GM Shares Hit New High on Chevy Silverado Electric Pickup Plans


The new 2019 Chevrolet Silverado 1500 makes its official debut at the 2018 North American International Auto Show on January 13, 2018 in Detroit, Michigan.

Bill Pugliano | fake images

DETROIT – General Motors shares hit a new record during intraday trading Tuesday after the automaker confirmed its plans to produce an all-electric Chevrolet Silverado pickup at an electric vehicle assembly plant being built in Detroit.

Shares of GM rose as much as 3.9% to $ 63.44 a share on Tuesday, beating the automaker’s previous intraday high of $ 62.24 achieved last month. It’s the largest number of GM shares that have been traded since the automaker emerged from bankruptcy in 2009.

The company’s shares were trading around $ 62.20 on Tuesday afternoon, an increase of about 2%. The stock is up about 50% so far this year. GM’s market capitalization is approximately $ 90 billion.

GM’s stock performance this year has been boosted by a steady series of announcements related to electric vehicles. It’s also validating comments made last month by GM CEO Mary Barra about the stock’s future potential.

“I think that as the market begins to see all the assets and resources that General Motors brings to this transformation, I think we are at the beginning of where it will see the movement of GM shares,” he said during an online discussion on 11/11. March. with the Women in Business event of the Economic Club of New York.

The electric Silverado is part of a previously announced $ 2.2 billion investment at the plant to produce a variety of its next-generation electric vehicles starting this year with an all-electric GMC Hummer pickup. Other vehicles planned for the installation include the recently unveiled Hummer EV SUV and an autonomous multi-passenger shuttle known as Cruise Origin.

The 2024 GMC Hummer EV SUV and 2022 GMC Hummer EV Sports Utility Truck, or SUT.

GM

The Silverado EV confirmation came days after the automaker unveiled a new SUV version of its upcoming GMC Hummer EV.

Earlier this year, the company also announced a new all-electric commercial vehicle division called BrightDrop. It also announced plans to exclusively offer electric vehicles by 2035.

The new vehicles are part of GM’s plan to launch 30 new electric vehicles globally by 2025 with an investment of $ 27 billion in electric and autonomous vehicles during that time frame. By then, the company plans to sell at least 1 million electric vehicles a year.

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