GM shares hit new record on plans for electric Chevy Silverado pickup


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

Bill Pugliano | Getty Images

DETROIT — Shares of General Motors closed at a new record Tuesday after the automaker confirmed plans to provide an all-electric Chevrolet Silverado pickup at an meeting plant for EVs that is underneath development in Detroit.

The automaker’s inventory closed up 1.5% at $61.94 a share, setting a new closing record, after hitting an intraday excessive of $63.44 earlier Tuesday. Both the closing and intraday costs had been all-time information for the reason that automaker emerged from chapter on the tail finish of the Great Recession and started publicly trading again in 2010. GM’s market cap is $89.25 billion.

The efficiency of GM’s inventory this 12 months, up roughly 50%, has been pushed by a gentle array of bulletins associated to electric automobiles. It’s additionally validating feedback made final month by GM CEO Mary Barra concerning the inventory’s future potential.

“I think as the market begins to see all of the assets and resources General Motors brings to this transformation, I think we’re just at the beginning of where you’ll see GM’s stock move,” she mentioned in an internet dialogue March 11 throughout The Economic Club of New York’s Women in Business occasion.

The electric Silverado is a part of a beforehand introduced $2.2 billion investment within the plant to provide an array of its next-generation EVs starting later this 12 months with an all-electric GMC Hummer pickup. Other deliberate automobiles for the power embody the recently unveiled Hummer EV SUV and an autonomous multi-passenger shuttle often called the Cruise Origin.

The 2024 GMC Hummer EV SUV and 2022 GMC Hummer EV sport utility truck, or SUT.

GM

Confirmation of the Silverado EV got here days after the automaker unveiled a new SUV version of its upcoming GMC Hummer EV.

Earlier this 12 months, the corporate additionally introduced a new all-electric industrial automobile division referred to as BrightDrop. It additionally introduced plans to exclusively offer electric vehicles by 2035.

The new automobiles are a part of GM’s plan to launch 30 new EVs globally by 2025 underneath a $27 billion investment in electric and autonomous automobiles throughout that time-frame. The firm plans to promote at the very least 1 million EVs yearly by then.

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