<p>當談到 <strong>通用汽車</strong>（GM -0.18%）時，許多投資者會回想起金融危機和政府救助，但這並不能公正地反映出通用汽車在此後的發展中所取得的成就。通用汽車正在做很多事情是正確的，並且它正在悄然成為可能是最佳的汽車投資。以下是三個原因。</p>
<h2>回饋價值</h2>
<p>在回饋股東價值方面，主要有兩條途徑：分紅和股票回購。每種方式都有其優點，但通用汽車決定大力進行股票回購，其股票的市盈率僅為可憐的八倍。</p>
<p>在過去十年中，通用汽車在股票回購計劃上非常積極。這家底特律汽車製造商始終利用強勁的自由現金流，以及對其股票被嚴重低估的信念，顯著減少流通股數量並提升每股收益。您可以在下面的圖表中看到這種極端的變化。</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 數據來源於 YCharts。</p>
<p>在過去三年多的時間裏，這家汽車製造商在股票回購上花費了近 250 億美元，流通股數量從 15 億減少到 9.5 億。考慮到通用汽車的市值大約為 500 億美元，這是一筆相當可觀且嚴肅的回購資金。只要通用汽車的股票保持便宜，回購股票對投資者來説是有利的，而這種情況在短期內不太可能改變。</p>
<h2>投資品牌/產品</h2>
<p>通用汽車在其品牌和車輛組合上投入了數十億美元和多年的時間，現在開始見到成效。通用汽車的核心品牌雪佛蘭和 GMC 在 2025 年都表現出色，GMC 在上半年創下了歷史新高，而雪佛蘭則是自 2019 年以來的最佳表現。</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。圖片來源：通用汽車。</p>
<p>這些品牌，以及通用汽車整體，正處於過去幾年推出的新產品浪潮中，帶來了更新的跨界車、SUV 和電動車——而其高利潤的卡車將是下一個。</p>
<p>雪佛蘭在電動車市場也取得了顯著進展，成為第二大品牌，僅次於 <strong>特斯拉</strong>。7 月是 Equinox EV 有史以來最好的銷售月份，也是美國市場上除特斯拉之外的電動車最佳銷售成績。預計 Equinox 將在 2025 年的銷售中名列前三，僅次於特斯拉的 Model Y 和 3。</p>
<p>從更廣泛的角度來看，通用汽車在其產品和品牌上進行了大量投資，這將為未來幾年帶來銷售動能。</p>
<h2>中國的轉機</h2>
<p>幾十年來，中國一直是汽車製造商的應許之地：一個對汽車有強烈需求的蓬勃人口。不幸的是，對於外國汽車製造商來説，國內品牌近年來蓬勃發展，以至於出現了激烈的價格戰，導致即使是最好的外國汽車也面臨盈利和市場份額的困境。</p>
<p>通用汽車在中國曾經非常成功，在巔峯時期為其帶來了數十億美元的利潤。但這場價格戰也對通用汽車造成了嚴重打擊，迫使公司重新制定了一項約 40 億美元的重組戰略。現在開始見到成效，通用汽車剛剛交出了連續第二個季度的銷售增長，第二季度增長了 20%。</p>
<p>“我們強勁的第二季度表現反映了我們在銷售和市場份額方面通過本地創新所建立的可持續增長軌跡，” 通用汽車高級副總裁兼通用汽車中國總裁 Steve Hill 表示。“我們仍然致力於通過專注於強有力的執行、商業靈活性和客户選擇來推動中國業務的盈利增長。”</p>
<h2>這意味着什麼</h2>
<p>通用汽車最近做了很多正確的事情，即使華爾街沒有注意到。該公司花費數十億美元減少流通股，向品牌和產品投入數十億美元，並扭轉了其在中國的最大弱點之一。通用汽車正在以低價回購其股票，現在是主流投資者開始效仿的時候了。</p>

通用汽車

<p>通用汽車（GM）因其積極的股票回購策略、對品牌和產品的重大投資以及在中國的成功轉型，正成為一個強勁的汽車投資選擇。GM 已花費近 250 億美元進行股票回購，將流通股從 15 億減少到 9.5 億。該公司在電動車市場也表現出色，雪佛蘭成為美國第二大品牌。此外，GM 在中國的銷售連續增長，顯示出積極的增長軌跡。投資者被鼓勵考慮 GM 股票作為一個有價值的機會</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>當談到 <strong>通用汽車</strong>（GM -0.18%）時，許多投資者會回想起金融危機和政府救助，但這並不能公正地反映出通用汽車在此後的發展中所取得的成就。通用汽車正在做很多事情是正確的，並且它正在悄然成為可能是最佳的汽車投資。以下是三個原因。</p>
</div><h2>Returning value</h2>
<div class="lb-trans"><h2>回饋價值</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>在回饋股東價值方面，主要有兩條途徑：分紅和股票回購。每種方式都有其優點，但通用汽車決定大力進行股票回購，其股票的市盈率僅為可憐的八倍。</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>在過去十年中，通用汽車在股票回購計劃上非常積極。這家底特律汽車製造商始終利用強勁的自由現金流，以及對其股票被嚴重低估的信念，顯著減少流通股數量並提升每股收益。您可以在下面的圖表中看到這種極端的變化。</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 數據來源於 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>在過去三年多的時間裏，這家汽車製造商在股票回購上花費了近 250 億美元，流通股數量從 15 億減少到 9.5 億。考慮到通用汽車的市值大約為 500 億美元，這是一筆相當可觀且嚴肅的回購資金。只要通用汽車的股票保持便宜，回購股票對投資者來説是有利的，而這種情況在短期內不太可能改變。</p>
</div><h2>Investing in brands/product</h2>
<div class="lb-trans"><h2>投資品牌/產品</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>通用汽車在其品牌和車輛組合上投入了數十億美元和多年的時間，現在開始見到成效。通用汽車的核心品牌雪佛蘭和 GMC 在 2025 年都表現出色，GMC 在上半年創下了歷史新高，而雪佛蘭則是自 2019 年以來的最佳表現。</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。圖片來源：通用汽車。</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>這些品牌，以及通用汽車整體，正處於過去幾年推出的新產品浪潮中，帶來了更新的跨界車、SUV 和電動車——而其高利潤的卡車將是下一個。</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>雪佛蘭在電動車市場也取得了顯著進展，成為第二大品牌，僅次於 <strong>特斯拉</strong>。7 月是 Equinox EV 有史以來最好的銷售月份，也是美國市場上除特斯拉之外的電動車最佳銷售成績。預計 Equinox 將在 2025 年的銷售中名列前三，僅次於特斯拉的 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>從更廣泛的角度來看，通用汽車在其產品和品牌上進行了大量投資，這將為未來幾年帶來銷售動能。</p>
</div><h2>A turnaround in China</h2>
<div class="lb-trans"><h2>中國的轉機</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>幾十年來，中國一直是汽車製造商的應許之地：一個對汽車有強烈需求的蓬勃人口。不幸的是，對於外國汽車製造商來説，國內品牌近年來蓬勃發展，以至於出現了激烈的價格戰，導致即使是最好的外國汽車也面臨盈利和市場份額的困境。</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>通用汽車在中國曾經非常成功，在巔峯時期為其帶來了數十億美元的利潤。但這場價格戰也對通用汽車造成了嚴重打擊，迫使公司重新制定了一項約 40 億美元的重組戰略。現在開始見到成效，通用汽車剛剛交出了連續第二個季度的銷售增長，第二季度增長了 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>“我們強勁的第二季度表現反映了我們在銷售和市場份額方面通過本地創新所建立的可持續增長軌跡，” 通用汽車高級副總裁兼通用汽車中國總裁 Steve Hill 表示。“我們仍然致力於通過專注於強有力的執行、商業靈活性和客户選擇來推動中國業務的盈利增長。”</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>這意味着什麼</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>通用汽車最近做了很多正確的事情，即使華爾街沒有注意到。該公司花費數十億美元減少流通股，向品牌和產品投入數十億美元，並扭轉了其在中國的最大弱點之一。通用汽車正在以低價回購其股票，現在是主流投資者開始效仿的時候了。</p>
</div>

3 Reasons General Motors Stock Is a Screaming Buy

- 通用汽車通過回購股票和投資品牌，提升了股東價值。  
- 過去三年，通用汽車回購近 250 億美元股票，減少流通股至 9.5 億。  
- 在中國市場，通用汽車實現連續兩個季度銷售增長，增長 20%。  

通用汽車股票是一個值得買入的選擇的三個原因