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GM shares break new record on Chevy Silverado electric pickup plans



The new 2019 Chevrolet Silverado 1500 is officially unveiled at the 2018 North American International Auto Show January 13, 2018 in Detroit, Michigan.

Bill Pugliano | Getty Images

DETROIT – General Motors shares hit a new record during intraday trading on Tuesday after the automaker confirmed plans to produce an all-electric Chevrolet Silverado pickup truck at an assembly plant for an EV under construction in Detroit.

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7;s shares rose as much as 3.9 percent to $ 63.44 per share on Tuesday, higher than the automaker’s previous day high of $ 62.24 it achieved last month. It is the highest traded GM stock since the automaker went bankrupt in 2009.

The company’s shares were trading at about $ 62.20 as of Tuesday afternoon, up about 2 percent, the shares are up about 50 percent so far this year.GM’s market capitalization is around $ 90 billion.

GM’s stock performance this year was driven by numerous announcements related to electric cars. Comments made last month by GM CEO Mary Barra were also reviewed on the stock’s future potential.

“I think when the market starts to see all the assets and resources General Motors brings to this change, I think we are just in the beginning where you will see GM stock movements.” She said during an online chat on March 11 with The Economic Club of New York’s Women in Business.

The electric Silverado is part of a $ 2.2 billion investment in a previously announced plant to produce a new generation of EVs starting later this year with the all-electric GMC Hummer pickup, other vehicles planned for. The plant includes the recently released Hummer EV SUV and an autonomous multi-passenger shuttle called Cruise Origin.

2024 GMC Hummer EV SUV and 2022 GMC Hummer EV sport Utility Truck or SUT.

GM

Confirmation of the Silverado EV comes days after the automaker released the upcoming new SUV version of the GMC Hummer EV.

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

The new vehicles are part of GM’s plan to release 30 new EVs globally by 2025, under a $ 27 billion investment in electric and autonomous vehicles during that time, the company plans to sell. At least 1 million EV per year


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