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

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

Bill Pugliano | Getty Images

DETROIT – General Motors shares closed on a new record Tuesday after the automaker confirmed plans to produce an all-electric Chevrolet Silverado pickup at an electric vehicle assembly plant under construction in Detroit.

The automaker’s stock closed 1.5% at $ 61.94 per share, setting a new closing record after hitting an intraday high of $ 63.44 on Tuesday. Both closing and intraday prices have been record highs since the automaker emerged from bankruptcy at the end of the Great Recession and was publicly traded again in 2010. GM’s market capitalization is $ 89.25 billion.

GM stock’s performance of roughly 50% this year has been driven by a steady string of announcements related to electric vehicles. It also confirms comments GM CEO Mary Barra made last month about the stock’s future potential.

“I think as the market begins to see all of the assets and resources that General Motors brings to this transformation, we are at the beginning of the movement in GM stock,” she said in an online discussion on March 11th during the event of the Economic Club of New Yorks Women in Business.

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

The 2024 GMC Hummer EV SUV and the 2022 GMC Hummer EV Sport 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 exclusively offer electric vehicles by 2035.

The new vehicles are part of GM’s plan to bring 30 new electric vehicles to market worldwide by 2025. During this period, $ 27 billion was invested in electric and autonomous vehicles. Until then, the company plans to sell at least 1 million electric vehicles annually.

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Robert Dunfee