General Motors Company GM has invested in China’s Yi Wei Xing (Beijing) Technology Co. Ltd., a leading car-sharing technology solution provider. This decision supports the company’s aim of exploring personal mobility in the country. Details of the deal have not been disclosed yet.
Yi Wei Xing, which has been in operation since 2014, is now available in over 40 cities in China. The company will provide General Motors with an insight into the country’s car-sharing industry as well as the requirements of individuals there along with its technology. This investment will help General Motors further establish itself in the car-sharing market that is gaining popularity globally.
Earlier this year, General Motors launched its own car-sharing brand, Maven, to provide customers with personalized transportation services on demand. The brand expanded its services to five markets after its debut in the U.S. in less than four months. In January, the company also announced its decision to invest $500 million in Lyft Inc. to develop a network of self-driving vehicles on demand, along with ride-sharing facilities.
Shares of General Motors fell around 0.7% to close at $31.68 on Oct 12.
General Motors currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include The Goodyear Tire & Rubber Company GT, Tata Motors Limited TTM and SORL Auto Parts, Inc. SORL, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Goodyear Tire has seen its earnings estimates move north over the last 60 days. Also, the company posted positive earnings surprises over the last four quarters, with an average of 10.28%.
Tata Motors has a long-term expected growth rate of 3.6%.
SORL Motor Parts has posted an average positive earnings surprise of 7.46% over the last four quarters.
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