General Motors Company (NYSE:GM) stock was up on Monday following news of its efforts on self-driving cars.
A recent report from Deutsche Bank analyst Rod Lache claims that General Motors Company is much closer to realizing its self-driving cars goals than previously expected. The analyst says that commercial release of the vehicles will be ready in quarters.
Lache also notes that the impact of self-driving cars for General Motors Company will be significant. The company backs this own statement up by agreeing that it expects the mobility business to have a positive impact on GM stock, reports StreetInsider.com.
The analyst says that the new information about General Motors Company’s self-driving car efforts may be beyond Deutsche Bank’s estimates for the company. Despite this new information, the firm still has a price target of $51 for GM stock. GM stock was $40.38 when markets closed on Friday.
The idea that General Motors Company will have its self-driving cars ready for commercial status in just a few quarters is astounding. Other companies working toward self-driving cars aren’t expecting them to be ready for a few more years.
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has been predicting self-driving cars by 2020. His own company is already working on plans for its own autonomous vehicles. Nissan Motor Co Ltd (ADR) (OTCMKTS:NSANY) is also working on self-driving cars and plans to have them ready for customers in 2020.
You can learn more about recent self-driving cars news at this link!
GM stock was up 4% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.