaissance Center, GM employs about 200,000 people in all major regions of the world. GM's main markets are China, United States, Brazil, Great Britain, Germany and Canada.
Today GM is one of the largest automakers in the world, operating in more than 140 countries. The company owns car brands Chevrolet, Buick, GMC, Cadillac, Holden and Wuling as well as the former Vauxhall, Opel and Daewoo brands. The corporation also provides financial services through GM Financial and has a minority stake in electric car maker Nikola.
In November, GM reported that U.S. auto sales rose 24%. The number of cars sold reached 555.5 thousand. After this news General Motors shares rose in price by 9%. In addition, the corporation is increasing sales in other regions. Thus, on October 10, 2022, the company reported sales of 630,000 cars in China. The growth of sales in this region so far does not differ with high rates. This is due to the fact that China is gradually coming out of the restrictions associated with quarantines against the background of the growth of COVID-19 disease.
Analysts noted that used car prices trended downward in the second half of 2022. This indicates that the automobile market began to normalize after the supply crisis. General Motors, however, could see a drop in car demand in 2023. This is due to the fact that in times of crisis, customers cut costs by giving up expensive purchases, which include cars.
General Motors stock is down nearly 35% from the beginning of 2022 to the end of October. This is due to chip shortages, rising interest rates, and general global economic uncertainty. Nevertheless, the Detroit automaker reported strong financial results for the third quarter of 2022. The company is now rebuilding its supply chain and gradually increasing inventories. This has allowed it to increase wholesale sales by 85% year-over-year. As a result, the automaker generated revenue of $34.7 billion for the quarter.
General Motors' earnings per share for the third quarter of 2022 were $2.25. This figure exceeded the expectations of analysts, who forecasted it at $1.88. At the end of 2022, experts are predicting GM earnings per share in the range of $6.50 to $7.50. If the corporation manages to overcome all headwinds, the automaker's stock could continue to rise in 2023.
On Nov. 29, at the time of the technical analysis on General Motors' stock price, the stock was at $39. In 2023, we can expect a slight increase in the stock price to $42. In 2025, the General Motors stock price could surpass the $50 mark.
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