General Motors (GM) introduced a comprehensive charging network framework called Ultium Charge 360. The framework integrates major charging networks, General Motors’ vehicle mobile apps, and other services.
The move is expected to streamline the charging experience and provide more convenience to General Motors’ electric vehicle owners.
General Motors’ Chief EV Officer, Travis Hester, said, “GM agrees with the customer need for a robust charging experience that makes the transition to an EV seamless and helps drive mass adoption.”
Hester added, “As we launch 30 EVs globally by the end of 2025, Ultium Charge 360 simplifies and improves the at-home charging experience and the public charging experience-whether it is community-based or road trip charging.”
Under its EV infrastructure strategy, General Motors has signed agreements with charging networks including Blink Charging, ChargePoint, EV Connect, EVgo, FLO, Greenlots and SemaConnect. These agreements will enable General Motors’ EV consumers to track real-time information on about 60,000 charging points across the US and Canada, locate stations on a route, and pay for charging.
Additionally, General Motors estimates its Ultium Platform may provide a 450- mile range on a full charge. General Motors’ Cadillac LYRIQ, GMC HUMMER EVs, Chevrolet Silverado electric pickup truck and other offerings will be powered by this platform.
On April 15, Morgan Stanley analyst Adam Jonas reiterated a Buy rating on the stock and maintained an $80 price target (42% upside potential).
Jonas remarked that General Motors’ captive EV and third party battery/powertrain business contributes revenue of $62 per share. Jonas believes the Ultium/Ultium Cells LLC will be a “critical point of strategic differentiation,” driving value for investors.
Based on 11 Buys and 1 Hold, the consensus among analysts is that General Motors is a Strong Buy. The average analyst price target of $69.42 implies a 23% upside potential. Shares have gained about 147% over the past year.(See General Motors stock analysis on TipRanks)
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