Shares of General Motors Co. (GM) dropped 3.90% to $33.98 in intraday trading on April 3, following stronger consumer approval and a forecast of increased deliveries of crossovers in 2017, among others.
GM said the fresh crossover models from its subsidiaries Chevy, Buick, GMC, and Cadillac are poised to compete in the market at a time when fuel prices are low, which is a positive welcome for sales. Meanwhile, “consumer confidence is at a 16-year high,” said GM U.S. Vice President of Sales Operations Kurt McNeil in a press release. GM also owns automakers Baojun, Holden, Jiefang, Opel, Vauxhall and Wuling.
General Motors Co. (GM) is anticipating robust retail deliveries for its Buick brand this year — a whopping 75% compared to 2016 expectations of 66%. The 29% growth in retail deliveries proves Buick’s best first quarter since its 2004 deliveries, due to crossovers. Chevrolet is positioned to dominate its competitors with new products, the 2018 Equinox and Traverse, which according to GM, won’t be rivaled very soon by other players.
Shares of GM likely fell today despite the positive results due to the numbers not meeting market expectations.
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Out of 742 elite hedge funds that we track at Insider Monkey, 65 funds held on to their shares of General Motors Co. (GM) as of the end of the fourth quarter of 2016, compared to only 62 funds in the previous quarter of the same year. The total value of hedge fund shares grew to $4.67 billion from $3.53 billion, quarter-over-quarter.
The Bottom Line
Traders are on the lookout for General Motors Co. (GM) shares as it aims to sweep market sales, particularly from crossovers at its top brands like Chevy, Buick, GMC, and Cadillac. Interested in more car stories, check out the top 10 best selling luxury car brands in the U.S.