General Motors Company (NYSE:GM) GM is presently focusing on autonomous and electric-vehicle (EV) development to adapt to changing dynamics and customer preferences.
The automaker is developing a new semi-autonomous driving system, which is currently being referred to as Ultra Cruise. This next-generation system will provide autonomous driving capacity on some highways, as well as on city streets and other areas. This is the modified variant of the company’s hands-free driving assistance system — Super Cruise — which can only work on certain limited-access highways.
General Motors and Tesla (NASDAQ:TSLA) TSLA are known as the pioneers of semi-autonomous driver-assist systems. Apart from these two, certain automakers like Nissan (OTC:NSANY) NSANY and Ford F have advanced adaptive cruise-control systems capable of monitoring a vehicle’s space between vehicles and lane markers.
Further, General Motors noted that Super Cruise will expand beyond the Cadillac brand and the new vehicles will appear on its forthcoming Intelligent Vehicle Platform (VIP). Reportedly, Super Cruise will be, reportedly, able to change lanes on the bridge, as well as manage interchanges with the freeways on the platform.
General Motors currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Meanwhile, General Motors is aiming to roll out the new million-mile EV battery, which is more advanced than its new Ultium battery that was unveiled in March. It is also focused on getting its battery cost down below $100/kWh, by using larger cells that require fewer connectors and other parts to function, and reducing the use of high-cost cobalt in its batteries. The company is currently developing other EV technologies as well, including ultra-fast charging technology, zero-cobalt electrodes, and solid state electrolytes.
The top U.S. carmaker aims to spend more than $20 billion through 2025 to launch gen-next EVs powered by new-low cost batteries. This is likely to bolster the firm’s long-term prospects. Production timings of key launches like the GMC Hummer EV, Cadillac Lyriq crossover EV and Cruise Origin AV are on track and will likely boost the firm’s long-term prospects.
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