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General Motors (GM) Buys a 25% Stake in Pure WaterCraft

General Motors GM has acquired a 25% stake in Pure Watercraft, a startup making electric outboard motors and batteries for boats. The move takes the valuation of the startup to $600 million.

Per the deal, worth $150 million, General Motors will be Seattle-based Pure Watercraft’s components supplier. It will also co-develop new products and provide engineering, design and manufacturing expertise to aid the company in establishing new factories.

General Motors is optimistic that its present footing in deploying technology across rail, truck and aerospace industries, along with the collaboration with Pure Watercraft, will effectively contribute toward zero-emission marine products.

In another development in its EV development efforts, General Motors will start delivering its GMC Hummer electric pickup truck in December. The starting price is above $100,000, and it plans to add subsequent models with higher EV driving ranges and lower starting prices in 2023. The Hummer EV will join the class of electric pickup made by Rivian Automotive Inc. available in the market.

Zacks Rank & Key Picks

General Motors currently carries a Zacks Rank #3 (Hold).

Better-ranked peers in the same space include Goodyear GT, flaunting a Zacks Rank #1 (Strong Buy), and Genuine Parts GPC and Fox Factory Holdings FOXF, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Goodyear has an expected earnings growth rate of 197% for the current year. The Zacks Consensus Estimate for earnings for the current year has been revised 77% upward over the last 60 days.

Goodyear beat the Zacks Consensus Estimate for earnings in all the four trailing quarters. The company pulled off a trailing four-quarter earnings surprise of roughly 228.5%, on average. Its shares have also gained around 103.5% over a year.

Genuine Parts has an expected earnings growth rate of 27.3% for the current year. The Zacks Consensus Estimate for the current year has been revised around 5% upward over the past 60 days.

Genuine Parts beat the Zacks Consensus Estimate for earnings in all the four trailing quarters. The company delivered a trailing four-quarter earnings surprise of roughly 16%, on average. Its shares have rallied around 39.3% over a year.

Fox Factory has an expected earnings growth rate of 48.2% for the current year. The Zacks Consensus Estimate for the current year has been revised 2% upward over the past 60 days.

Fox Factory beat the Zacks Consensus Estimate for earnings in all the four trailing quarters. The company pulled off a trailing four-quarter earnings surprise of roughly 16%, on average. Its shares have also rallied around 108.3% over a year.


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Genuine Parts Company (GPC): Free Stock Analysis Report
 
The Goodyear Tire & Rubber Company (GT): Free Stock Analysis Report
 
General Motors Company (GM): Free Stock Analysis Report
 
Fox Factory Holding Corp. (FOXF): Free Stock Analysis Report
 
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