General Motors Company GM has made the announcement to increase the production of Chevrolet Bolt EV by 20% in fourth-quarter 2018, per Autoblog. The growing demand for this auto giant's electric compact crossover has prompted it to gear up production.
General Motors has stated that its battery-electric car is in huge demand in the United States and across the globe. The company anticipates global sales to be more than 35% for second-quarter 2018 and more than 40% in the first half of 2018. Its plan of extra production will help it keep pace with the growing demand for Bolt EV and restore its inventory level. Importantly, this is in line with the company's vision of a world with zero emissions.
General Motors introduced Bolt EV in late 2016. The 2018 Bolt offers a 238-mile driving range from its 60 kWh battery pack, though the company hasn't yet come out with updated specs for the 2019 model.
In a year's time, shares of General Motors have outperformed the industry
it belongs to. Its stock has grown 12.9% in comparison with the industry's increase of 0.6%.
General Motors currently has a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are American Axle & Manufacturing Holdings, Inc. AXL , Magna International Inc. MGA and Fox Factory Holding Corp. FOXF , each carrying a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
American Axle & Manufacturing has an expected long-term growth rate of 8.1%. Over the past year, shares of the company have gained 4.3%.
Magna has an expected long-term growth rate of 8.5%. Over the past year, shares of the company have gained 26.4%.
Fox Factory has an expected long-term growth rate of 11.5%. Shares of the company have risen 43% over the past year.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report General Motors Company (GM): Free Stock Analysis Report Fox Factory Holding Corp. (FOXF): Free Stock Analysis Report American Axle & Manufacturing Holdings, Inc. (AXL): Free Stock Analysis Report Magna International Inc. (MGA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research