CICC published a research report stating that it is initiating coverage on General Motors, giving it an 'Outperform Industry' rating and a Target Price of $65. The firm pointed out that pickup trucks are the most important sales source for the group and enjoy a stable market share. The group's SUV and sedan products are facing intense competition, but the sales ramp-up of new products may effectively boost sales. CICC believes that General Motors' electric vehicles are in a ramp-up phase but will not force growth. If the penetration rate of electric vehicles in the USA market continues to be pressured, the company may sell more high-margin internal combustion engine models in the short term. Regarding the group's decision to no longer fund Cruise's development, the firm considers this a positive approach focusing on capital efficiency, and Super Cruise is expected to benefit from the increased research and development resources. The firm expects the group's earnings per share for the next two years to be $10.1 and $10.6 respectively, with adjusted net income reaching $11.1 billion and $11.6 billion.