General Motors (GM) stock hit new 52-week highs yesterday, and is now up 22.5% for the year to comfortably outperform the S&P 500 Index ($SPX). Ironically, Tesla (TSLA) is the worst-performing S&P 500 constituent this year, while some other electric vehicle (EV) names are trading near their record lows.
We have seen a clear divergence in the fortunes of legacy automakers and pure-play EV companies over the last few months. While legacy automakers are upbeat on the earnings and demand outlook, EV companies across the board have flagged sluggish demand.
