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General Motors is driving up the ramp to the highway of its transformation journey, said Adam Jonas, Morgan Stanley's head of global autos and shared mobility research.
The car maker's stock price has risen about 18.5 percent over the past month, according to FactSet data, closing at nearly $45 on Thursday. The price has gotten ahead of itself, Jonas said, but it has opened up a limited window for General Motors and other auto companies to create new entities to fuel currency for partnerships and talent acquisition.
"The market's still good, the credit environment is still, let's say, open and accessible, if flattening a bit. And that's not gonna last forever," Jonas told CNBC's "Fast Money" on Thursday.
Jonas said auto companies "better make hay while the sun's shining because it's going to be harder to do those deals, attract talent and partnerships when you're hemorrhaging cash and your stock might be 50 percent lower or so. That window is going to close at some point."
General Motors will reportedly temporarily close a plant in Detroit that makes its Volt electric car due to slow demand. That does not represent General Motors' overall electric car outlook, as the Volt is in "its own world of pain," Jonas said.
Tesla will recall 11,000 Model X vehicles because their rear seats may not lock into place. Jonas said it's not high on Tesla's pecking order and could actually be a customer service opportunity for the electric car company.