GM Shares Soars 1% Following General Motors Conference Where It Unveils New Products

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by Benjamin Godfrey · 3 min read
GM Shares Soars 1% Following General Motors Conference Where It Unveils New Products
Photo: Depositphotos

General Motors investors are arguably betting big on the company’s stock as the firm is set to spinoff about five new products beginning from this year.

American multinational vehicle manufacturing company General Motors Company (NYSE: GM) has just recently wrapped up its CES Technology Conference where it unveiled an array of its futuristic products, and the firm’s shares are bouncing up in response. As reported by CNBC, the shares of General Motors opened Wednesday to a new all-time high at $50 per share and the stock closed the trading session with a 1.90% surge to $48.73 per share.

The CES Technology Conference which was conducted virtually had in attendance the company’s Chief Executive Officer (CEO), Mary Barra, and other executives unveiled the firm’s future plans, especially in relation to its proposed new products.

The CEO noted that the essence of the product presentations is to promote “confidence” in the firm’s business while it works to ensure it delivers on its zero-emission in transportation, congestion, and crashes, its Triple-Zero vision.

“We believe investors should prepare for a profound narrative change at GM put into action in 2021,” Morgan Stanley analyst Adam Jonas wrote in a note to investors Tuesday. “There is a lot more to come in terms of rolling out independent business units with its own management teams, technological domains, and go-to-market strategies.”

General Motors have a current market capitalization of $69.75 billion

Here Are the Products General Motors Unveiled that Have Impact on GM Shares

General Motors investors are arguably betting big on the company’s stock as the firm is set to spinoff about five new products beginning from this year. The high tech products include the next generation of Electric Vehicles (EVs), a new EV commercial vehicle and logistics business unit called BrightDrop, the concept flying taxis, Ultium batteries, and Autonomous Vehicles.

General Motors has slowed down plans to launch its EV series in 2020 against mounted expectations. The company unveiled its flagship Cadillac Celestiq built to include a new glass roof made of smart glass that allows each occupant to set their own transparency levels. Per the details of the CES Tech conference, General Motors also previewed other EVs cutting across its other auto series including one Chevrolet crossover, two Cadillacs, and two Buicks.

The BrightDrop business unit will feature the development and rollout of EV delivery vans and other accessories that will be instrumental in the commercial and delivery service sector.

“BrightDrop is a new business from GM that reimagines commercial delivery and logistics for an all-electric future,” Barra said. “BrightDrop provides an ecosystem of smart, connected products, including electric vehicles and software-enabled services, offering commercial delivery companies a platform for sustainable growth.”

General Motors is set to deliver as many as 500 EV600 delivery vans to FedEx Corporation (NYSE: FDX) later this year. The other products including the flying taxis, the high-powered next-generation Ultium batteries, and the Autonomous Driving vehicles are also products the firm has invested billions of dollars investing in. Each of these products will make General Motors more competitive in the EV and auto manufacturing space, a signal investors believe is ideal for more bountiful growth in the future.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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