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General Motors (GM) shares rallied approximately 190% in the past twelve months, and are now up around 48% year-to-date.
General Motors Co (NYSE: GM) shares closed yesterday trading at $61.94, up 1.47%. However, GM shares surged to hit a new all-time high at $63.44. Meanwhile, GM shares were up approximately 0.26% to trade around $62.10 during the after hours.
The spike in General Motors’ stocks over the past few months has been attributed to plans by the company to introduce a new line of electric vehicles. In its $2.2 billion investment plan, General Motors has planned to produce an all-electric Chevrolet Silverado pickup.
Notably, General Motors plans to start producing its electric vehicles from the EV assembly under construction in Detroit. The Detroit EV assembly was named Factory Zero last year to imply the zero carbon emission vehicles to be assembled.
“The vehicles coming from Factory Zero will change the world, and how the world views electric vehicles,” GM President Mark Reuss said in a statement. “The GMC Hummer EV SUV joins its stablemate in the realm of true supertrucks, and Chevrolet will take everything Chevy’s loyal truck buyers love about Silverado – and more – and put it into an electric pickup that will delight retail and commercial customers alike,” added he.
GM Shares and the Electric Vehicle Industry
The company is shifting focus to venture into the electric vehicle industry that has shown increased demand over the past few years. Furthermore, the demand is expected to spike in the near future as the infrastructure to support electric vehicles is put in place in different countries.
General Motors’ investors are optimistic the company will deliver amid increased competition in the electric vehicle industry led by Tesla Inc (NASDAQ: TSLA). Reportedly, the new electric Chevrolet Silverado pickup is expected to have a range of more than 400 miles on a full charge according to the company.
Previously, General Motors has unveiled different models including the new all-electric commercial vehicle division called BrightDrop. Besides, the company unveiled a new SUV version of its upcoming GMC Hummer EV.
As the demand declined and the supply chain got disrupted by the coronavirus pandemic, General Motors increased its rate of releasing new models. As a result, the company has remained more relevant during the pandemic despite decreased global shipping of goods.
Wall Street analysts are very optimistic about the company and its ability to deliver in the coming quarters. According to a survey conducted by MarketWatch, GM shares received an average of Buy rating from 20 ratings.
GM shares rallied approximately 190% in the past twelve months, and are now up around 48% year-to-date. The company has a reported market valuation of approximately $87.95 billion with 1.44 billion outstanding shares.