After GM's Q3 Earnings Beat, This Analyst Says 2023 'Pivotal' For Detroit's EV Ambitions

General Motors Company GM Tuesday reported strong third-quarter earnings that beat Street expectations, although with a slight revenue growth miss.

The Detroit stalwart was able to deliver solid results despite a very challenging supply chain environment and softer consumer backdrop, according to Wedbush.

The General Motors Analyst: Daniel Ives maintained an Outperform rating on General Motors with a $42 price target. 

The General Motors Takeaways: The company is set to launch several electric vehicle models over the next 12 to 18 months, Ives said in the note.

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“3Q earnings was a positive tone set for a big few months ahead for GM,” the analyst said.

“Guidance for the year was reiterated and ultimately speaks to the drumroll into 2023 that will be a pivotal year for the Detroit stalwart on its EV strategic vision,” he added.

General Motors is scheduled to host its investor day on Nov. 17, where it is likely to reiterate its growth targets and “give more granularity for its 2023-2025 vision and beyond,” Ives said. 

GM Price Action: Shares of General Motors were trading 2.86% higher at $36.74 Tuesday morning. 

Benzinga file photo of GM CEO Mary Barra by Dustin Blitchok.