The automaker is planning to sell four models in China including Chevrolet Tahoe and Suburban, Cadillac Escalade, and GMC Yukon Denali. These models are made in the United States.
GM had been briefly exporting to China in 2017 and 2019. However, the automaker hasn’t had the chance to launch a full business plan to target the Chinese market. This may be the chance GM is eagerly waiting for.
Will American vehicles start to make an impact in Chinese markets? It is unknown at this time, especially with ongoing trade conflicts between the U.S. and China.
GM shares gain more than five percent
Meanwhile, GM shares gained more than 5% to $41.08 each on Tuesday after UBS analyst Patrick Hummel maintained his buy rating and raised his price target for the automaker’s stock from $34 to $50 per share.
In a note to investors, Hummel wrote that the automaker is “fully back on track and likely enjoys strong momentum well into 2021.” He cited GM’s EV strategy as one of the reasons for his bullish position.
