Jim Cramer Says "It's Coming Together for GM"

General Motors Company (NYSE:GM) is one of the stocks Jim Cramer recently provided insights on. Cramer highlighted the company’s record cross-over deliveries and that it is scaling back on EVs. He said:

“In the United States, GM said that they achieved their highest third-quarter market share since 2017, thanks to their industry-leading full-size pickup and SUV franchise, as well as record crossover deliveries. Even though they’re pulling back on electric vehicles, Chevy’s now the number two EV brand in America. Plus, GM’s also starting to get meaningful contributions from their self-driving Super Cruise technology as well as OnStar and other software and services business. It’s coming together for GM.

Now, GM’s bread and butter North American business was still down substantially year over year, thanks to the big margin decline, but GM International’s cleaning up. Even the previously challenged Chinese business helped make up the decline in North America… On the conference call, CEO Mary Barra thanked President Trump for slapping tariffs on medium and heavy-duty trucks, protecting GM from competition while giving them some offsets to deal with tariffs on imported car parts. No business ever got hurt by staying in the White House’s good graces.

Hey, look, even after the monster run, I think the future looks really great for GM, especially if the Federal Reserve cuts rates again this weekend. You know, I think they’re going to… Wall Street had a lot of worries for both Ford and GM, and it turned out things weren’t that bad, and that’s okay when you have low price to earnings multiples like we have here. More importantly, I think both stocks can keep running. Even after these moves, GM sells for seven times this year’s earnings estimate, six times next year’s earnings estimates. Come on.”

General Motors Company (NYSE:GM) manufactures vehicles and parts under brands such as Chevrolet, Cadillac, Buick, GMC, Baojun, and Wuling.

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Disclosure: None. This article is originally published at Insider Monkey.