General Motors (GM), Ford Motor (F) and Stellantis (STLA) made key moves Monday with an important event looming for one of the trio. GM stock broke out, Ford stock tested short-term support. And Stellantis stock fell further under its long-term support. Tesla (TSLA) also fell.

X

GM Stock

Shares of General Motors jumped 4.1% to 47.16 on the stock market today. GM stock seized a 46.16 buy point from a six-week flat base. The relative strength line remains below the consolidation peak for now. The 5% buy zone goes to around 48.47.

The flat base for GM stock shows three up days on spiking volume action in recent sessions. It also formed mostly above the 50-day moving average and well above the 200-day line. Both are positive signs.

GM CEO Mary Barra told a shareholder meeting June 4 that her company remains committed to electric vehicles, despite an overall slowdown in demand. The auto giant said that May was its best month ever for EV sales in North America.

The Cadillac Lyriq, Chevrolet Blazer, GMC Hummer and Chevrolet Silverado are driving EV growth, the company says. The $35,000 Chevrolet Equinox EV aimed at the mass market joined GM’s lineup at the end of May, as well. GM is set to release its U.S. sales report for the second quarter in early July.

GM stock investors remain concerned about the shift to money-losing electric vehicles by GM and its peers, and away from profitable combustion-engine cars. As some shareholders questioned the EV transition at the June 4 meeting, CEO Barra said that GM’s vehicle lineup ultimately will be guided by customer demand.

Ford Stock

Shares of Ford Motor advanced 2.4% to 12.44 Monday. Ford stock shows a 13.95 cup-with-handle buy point, still well below the entry.

Ford stock tested resistance at the 50-day line on Monday after regaining the 200-day line in recent sessions. A decisive move above the 50-day could offer an early entry. However, much of the base formed below the 200-day line, which is not a great sign. Moreover, the relative strength line is lagging, reflecting Ford stock’s underperformance vs. the S&P 500 in recent weeks and since early 2022.

Last week, Ford Motor reported that 2024 U.S. new vehicle sales surged 88% during the first five months to May. Sales of electric vehicles and hybrid vehicles drove gains in May, both jumping roughly 65%.

Both GM and Ford’s EV gains come while Tesla struggles with slow demand for an aging lineup. Tesla stock lost nearly 1% Monday, still above the 50-day but far below the 200-day level.

Stellantis Stock

Shares of the Italian-American automaker slipped 0.2% Monday. Stellantis stock extended recent losses below a downward-sloping 50-day line and has now undercut the 200-day line. The relative strength line for Stellantis stock has plunged since March after the company warned of a turbulent year ahead. Analysts forecast a 21% earnings per share plunge this year, with sales seen down nearly 2%.

The Chrysler, Fiat and Peugeot parent, among other brands, is holding an investor day in Michigan on Thursday. Analysts expect management to try to assuage investor worries about elevated dealer inventory levels, especially given a 10% drop in volumes in the first quarter.

The event is also likely to focus on new vehicle launches in the second half of 2024. Stellantis will likely tout its “flexible” architecture approach to powertrain technology amid an EV slowdown, and its strong capital return profile.

Like its Detroit rivals, Stellantis continues to press forward on electric vehicles in a challenging market and macroeconomy. In late May, Stellantis CEO Carlos Tavares said the company plans to offer a $25,000 all-electric Jeep EV in the U.S. “very soon” for the mainstream market.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today