Article Image
IPFS News Link • Stock Market

Tesla Shares Set To Snap 5-Day Rally After GM Says It Will Manufacture Its Own EV Systems And Motors

• by Tyler Durden

General Motors said that it will "put into production an interchangeable 'family' of electric vehicle (EV) drive systems and motors, boosting manufacturing efficiencies as it transitions to a fully electric lineup." The legacy automaker is looking to "build a vertically integrated electric car business," according to Reuters.

The announcement sent a ripple across EV stocks in pre-market trading on Wednesday, with Tesla shares poised to break their recent rally that has driven the stock up more than 35% off its September lows.