<p>当谈到 <strong>通用汽车</strong>（GM -0.18%）时，许多投资者会回想起金融危机和政府救助，但这并不能公正地反映出通用汽车在此后的发展中所取得的成就。通用汽车正在做很多事情是正确的，并且它正在悄然成为可能是最佳的汽车投资。以下是三个原因。</p>
<h2>回馈价值</h2>
<p>在回馈股东价值方面，主要有两条途径：分红和股票回购。每种方式都有其优点，但通用汽车决定大力进行股票回购，其股票的市盈率仅为可怜的八倍。</p>
<p>在过去十年中，通用汽车在股票回购计划上非常积极。这家底特律汽车制造商始终利用强劲的自由现金流，以及对其股票被严重低估的信念，显著减少流通股数量并提升每股收益。您可以在下面的图表中看到这种极端的变化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b6010c32876b0418f19d04b72ce29ea.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b6010c32876b0418f19d04b72ce29ea.png"/></p>
<p>GM 数据来源于 YCharts。</p>
<p>在过去三年多的时间里，这家汽车制造商在股票回购上花费了近 250 亿美元，流通股数量从 15 亿减少到 9.5 亿。考虑到通用汽车的市值大约为 500 亿美元，这是一笔相当可观且严肃的回购资金。只要通用汽车的股票保持便宜，回购股票对投资者来说是有利的，而这种情况在短期内不太可能改变。</p>
<h2>投资品牌/产品</h2>
<p>通用汽车在其品牌和车辆组合上投入了数十亿美元和多年的时间，现在开始见到成效。通用汽车的核心品牌雪佛兰和 GMC 在 2025 年都表现出色，GMC 在上半年创下了历史新高，而雪佛兰则是自 2019 年以来的最佳表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwMDUvZ21jX2RlbmFsaV9ldi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwMDUvZ21jX2RlbmFsaV9ldi5qcGcmdz03MDA"/></p>
<p>2025 GMC Sierra EV。图片来源：通用汽车。</p>
<p>这些品牌，以及通用汽车整体，正处于过去几年推出的新产品浪潮中，带来了更新的跨界车、SUV 和电动车——而其高利润的卡车将是下一个。</p>
<p>雪佛兰在电动车市场也取得了显著进展，成为第二大品牌，仅次于 <strong>特斯拉</strong>。7 月是 Equinox EV 有史以来最好的销售月份，也是美国市场上除特斯拉之外的电动车最佳销售成绩。预计 Equinox 将在 2025 年的销售中名列前三，仅次于特斯拉的 Model Y 和 3。</p>
<p>从更广泛的角度来看，通用汽车在其产品和品牌上进行了大量投资，这将为未来几年带来销售动能。</p>
<h2>中国的转机</h2>
<p>几十年来，中国一直是汽车制造商的应许之地：一个对汽车有强烈需求的蓬勃人口。不幸的是，对于外国汽车制造商来说，国内品牌近年来蓬勃发展，以至于出现了激烈的价格战，导致即使是最好的外国汽车也面临盈利和市场份额的困境。</p>
<p>通用汽车在中国曾经非常成功，在巅峰时期为其带来了数十亿美元的利润。但这场价格战也对通用汽车造成了严重打击，迫使公司重新制定了一项约 40 亿美元的重组战略。现在开始见到成效，通用汽车刚刚交出了连续第二个季度的销售增长，第二季度增长了 20%。</p>
<p>“我们强劲的第二季度表现反映了我们在销售和市场份额方面通过本地创新所建立的可持续增长轨迹，” 通用汽车高级副总裁兼通用汽车中国总裁 Steve Hill 表示。“我们仍然致力于通过专注于强有力的执行、商业灵活性和客户选择来推动中国业务的盈利增长。”</p>
<h2>这意味着什么</h2>
<p>通用汽车最近做了很多正确的事情，即使华尔街没有注意到。该公司花费数十亿美元减少流通股，向品牌和产品投入数十亿美元，并扭转了其在中国的最大弱点之一。通用汽车正在以低价回购其股票，现在是主流投资者开始效仿的时候了。</p>

通用汽车

<p>通用汽车（GM）因其积极的股票回购策略、对品牌和产品的重大投资以及在中国的成功转型，正成为一个强劲的汽车投资选择。GM 已花费近 250 亿美元进行股票回购，将流通股从 15 亿减少到 9.5 亿。该公司在电动车市场也表现出色，雪佛兰成为美国第二大品牌。此外，GM 在中国的销售连续增长，显示出积极的增长轨迹。投资者被鼓励考虑 GM 股票作为一个有价值的机会</p>

<p>When thinking about <strong>General Motors</strong>(GM -0.18%), many investors think back to the financial crisis and government bailout, but that doesn't do justice to the company that GM has become in the years since. GM is doing a lot of things right, and it's quietly becoming arguably the best automotive investment out there. Here are three reasons why.</p>
<div class="lb-trans"><p>当谈到 <strong>通用汽车</strong>（GM -0.18%）时，许多投资者会回想起金融危机和政府救助，但这并不能公正地反映出通用汽车在此后的发展中所取得的成就。通用汽车正在做很多事情是正确的，并且它正在悄然成为可能是最佳的汽车投资。以下是三个原因。</p>
</div><h2>Returning value</h2>
<div class="lb-trans"><h2>回馈价值</h2>
</div><p>When it comes to returning value to shareholders, there are two primary pathways: dividends and share buybacks. Each comes with its advantages, but General Motors has decided to go heavy on share buybacks, with its stock trading at a paltry eight times price-to-earnings.</p>
<div class="lb-trans"><p>在回馈股东价值方面，主要有两条途径：分红和股票回购。每种方式都有其优点，但通用汽车决定大力进行股票回购，其股票的市盈率仅为可怜的八倍。</p>
</div><p>General Motors has been extremely engaged in share buyback programs over the past decade. The Detroit automaker has consistently used strong free cash flow, along with the belief that its stock is heavily undervalued, to significantly reduce shares outstanding and boost earnings per share. You can see the extreme change in the graphic below.</p>
<div class="lb-trans"><p>在过去十年中，通用汽车在股票回购计划上非常积极。这家底特律汽车制造商始终利用强劲的自由现金流，以及对其股票被严重低估的信念，显著减少流通股数量并提升每股收益。您可以在下面的图表中看到这种极端的变化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b6010c32876b0418f19d04b72ce29ea.png" alt="" original-src="https://media.ycharts.com/charts/7b6010c32876b0418f19d04b72ce29ea.png"/></p>
<p>GM data by YCharts.</p>
<div class="lb-trans"><p>GM 数据来源于 YCharts。</p>
</div><p>The carmaker has spent nearly $25 billion on share repurchases over the past three-plus years, reducing the number of shares outstanding from 1.5 billion to 950 million over that span. This is a significant and serious amount of cash spent to buy back shares when you consider that GM's market cap is roughly $50 billion. As long as GM's stock remains cheap, GM buying back its shares is good for investors, and that isn't likely to change in the near-term.</p>
<div class="lb-trans"><p>在过去三年多的时间里，这家汽车制造商在股票回购上花费了近 250 亿美元，流通股数量从 15 亿减少到 9.5 亿。考虑到通用汽车的市值大约为 500 亿美元，这是一笔相当可观且严肃的回购资金。只要通用汽车的股票保持便宜，回购股票对投资者来说是有利的，而这种情况在短期内不太可能改变。</p>
</div><h2>Investing in brands/product</h2>
<div class="lb-trans"><h2>投资品牌/产品</h2>
</div><p>General Motors has spent billions of dollars and years of time investing in its portfolio of brands and vehicles, and it's starting to pay off. Chevrolet, the heart and soul of General Motors, and GMC have both been thriving in 2025, with a record first half for GMC and the best since 2019 for Chevrolet.</p>
<div class="lb-trans"><p>通用汽车在其品牌和车辆组合上投入了数十亿美元和多年的时间，现在开始见到成效。通用汽车的核心品牌雪佛兰和 GMC 在 2025 年都表现出色，GMC 在上半年创下了历史新高，而雪佛兰则是自 2019 年以来的最佳表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwMDUvZ21jX2RlbmFsaV9ldi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829005%2Fgmc_denali_ev.jpg&amp;op=resize&amp;w=700"/></p>
<p>2025 GMC Sierra EV. Image source: General Motors.</p>
<div class="lb-trans"><p>2025 GMC Sierra EV。图片来源：通用汽车。</p>
</div><p>The brands, and GM in general, are coming off a product wave over the past few years that brought updated crossovers, SUVs, and EVs to the market -- and its highly profitable trucks are next.</p>
<div class="lb-trans"><p>这些品牌，以及通用汽车整体，正处于过去几年推出的新产品浪潮中，带来了更新的跨界车、SUV 和电动车——而其高利润的卡车将是下一个。</p>
</div><p>Chevrolet is also making a splash in the EV market, becoming the No. 2 brand during the second quarter, trailing only <strong>Tesla</strong> in the U.S. market. July was the best sales month ever for the Equinox EV, and it was the best sales result for an EV other than a Tesla in the U.S. market. The Equinox is projected to place in the top three in sales for 2025, behind only Tesla's Model Y and 3.</p>
<div class="lb-trans"><p>雪佛兰在电动车市场也取得了显著进展，成为第二大品牌，仅次于 <strong>特斯拉</strong>。7 月是 Equinox EV 有史以来最好的销售月份，也是美国市场上除特斯拉之外的电动车最佳销售成绩。预计 Equinox 将在 2025 年的销售中名列前三，仅次于特斯拉的 Model Y 和 3。</p>
</div><p>In the broader picture, General Motors has invested heavily into its products and brands, and that's going to carry sales momentum for years to come.</p>
<div class="lb-trans"><p>从更广泛的角度来看，通用汽车在其产品和品牌上进行了大量投资，这将为未来几年带来销售动能。</p>
</div><h2>A turnaround in China</h2>
<div class="lb-trans"><h2>中国的转机</h2>
</div><p>China has been the promised land for automakers for decades: a booming population with a craving for vehicles. Unfortunately for foreign automakers, domestic brands have thrived in recent years -- so much so that there's a brutal price war going on, causing even the best foreign autos to struggle with profitability and market share.</p>
<div class="lb-trans"><p>几十年来，中国一直是汽车制造商的应许之地：一个对汽车有强烈需求的蓬勃人口。不幸的是，对于外国汽车制造商来说，国内品牌近年来蓬勃发展，以至于出现了激烈的价格战，导致即使是最好的外国汽车也面临盈利和市场份额的困境。</p>
</div><p>General Motors had previously been extremely successful in China, driving billions to the bottom line at its peak. But this price war hit GM hard, too, and forced the company back to the drawing board for a roughly $4 billion restructuring strategy. It's paying off, and GM just turned in a second consecutive quarter of sales increases, increasing 20% during Q2.</p>
<div class="lb-trans"><p>通用汽车在中国曾经非常成功，在巅峰时期为其带来了数十亿美元的利润。但这场价格战也对通用汽车造成了严重打击，迫使公司重新制定了一项约 40 亿美元的重组战略。现在开始见到成效，通用汽车刚刚交出了连续第二个季度的销售增长，第二季度增长了 20%。</p>
</div><p>&#34;Our strong Q2 performance reflects the sustainable growth trajectory we are building in both sales and market share through local innovations,&#34; said Steve Hill, GM senior vice president and president of GM China. &#34;We remain committed to driving profitable growth for China business by focusing on strong execution, business agility and customer choices.&#34;</p>
<div class="lb-trans"><p>“我们强劲的第二季度表现反映了我们在销售和市场份额方面通过本地创新所建立的可持续增长轨迹，” 通用汽车高级副总裁兼通用汽车中国总裁 Steve Hill 表示。“我们仍然致力于通过专注于强有力的执行、商业灵活性和客户选择来推动中国业务的盈利增长。”</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>这意味着什么</h2>
</div><p>General Motors has been doing a lot of things right lately, even if Wall Street hasn't noticed. The company has spent tens of billions of dollars reducing its shares outstanding, poured billions in investments into brands and products, and reversed one of its biggest weaknesses in China. General Motors is buying back its shares on the cheap, and it's time mainstream investors started following suit.</p>
<div class="lb-trans"><p>通用汽车最近做了很多正确的事情，即使华尔街没有注意到。该公司花费数十亿美元减少流通股，向品牌和产品投入数十亿美元，并扭转了其在中国的最大弱点之一。通用汽车正在以低价回购其股票，现在是主流投资者开始效仿的时候了。</p>
</div>

3 Reasons General Motors Stock Is a Screaming Buy

- 通用汽车通过回购股票和投资品牌，提升了股东价值。  
- 过去三年，通用汽车回购近 250 亿美元股票，减少流通股至 9.5 亿。  
- 在中国市场，通用汽车实现连续两个季度销售增长，增长 20%。  

通用汽车股票是一个值得买入的选择的三个原因