General Motors shares close lower on Tuesday, auto maker to install 40,000 charging stations in US and Canada

General Motors Company (GM) said on Tuesday that it would install up to 40,000 electric vehicle charging stations in the United States and Canada, as part of the company’s $750 million initiative to expand its positions in the fast growing sector.

The company said that it would expand home, workplace and public charging infrastructure through its Ultium Charge 360 ecosystem, while the charging stations will be installed in rural and urban areas with limited access in order to support widespread adoption of electric vehicles.

All EV clients will be able to use the new charging stations, GM said, not just those who buy vehicles from the company.

Earlier in October, the US auto maker said it intended to spend $35 billion through 2025 on electric vehicles and autonomous vehicles, while it also plans to double its revenue by 2030.

General Motors shares closed lower for a third consecutive trading session in New York on Tuesday. The stock went down 0.68% ($0.39) to $57.37, after touching an intraday low at $56.96 and an intraday high at $58.29 respectively.

Shares of General Motors Company have risen 37.78% so far in 2021 compared with a 21.80% gain for the benchmark index, S&P 500 (SPX).

In 2020, General Motors’ stock went up 13.77%, thus, it underperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 14 out of 15 surveyed investment analysts had rated General Motors Company’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $73.20.