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



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

Bill Pugliano | Getty Images

DETROIT – Shares of General Motors reached a new record during intraday trading on Tuesday after the automaker confirmed plans to produce an all-electric Chevrolet Silverado pickup at an electric car assembly plant under construction in Detroit.

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7;s stock rose as much as 3.9% to $ 63.44 per share. Stock Tuesday – topping the automaker’s previous intraday high of $ 62.24, which was achieved last month. It is the highest GMs shares traded since the automaker went bankrupt in 2009.

The shares of the company traded around $ 62.20 as of Tuesday afternoon, an increase of approx. 2%. The population has increased by approx. 50% so far this year. GM’s market value is about $ 90 billion.

The performance of GM’s warehouse this year is driven by a steady stream of announcements related to electric vehicles. It also validates comments from GM CEO Mary Barra last month about the stock’s future potential.

“I think when the market starts to see all the assets and resources that General Motors brings to this transformation, I think we’re right at the beginning where you will see GM’s stock move,” she said during an online discussion March 11 with The Economic Club of New York’s Women in Business event.

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

2024 GMC Hummer EV SUV and 2022 GMC Hummer EV sports utility truck or SUT.

GM

Confirmation of the Silverado EV 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 offer electric vehicles exclusively by 2035.

The new vehicles are part of GM’s plan to release 30 new electric cars globally by 2025 with an investment of $ 27 billion in electric and autonomous vehicles during this time frame. At that time, the company plans to sell at least 1 million EVs annually.


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