GM Is Standing Up to Tesla. Here's Who's Really Winning.
Stocks were poised to finish January with solid gains for the month, even if stock index futures suggested that Tuesday might open with a slight decline. Investors have been pleased to see some relief from 2022's bear market, and many believe that the first month of the year could set the tone for how Wall Street will perform throughout 2023.
General Motors (NYSE: GM) has a long history as an industrial leader in the U.S., but it has recently had to fight to keep up in the fast-moving electric vehicle (EV) space. In an effort to catch up with EV pioneer Tesla, GM has set out an ambitious strategy that makes the most of its size and financial resources. In releasing its fourth-quarter financial report, General Motors celebrated strong results and fired the latest salvo in its battle against Tesla. Yet neither of the two automotive stocks climbed as much Tuesday morning as the company that GM has chosen to help it make its vision a reality. Read on to find out which stock that is and why it's soaring.
General Motors shares were up 5% in premarket trading Tuesday morning. The automaker's fourth-quarter results finished what was an impressive year at GM.
Source Fool.com
