General Motors Company (GM) reports year-end results Wednesday, and a strong performance in 2015 is expected to keep running through the current year too.

Maybe that will finally get GM stock motoring again.

If anything, GM might have to worry about becoming a victim of its own success. We already know that GM just recorded its third consecutive year of record sales. But if current trends hold — notably strength in China — GM should be able to top itself once again.

Few multinationals have escaped the damage wrought by China’s decelerating economy, but General Motors can still count the area as a major driver of growth.

No, car sales aren’t what they once were, but they’re still plenty healthy in GM’s largest market. Indeed, after many months of declines, a big tax cut on the purchase of new cars reversed the trend, pushing sales to a new record last year.

The key for GM — if not for GM stock — has been the luxury market in China, as well as sales of SUVs and full-size trucks in the U.S., both of which are continuing apace.

In China, sales grew 5% last year, with Buick sales contributing 12% of the automaker’s global total. Cadillac enjoyed strength overseas, as did the launch of two new SUVs.

GM’s U.S. sales rose 5.7% on demand for the Silverado, GMC Sierra and Colorado pickup trucks.

Additionally, Europe — a long-term money loser — is thought to have at least broken even in the most recent quarter.

GM Stock Will Prove to Be a Bargain Eventually

In all, analysts expect GM earnings to rise to $1.22 a share in Q4 from $1.19 a share in the year-ago quarter, according to a poll of analysts by Thomson Reuters. Sales are forecast to slip by 1.5% to $39 billion.

But it’s the outlook that gets the most attention when a company releases earnings and an improved outlook would help get GM stock moving again. Analysts expect earnings to hit $5.47 a share in 2016, up from $4.84 the prior years. Sales are forecast to grow 1.4%.

If that weren’t enough to goose GM stock, low gas prices and early reviews of new models make for a bullish 2016.

And yet GM stock is off 19% in the last three months. Indeed, it’s much closer to its 52-week low than its 52-week high.

That’s partly attributable to the macroeconomic factors hurting all multinationals. The strong dollar, emerging market weakness outside of China and a lackluster Europe are helping to constrain GM stock’s earnings multiple.

At just a bit more than 5 times forward earnings, GM stock does look ridiculously cheap. EPS is projected to grow 13% this year alone.

A new bout of perceived economic weakness and legacy issues over the ignition switch recall no doubt contribute to the poor sentiment on GM stock.

There’s little the automaker can do about that, except maybe deliver a beat-and-raise quarter. And even that won’t be enough to spark sustained upside in this market.

GM remains a bargain, nonetheless, but bulls will have to wait before being proved right.

As of this writing, Dan Burrows did not hold a position in any of the aforementioned securities.