According to UBS Group's research report, despite the downturn in the automotive stock market, the bank remains bullish on General Motors (GM.US), believing that the company is still rigorous in its business operations, largely unaffected by international pressure, and has the potential to increase performance guidance and continue its capital allocation policy.

The bank stated that after General Motors announced its strong performance for the second quarter of 2024 and a new $6 billion share buyback authorization, there were investors who expressed doubts about the next catalyst. The bank believes that the investor day on October 8th, as well as the electric vehicle business in the fourth quarter of 2024, may be potential catalysts. From a mid-term perspective, the bank believes that continued execution and adherence to discipline will ultimately make the market believe that General Motors is not destroying value.

UBS Group has raised its target price for the company from $58 to $61 and maintained a "buy" rating.