GM Stock Breaks Out, Tesla Shares Under Pressure

General Motors Company shares extended their breakout higher on Tuesday morning after the company announced that it would introduce two new all-electric models derived from the Chevrolet Bold within 18 months and unveil 20 different all-electric models by 2023. In addition, GM announced that it topped U.S. sales estimates with an 11.9% jump in unit sales in September, led by crossover deliveries and its Chevrolet brand.

While GM has soared higher, Tesla, Inc. shares have fallen sharply amid the prospect of greater competition across the board. The company also announced that it had delivered only 220 Model 3 cars during the third quarter, which is well short of its prior guidance. Management cited production bottlenecks as the cause for the delay but indicated that the issue would be addressed and fixed in the near term. (See also: Tesla Stock Nears Critical Support After Production Miss.)

General Motors broke out after outlining its EV strategy, while Tesla has fallen after missing production targets. …read more

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Category: GM, TSLA

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