General Motors (GM) stock surged over 5% in pre-market trading on Wednesday, riding a wave of optimism fueled by potential tax incentives for US-made vehicles, bullish analyst remarks, and the company's strategic growth initiatives.
Speculation that the Trump administration may introduce tax deductions for interest payments on car loans, but only for American-made vehicles, sent auto stocks soaring in early trading. GM and Toyota saw gains of around 5%, while electric vehicle makers like Tesla and Lucid rose around 2%.
In addition, prominent market analyst Jim Cramer expressed confidence in GM's earnings prospects, citing the stock's attractive valuation of just 4.6 times next year's earnings estimates. Cramer believes GM's earnings are unlikely to collapse, further bolstering investor sentiment.
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